15 Nov 2018, Bernama 

KUALA LUMPUR, Nov 15 (Bernama) — Property development group EcoFirst Consolidated Bhd does not expect any financial and operational impact from the Inland Revenue Board’s (IRB) RM1.34 million tax claims from the group’s subsidiary, Sawitani Sdn Bhd.

The group said Sawitani received a winding-up petition yesterday from the IRB and the tax claims were derived from an outstanding sum of RM963,849.31 plus interest at the rate of 8.0 per cent per annum and cost of RM2,000.

“The claims are fully accounted for in our financial statements and we don’t expect any loss arising from this,” said Group Chief Executive Officer Datuk Tiong Kwing Hee in a statement today.

He said the group’s management, as well as its financial and legal advisers, were taking steps to resolve the matter amicably with the IRB.
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