Tan Sri William Cheng(filepic) has a direct and indirect stake of 49% in Lion Diversified while Megasteel is largely owned by Lion Corp Bhd, another of his company.
KUALA LUMPUR: A company under Malaysia’s largest steel group – Lion Diversified Holdings Bhd (Lion Div) – has defaulted on loans totalling RM35.75mil by three wholly-owned subsidiaries, triggering a cross default of other facilities amounting to RM116.9mil.
This is the second major default by the Lion Group. In September Megasteel, which is 21% owned by Lion Div, announced a default of its facilities.
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