Eric Tan declared bankrupt for failing to pay RM68m income tax to government
KUALA LUMPUR (June 14): The High Court here on Tuesday June 14 declared Eric Tan Kim Loong, who is believed to be an associate of fugitive businessman Low Taek Jho or Jho Low, bankrupt after failing to pay tax on the income of RM68,334,219.01 to the government.
Principal Deputy Registrar Chai Guan Hock registered the bankruptcy order after hearing a creditor’s motion filed by the government through the Inland Revenue Board (IRB) against Tan on December 15, 2021.
Klang Valley branch tax advisor Siti Maisarah Ab Rahim confirmed the case.
According to the creditor’s petition, the government sought a bankruptcy order on Tan’s property as a debtor because he owed the government RM68,334,219.01, which included interest and costs.
The petition stated that Tan failed to comply with the requirements of the bankruptcy notice dated June 8, 2021, which was extended by court order dated August 30, 2021, within six months prior to the filing date. query.
The notice of bankruptcy was published in the News Detroit Times on September 14, 2021 and glued to Tan’s residence on September 10, 2021.
On May 4, 2021, the High Court ordered Tan to pay income tax of RM67,996,891.87 and interest at the rate of 5% per annum from the date of judgment until the date of completion and a RM2,000 fee to the Malaysian government, after failing to appear in a lawsuit brought against him by the government through the IRB.
The Malaysian government sued Tan for payment of back taxes amounting to RM67,996,891.87 for the tax year 2010 to 2013.