KUALA LUMPUR, Oct 9 — Utusan Malaysia, the nation’s oldest Malay language daily, will officially cease operations today, after a prolonged financial crisis that saw its workers protest it over unpaid wages.
Its publisher, Utusan Melayu Bhd, sent out a circular to inform employees that its board of directors approved on October 7 the creditors’ voluntary liquidation and appointed UHY Advisory KL as its interim liquidator.
Malay Mail obtained a copy of the circular from an employee of the newspaper.
“The company had tried to sell the group and company’s assets for funding and to obtain sufficient cash flow.
“However, the daily distribution of Utusan Malaysia and Kosmo! continued dwindling and the failure to hit the RM4 million monthly advertising revenue placed Utusan’s cash flow in a critical state.
“Therefore, the company will cease operations effective Wednesday, October 9, 2019,” the circular said.
MORE TO COME