Skele­tons in closet

Financial Chronicle - - FRONT PAGE -

Un­til the IBC was en­acted, pro­mot­ers never be­lieved they were un­der se­ri­ous threat of los­ing their firms

Even af­ter it was en­acted, some still are play­ing the process, hop­ing to re­gain con­trol though a proxy bid­der, at a lower price

So many have not en­gaged se­ri­ously with the banks

A larger num­ber of bad loans were orig­i­nated in the pe­riod 2006-2008 when eco­nomic growth was strong

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