Liquidator sheets home $19m in liabilities to Mainzeal offshoot

Tue, 19 Feb 2013

By Pattrick Smellie Feb. 19 (BusinessDesk) - A building façade supplier linked to the collapsed construction company Mainzeal Property and Construction had racked up total liabilities of $18.9 million, according to the first liquidators' report. King Façade, a company with links to a joint venture between elements of the Richina group of companies, which owns Mainzeal, was apparently being funded by Mainzeal and "had recorded substantial losses." Supply chain issues with a Chinese manufacturer, understood to be the Shenzhen, China-based King...

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