Property developer Winsor Properties Holdings has been forced to make an extra $160.2 million provision for debts receivable after the collapse of two debtors, taking total provisions to $190.2 million.
The company yesterday said the latest provision would be realised in the six months to September 30 after a $30 million provision was made in the last fiscal year.
As of March 31, Winsor's exposure to the debtors was $108 million. However, further lending since then boosted its exposure to $190.2 million last week.
Last Friday, debtors - medium-sized contractors Wing Mou Construction and Enfield Construction - went into liquidation following the withdrawal and suspension of a bank facility, triggered by bribery allegations.
On November 24, the Independent Commission Against Corruption arrested three directors and staff of the debtors for allegedly paying bribes of $30 million to a Government clerk in the past 11 months.
The next day, debtor banks withdrew and froze the companies' bank facilities and demanded immediate loan payment.
