Ezra's insolvency behind 'delayed salaries' at Triyards

Singapore

EMBATTLED Triyards acknowledged on Monday it had to delay salary payments in Vietnam after facing difficulty drawing on project financing lines.

Triyards CEO Chan Eng Yew who was in Vietnam as at press time, told The Business Times that the staff salaries in Vietnam were paid on Monday and "brought current" this week. Mr Chan further explained that these affected salary payments drew from project financing lines that experienced "cascading effects" from the default of banking facilities guaranteed by its parent group, Ezra Holdings.