Sydney-based UPS manufacturer Epsilon has become the latest victim of the Asian financial crisis, going under voluntary administration last week.
While the specifics of Epsilon's demise are being closely guarded, ARN has learnt that its Malaysian parent company, Industronics Malaysia, has retracted itself as a financial backer, effectively leaving the company to fend for itself.
And with the departure last week of general manager Joe Venuti, Epsilon employees are unsure as to their future. One employee described the situation as confusing.
"We've gone into voluntary administration because the owners in Malaysia don't want to know us," he said. "Maybe it has something to do with the Asian crisis."
When pressed on the future of the company, the employee, who refused to be named, said: "I'm really not sure where the company's going." Epsilon is now under the administration of David Levy of Levy Consulting.
No information regarding the company was forthcoming from Levy Consulting, apart from the fact that any decision on Epsilon's future will not be made until a creditors' meeting can be held.