is selling its landbanks near Ipoh, Perak to the Social Security Organisation (Socso), as the state controlled firm seeks to raise cash and revive its ailing fortune. The company has also proposed a "comprehensive" debt settlement scheme that includes a plan to ask creditors to forgive loans worth RM544mil. "Upon the completion of the proposed regularisation scheme, the Scheme Creditors will be able to recover partial of their debt as opposed to minimal or zero recovery," Perak Corp said in a filing with Bursa Malaysia today. Perak Corp has been classified as a Practice Note 17 affected issuer since February this after it defaulted on its loans.