KUALA LUMPUR: Green Packet Bhd, a telecommunications, media and technology company, has announced a management reshuffle with founder Puan Chan Cheong returning as group managing director and chief executive officer (CEO) after five years.
The announcement came amid fresh reports that the Malaysian Anti-Corruption Commission (MACC) was investigating the acquisition of Green Packet’s former subsidiary Packet One Networks (M) Sdn Bhd (P1) by Telekom Malaysia Bhd.
A news report yesterday quoted three sources as saying that the investigation was over possible irregularities in TM’s acquisition of a 57 per cent P1 stake in 2014 for RM350 million, with a further RM210 million capital injection via new redeemable bonds.
The report said a few individuals were being probed over the deal.
TM currently owns 72.9 per cent of P1.
TM chief operating officer Imri Mokhtar recently confirmed that the group had received a visit from the MACC on June 13 to seek certain information.
“Yes, I can confirm that MACC did visit our headquarters yesterday to seek some information.
“We are committed to cooperating and providing all the necessary information needed for this exercise by MACC,” he told reporters in Putrajaya recently.
P1, now known as Webe Digital Sdn Bhd, is bleeding losses, except for financial year 2016, since TM took it over in September 2014.
Puan founded Green Packet in 2000 and led the company to become an international player in the provision of connectivity devices and solutions to telecommunications companies globally.
He subsequently led the company to its listing on Bursa Malaysia’s Main Market in 2005.
The group’s biggest endeavour was to raise substantial capital to launch and operate Malaysia’s challenger telecommunications company via P1 before it was acquired by TM.
Thereafter, he relinquished his role as group CEO to Tan Kay Yen in 2014 to assume the role of P1 CEO post the TM acquisition for a period of two years.
Puan returns to focus on mentoring and growing the key management of Green Packet to propel digital start-ups, fuelling the technology ecosystem in the region.
"The main ingredient to be a successful company is no other than having a dedicated and passionate team who shares the same values with the organisation," he said in a statement today.
Tan has been redesignated as executive director of Green Packet and remains CEO of e-payment issuer kiplePay Sdn Bhd.