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RM50 million ‘1Malaysia email’ project Tricubes Bhd faced with possible delisting from Bursa Malaysia

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The operator of the RM50 million ‘1Malaysia email’ project Tricubes Bhd is now faced with possible delisting from Bursa Malaysia.

The fiasco, according to PAS’s Tumpat member of parliament Kamaruddin Jaffar, was an example of how prime minister Najib Razak’s administration shunned public criticisms over the project.

Recalling reports about Tricubes’ bad financial health when the project was first announced last year, Kamaruddin stated:

“Why must the project be given to a company which is clearly in trouble? In fact early on, it was criticised for its inability (to handle the project).”

Kuala Selangor MP Dzulkefly Ahmad meanwhile said Tricubes was already categorised as a ‘GN3’ company by Bursa Malaysia, where its debt must be restructured when the project was awarded.

The project had drawn flak from Malaysians as soon as it was announced in April 2011, forcing Najib to deny that the RM50 million project would be funded with government money.

His denial however contradicted Tricubes’ disclosure that they received seed capital of RM5.5 million for the project from Malaysia Venture Capital (MAVCAP), which is wholly owned by the ministry of Finance under Najib.

According to the project, government agencies are required to pay 50 sen per email sent to registered users which means each government agency paying millions of ringgit through sending just one email to the forecasted 15 million users.

Shares of Tricubes plunged sharply yesterday to 3 sen after Bursa Malaysia rejected its regularisation plan.

Tricubes insisted that it was financially sound, saying the move would only affect its listing status but not its operation.

Tricubes could be delisted on August 7 if it fails to file an appeal to Bursa Malaysia. Its shares will be suspended from July 11. – harakah