Green Packet Berhad was once lauded for its market value exceeding US$1 billion. But, it seems its glory days are long over. It’s founder, Puan Chan Cheong aka CC Puan (潘振祥), has just been declared bankrupt by the Kuala Lumpur High Court!
Puan Chan Cheong had reportedly received bankruptcy notices, which were filed on 24th May 2022. However, as he was unable to meet their requirements and failed to settle a combined sum of RM30.66 million, which are owed to two companies, CC Puan has since been declared bankrupt.
According to reports, CC Puan allegedly owes the sum of RM30.66 million to two companies, Medinis Sdn Bhd and Everegion Sdn Bhd. The two companies had applied and petitioned for CC Puan’s bankruptcy on 27th March.
The telecommunications company founder reportedly owes RM22.86 million to Medinis and RM7.8 million to Everegion, both over different put option agreements dealing with the disposal of 15 million and 5 million G3 Global Bhd warrants respectively.
In October 2021, CC Puan had supposedly filed an affidavit about the issue. In it, he claimed the put option agreements were “merely a façade” for a loan of RM20 million from local businessman Yip Yee Foo. The businessman had allegedly transferred the loan amount via Medinis and Everegion which had been represented as licensed moneylenders.
News site Business Today adds that Puan Chan Cheong is believed to be not in the country at the moment. However, he is facing liquidation of his assets “if he settles the matter with the insolvency office”.