MACC probes possible irregularities in P1 acquisition

01 Jul 2019 / 14:18 H.

PETALING JAYA: The Malaysian Anti-Corruption Commission (MACC) is investigating whether there are irregularities in Telekom Malaysia’s (TM) 2014 acquisition of wireless services company Packet One Networks (M) (P1).

The government-linked company bought a 57% stake in the wireless broadband service provider for RM350 million with a further RM210 million capital injection via newly issued redeemable bonds.

TM currently owns 72.9% of the wireless operator whose brand name had several changes from P1, to “webe”, and now to “UniFi”.

The Malaysian Reserve, citing three sources, today reported that MACC officers visited TM on June 13 over the P1 acquisition.

TM had confirmed the visit by MACC officers to the company’s headquarters, stressing in an email reply that the visit was to “seek certain information”.

The Reserve said a few individuals are being probed over the half-billion ringgit deal for possible irregularities.

“We will continue extending our cooperation to the MACC as needed,” TM said in an emailed statement.

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