Remember how MOLPay recently wrote to Zunar saying it was being asked to furnish details of the customers of his online transactions to the police?

All of a sudden, MOL has bigger problems than a pesky popular cartoonist:

MOL Global Inc - Nasdaq share price chart
MOL Global Inc – Nasdaq share price chart

Now, MOLPay is a payments solution for online merchants that comes under MOL Global Inc, whose headquarters are in KL.

Vincent Tan is the single largest shareholder (according to The Star) with a 45 per cent stake.

MOL Global Inc was listed on 9 October 2014 and is traded on Nasdaq. It is incorporated in Cayman Islands.

Its auditor is Deloitte (which happens to be the auditor for 1MDB).

While MOL attributes the plunge in the share price to an “accounting error” in its Vietnam unit, there are a couple of class action suits in the US that the firm also has to contend with:

Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against MOL Global, Inc.

INVESTOR ALERT: Class Action Lawsuit Against MOL Global, Inc. Announced by Law Offices of Howard G. Smith

Spend some time reading the details of those two class action suits.

The share price has recovered somewhat due to positive statements by Tan and a proposed share buyback scheme.

 

 

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8 COMMENTS

  1. Vincent Tan should just focus on Cardiff Football and how Msian Football can benefit from it and now he’s sort of retiring, otherwise he’s just passing the fnancial woes of MOL to his son Robin.

    • Vincent Tan constantly uses his The Sun sports column to attacl his former Cardiff manager Malky Mackay for racism, but little is mentioned about such behaviour that is manifesting in Umno and its NGOs.

    • Vincent Tan may be ‘berjaya’ in Malaysia, but he is courting controversies in his overseas venture, from Cardiff to MOL. Perhaps his ‘critical success factors’ could not be used beyond the shores of Malaysia?

      • Both Vincent and Tony has limited success in Cardiff and QPR respectively.
        They should learn the business of football by owning a local team (M League to be privatised in 2 years by FAM) first.

      • Do not discount money laundering could be reason for some football club ownership as much as the Mafia controls certain Italian clubs, but could be concealed with some philanthropic activities?

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