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:
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:
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.