As you may be aware, Tricubes Bhd has been selected for the RM50m “1Malaysia email” service. But who owns Tricubes?
Let’s take a look at their Annual Report for 2010:
As you can see, apart from CEO Khairul Zainal Mokhtar’s 31 per cent stake, Commerce Technology Ventures Sdn Bhd (CTV) owns 16 per cent of Tricubes. Who owns CTV? According to the official portal of the Malaysian Science and Technology Information Centre (Mastic), CTV is a “partnership of Bank Negara Malaysia and the Commerce Group in promoting and developing technology financing in Malaysia”.
And “CTV is managed by CAV Private Equity Management Sdn Bhd, a member of the Commerce Asset-Holding Bhd group of companies.”
So who actually owns CTV? CIMB Group Holdings Bhd, as can be seen below in CIMB’s Annual Report for 2010.
Among the non-executive directors of Tricubes is Khairul’s father-in-law, former commissioner of police Zaman Khan.
Of interest is the ‘Emphasis of Matter’ in the external auditor’s report on Tricubes:
Without qualifying our opinion, we draw attention to Note 2 (b) of the notes to the financial statements. The Group incurred a net loss of RM3,346,752 and the Company recorded a net profit of RM653,582 for financial year ended 31 March 2010 and as of that date, the Group’s and the Company’s accumulated losses amounted to RM16,520,722 and RM4,938,227 respectively. These conditions indicate the existence of material uncertainties which may cast doubt on the Group and the Company’s ability to continue as a going concern. The ability of the Group and of the Company to continue as going concerns depends upon the securing of viable contracts and continued support of bankers, creditors and shareholders.
Hmm, how did they select a group that is clouded with “material uncertainties” that may cast doubt on its ability “to continue as a going concern”?
It is obvious the group, which has a paid up capital of just RM13.4m, is hoping to secure more government contracts. The Tricubes Chairman’s statement reads:
The Group expects to repeatedly close new orders from various banks, financial institutions and several government agencies in the next financial year for its T1030 and Sekure 3 products.
In addition, with the 10th Malaysia Plan coming into the picture, the Group is expected to enjoy a boost from greater government spending in the ICT sector. The Group’s prospective opportunities will remain generated from government agencies such as the Jabatan Pendaftaran Negara, Road Transport Department and Polis Diraja Malaysia (PDRM), and the Group is targeting to penetrate other agencies such as the Immigration Department of Malaysia and the Ministry of Education.
The biggest question many are asking is, why do Malaysians need a new email address when most who have internet access already have one or more email addresses? And especially when you consider that many in the rural areas don’t even have internet access and in some places, not even electricity supply, let alone computers…
It look as if the email service will be “powered by” Tricubes and Windows Live. See the myemail website.
Who will benefit most from this RM50m project? If it is privately funded, where will its revenue come from?
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It’s still a business project risk for Tricubes. Example, 4 agencies (JPJ, PDRM, JPN, Immigration), each having 4 push email per year, RM 0.50 per e-mail push, RM 8 per e-mail / year .. 1) now 3000 email accounts .. yearly revenue 24K 2) 30,000 email .. 240K 3) 300,000 emails .. 2.4M 4) 3M emails (X% above 17 population) .. 24M Note: RM 8 / account / year is not enough to pay for the e-mail software + security, excluding hardware, customer support & other costs/services. Tricubes will need to increase it’s agencies to at least 8 and revenue… Read more »
yes you can…influenced n possesed MAMPU but not the peoples…
Najib should know that this email thing does not constitute a ‘Blue Ocean Strategy’. He may have to reread the book to get the definition right.
I do not feel secured using such email system. The fact that one has to get a USB dongle and surrender our NRD (National Registration Department) details to a private company is just plain suspicious. How can our confidential data be given to a private company? It could turn out to be some black box to spy on the rakyat. What if Tricubes gets taken over by some Singapore or US technology company in the future? Would that pose a national security threat when everyone’s data is up for sale? Regardless of non-disclosure agreements, I for one do not agree… Read more »
Tricubes can start this email nonsense and you bet it will be dead in the water in no time. Okay, fine, you are not going to charge users, so where the money coming from to reimburse the expenditure? Get advertisers to put their ads like Google Adwords.? Put banners ads? You won’t be able to count the number of ads on one hand no matter how hard you try. BTW, email is not a safe place to leave your bank account number, credit card number and other personal particulars. Those companies who are already conducting money transactions have always advise… Read more »
This is true colour of our Malaysia!!!
Tricube shouls learn to create value to survive.
1malaysia email is definitely not one of them.
What is the value proposition for 1 Malaysia Email? What are the benefits? Why EPF and IRB need to pay Tricubes to deliver email? Why can’t EPF and IRB just send email to any email accounts registered by the users? Email technology is free. I don’t get it.
The argument that EPF and IRB is paying 50 cents to send mail by post so they now have to pay Tricubes is ridiculous. Technology innovation is suppose to do things better and cheaper.
Who gives Tricubes the right to take away Malaysian’s choice of using any email provider?
BECAUSE WE CAN!!
NOW SHUT … UP! MAMA’S BOY
Say NO to 1Malaysia Email : http://www.facebook.com/myemail.my
Pre-acquired all malaysian above 18 as their members. They can get all these free of charge!!!!! Just need to setup the infra to take the load. Everyone will want this. Other sites are giving free gifts, lots of money in advertisement, just to acquire the member. how they make profit can turn very ugly… 1. mykad authentication – exclusive sales of modified card reader. it’s exclusive, can place any price. 2. It got connection to mykad database, incomes tax, epf statements. they know your age, gender, religion, income, professions. All these are real data, not the fake one we simply… Read more »
This is a *** project. There must be some hidden agenda behind all of these. Who the heck wants to have this 1malaysia. The government “itself” is untrustable, those ppl still want to trust the email? It just let some … made millions out from there…!!!
Can someone trace the DNS and IP addresses of myemail.my. Seemed that the email server is actually hotmail located in US(?) What do Malaysia gained by doing this. Is this … selling it as a Malaysian and then hand it over to American(?)
In addition, with the 10th Malaysia Plan coming into the picture, the Group is expected to enjoy a boost from greater government spending in the ICT sector. The Group’s prospective opportunities will remain generated from government agencies such as the Jabatan Pendaftaran Negara, Road Transport Department and Polis Diraja Malaysia (PDRM), and the Group is targeting to penetrate other agencies such as the Immigration Department of Malaysia and the Ministry of Education. ——————————- These guys start something and look to the Gomen for business. Without these business then how? No business from the private sector? What about venturing abroad? Go… Read more »
I see some comments on other sites pointing out that TriCube’s rocketing share price is a sign the government is doing the right thing. Regardless of the logic employed in such comments, it’ll be interesting to see who is selling after this announcement and – if the government “listens to the public mood” and cancels the project in a few days – who will end up holding the stock in the end. The MalaysianFirst Insider is either publishing only a fraction of the comments it receives or I detect a reluctance to publish my comments in which I fail to… Read more »
Can we book special 1Malaysia email name like GERAKAN@1Malaysia.my ??? Need to bid it like special car plate number ???
Most people would avoid that one like the plague.
So, no need to bid it ???
Whoa !!! I’m so happy, can save money and get a nice email name for life !!!
Someone earlier asked whether Gerakan K is a liar or a moron. It’s pretty evident that he’s the latter.
Thank you for the much needed and timely ‘blood transfusion.’ I am really dying here.
Nothing brings a big happy family together than such sweetheart deals.
I hope people do not forget that Gomen’s $$$ = taxpayers’ $$$.
When the company that initiates this project says that the email will be used in order to receive statements, bills and notices from the Government, I would say what the heck?? Why don’t we just use existing email account of our choice for such thing?
It sounds like “Big Bro” wants to use this tool to poke into your life secretly like what Saudi Arabia and other totalitarian regimes in Middle East are doing
throw in a few private initiative……..”taaadaaaa”
There you have it……. ETP.
Classify them into sub-sector ……. “taaaadaaa” NKRA
It’s really depressing that the whole alphabet soup deal is just a marketing ploy. Add up those numbers RM50mil email etc, you get big sounding numbers.
This whole showmanship must stop and real reform like governance etc be addressed. NONE forthcoming so far.
Show me one single transformation/achievement since pak lah resigned?
Yeah, depressing isnt it?
Very obvious, clearly a big “Bail out” for a failing company….the Malaysian way of doing business, the politician always said that it is “My Way…”. Who need another platform to have another email address? After all, don’t all the internet users already have at least one email which one can use? Besides, there is already so many established social networking portals for everyone to tap into. So, many Malaysians would like to ask Mr. Prime Minister, for who this ETP move is going to benefit? Isn’t is better to build on existing system of communication and strengthen government portals than… Read more »
For general information. Tricubes Berhad was designated a GN3 company on 29th October 2010. GN3 – A company designated as an Affected Listed Company because its poor or adverse financial condition and level of operations fall into the criteria described in Bursa Malaysia’s Guidance Note 3. Affected Listed Company : A company listed on Bursa Malaysia that allows its financial condition or level of operations to deteriorate to conditions described as criteria in Bursa Malaysia’s Guidance Note 3 shall be designated an Affected Listed Company. Such conditions described in GN 3 include criteria relating to capital shortfall, continued losses, insolvency… Read more »
The gravy train continues unabated under Najib’s tenure and all the cronies are happily riding the train at the rakyat’s expense.
Dubious project give to dubious company with dubious connections.
I am getting sick of this. Najib may have good intention, but he hired the wrong people. This is another lemon.
Good intention or good showmanship?
I heard the word “opportunist” somewhere………hmm
The free email (could be) just a trojan horse to amass data and info details o each and every Malaysian for no better purpose than to monitor and control them. And with tax payers’ money too! This government is a scoundrel and the limit may be reached one day soon.
The last heard, the brother or some relative of the CEO is a director with Khazanah… this was about a few years back…
email account from kampung folks and our fellow malaysians in east malaysia that don’t even have access to basics like water and electricity… get your priorities right dear Government…
i wont be surprised..
“Who will benefit most from this RM50m project?” I guess that was a rhetoirical question, but if it bears emphasising, perhaps the best way to answer that would be, “Tricubes needs the RM50m 1Msia email project much, much more than practically all of the Rakyat do”. Though Najib and his government have rapidly come out to say that the government is not funding the ridiculous project, I think he would himself find it almost impossible to dissociate his name from what has turned out to be yet another mud-in-his-face bombastic idea. Taib has just been told by the electroate in… Read more »
Hi everyone,
Another example of bailing out BN crony companies!
More sinister though is the (potential) abuse of the email facility to send BN and UMNO campaigning materials!