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?