A last ditch effort to save Jaring has failed after the courts threw out an attempt to challenge the recent liquidation order. Utusan Printcorp and its managing director Norhisam Mohamed Nor attempted to secure a court decision to prevent the company from being broken up and sold, but will now have to turn over control of the company to the liquidators for its final days.
KPMG Deal Advisory Sdn Bhd, the liquidator in question, has already received many responses to its Expression of Interest posted in daily newspapers in May. KPMG is expecting to either sell the company in its entirety, but is also accepting bids for portions of the business. The most interesting bid thus far has been for the Jaring brand name, although the identity of the bidder has not been revealed.
The current state of Jaring has drawn scrutiny after the company was sold by the Ministry of Finance to Utusan Printcorp for a mere RM20 million, which was considerably less than other submitted bids at the time. Few details about the transaction have surfaced, leaving most observers in the dark about what really happened to Malaysia’s first ISP. [Source: Digital News Asia]
