Around middle of last month, it was reported the Malaysian Anti-Corruption Commission (MACC) has made a visit to the headquarters of Telekom Malaysia (TM) regarding an on-going investigation. As it turns out, the investigation involved the company’s acquisition of P1 according to a new report by The Malaysian Reserve (TMR).
Citing several unnamed resources, TMR stated that MACC is apparently investigating a number of individuals related to the acquisition which took place in 2014. One of the sources claimed that this investigation is one of the reasons why it took quite some time for TM to appoint a new Group CEO after the departure of Shazalli Ramly in June 2018.
Back in 2014, TM has acquired P1 from Green Packet through an initial investment of RM 350 million which provided the company with 57% of shares in P1 and has since then grow to 72.9%. P1 itself has also been rebranded to webe and eventually to unifi.
With the newly appointed GCEO himself has stated in an interview that TM’s mobile business is not making money, the investigation by MACC is certainly not making things any better for the division.