1Malaysia email: Tricubes Limited is indirectly owned brother Najib

Tricubes Company Limited is granted a contract worth RM50 million 1Malaysia email is struggling with financial problems, and is listed on Bursa Malaysia as the status of GN3.

If the company fails to highlight the financial restructuring program in late October 2011, he may face a fate to be withdrawn from listing ( delist ).

Interestingly, the second largest shareholder is Tricubes Berhad Commerce Technology Ventures Sdn Bhd, aPrivate Equity Fund , established with Bank of Commerce Group (or Bumiputra-Commerce Holdings Berhad Group).

Commerce Group or Bumiputra-Commerce Holdings Berhad Group is now known as CIMB Group, led by his Prime Minister Najib Razak, namely Nazir Razak (pictured right). Nazir Razak, the CIMB Group Chief Executive Officer.

Yesterday, the Prime Minister announced that the government has given a new project worth RM50 million to Tricubes Bhd to set up an internet site, and every citizen aged 18 years and over will open an email account - "1Malaysia email" for official use, while establishing a center e-government services, including social networking site, payment of debts through the internet and so forth.

However, according to information on Bursa Malaysia, has been listed as status Tricubes BN3 and should highlight the financial restructuring program, or face the fate of " delist ".

In a statement Tricubes on October 29, 2010, because of concerns by the auditors on the financial statements Tricubes until March 31, 2010, plus shareholders' equity of less than 50% of the capital until June 2010, he was in violation of the listing, then put adalam GN3 status.

In addition, according to financial reports 2010 Tricubes, the company has experienced a net loss of RM3.35 million (RM3, 346.752). Although Tricubes apply for Bursa Malaysia to exempt itself from rules GN3, but Bursa Malaysia has refused to approve his request.

GN3, according to Bursa Malaysia, Tricubes must submit a financial restructuring plan in the next 12 months, starting October 29, 2010 (date added to the status of GN3). In fact, the plan must be approved Stock Exchange, but sponsors appointed within three months, and spent a restructuring program within six months after Exchange approval.

If Tricubes failed to comply with any regulations, the Bursa Malaysia may temporarily stop the sale and purchase of shares of companies, and then pulls the listing ( delist ).

According to the latest statement Tricubes on 1 April 2011, no substantial progress in financial restructuring plan of the corporation. According to the time limit, Tricubes must submit a report of its financial restructuring before October 29, 2011, and received approval from Bursa Malaysia - to prevent himself from being pulled the listing ( delist).

As is known, tried Tricubes share bid for 32.2% of Pos Malaysia's Khazanah Nasional Berhad, but failed.

At the critical moment of this, he hopes to bring light to the financial restructuring Tricubes when announcing the grant project worth RM50 million 1Malaysia email him.Following this contract, Tricubes might have time to submit its financial restructuring plan before the end of October.

What is disputed, the claim to priority DRIVERS meritocracy and transparency, appoint a company facing financial problems in implementing this government.

According to official information, the second largest shareholder is Tricubes Commerce Technology Ventures, established in July 2000, the main function of providing capital for technology development. To this day, the company has invested in 22 companies, including 10 telecommunications companies, six ofadvanced manufacturing , five of life science and one other.

Commerce Capital Technology Ventures conducted CAV Private Equity Management Sdn Bhd, the company is one of the companies under the CIMB Group. According to the financial statements Tricubes 2010, Commerce Technology Ventures is the second largest shareholder holding 15.63% shares. Tricubes largest shareholder is Khairun bin Zainal Mokhtar - in addition to having a direct 15.72% stake, also has a 14.17% stake through AmBank.