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The demise of Jaring is another victim of UMNO cronyism and corruption

jaring_energized-inc

Malaysia first ISP wound up is a tragedy for taxpayer’s money.

Year 2004: Jaring is sold cheaply at RM 2 million to Utusan Printcorp Sdn Bhd headed by managing director Norhisam Mohamed Nor by MOF in 2004. Jaring turnover is around RM110 million in 2013.

Jaring was valued at RM100 million then. MOF declined RM40 million bid by Puncak Semangat, a corporate vehicle owned by tycoon Syed Mokhtar Al-Bukhary.

Read more >>> The unfolding tragedy of Jaring, Malaysia’s first ISP

Year 2005: Malaysia’s AIMS Group buys out Jaring assets, contracts

The bidding price is not disclosed, but at least RM 40 million in my estimate.

Utusan Printcorp Sdn Bhd is profiteering for more than RM30 million from the coffer of rakyat. MOF minister is Najib Razak.

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