Green Packet Founder Receives Bankruptcy Notices for Failure to Settle RM30.66 Mil Sum

Green Packet founder and former managing director Puan Chan Cheong, better known as CC Puan, has been issued bankruptcy notices by the High Court in May this year in relation to his failure to settle a RM30.66 million sum, The Edge reported. According to court documents seen by The Edge, the bankruptcy notices were filed by Medinis Sdn Bhd (MSB) and Everegion Sdn Bhd (ESB), respectively, after Puan had failed to pay a combined sum of RM30.66 million to the two companies in relation to the High Court’s judgment in relation to three put option agreements. Last year, the High Court ordered Puan to pay a total of RM22.86 million to MSB in exchange for 60 million ordinary shares of G3 Global Bhd, and in a separate judgment ordered Puan to pay RM7.8 million to ESB in exchange for 20 million G3 Global shares. The amounts were owed as three put option agreements — two with MSB and one with ESB — were exercised by the two plaintiffs. Under the put option dated Jan 25, 2021 (Put Option 1), the defendant is required to purchase five million warrants for RM7.5 million, although following the exercising of the warrants and a subsequent bonus issue exercise, the units have been converted to 20 million G3 Global ordinary shares. Similarly, pursuant to the put option dated Feb 9, 2021 (Put Option 2), the defendant is required to buy back 10 million warrants for RM15 million. These warrants have since been converted to 40 million G3 Global shares. Both of these put option agreements were entered into with MSB. Read more.