Frankly Speaking: What’s happening at MNC Wireless?

This article first appeared in The Edge Malaysia Weekly, on September 9, 2019 - September 15, 2019.
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In December 2016, tycoon T Ananda Krishnan’s nephew, Robbie Hari Krishnan Tatparanandam, was appointed executive director of Penang-based MQ Technology Bhd.

MQ Technology had said at the time that Robbie was an executive producer with Astro Malaysia Holdings Bhd, which is controlled by his uncle. Robbie’s role at Astro focused on branding and content development.

There was a run in MQ Technology’s stock, albeit from a low base — from 8 sen to 13 sen — on heavy trading volume.  

A week later, Robbie said at a press conference that MQ Technology was in talks with gaming giant NagaCorp Ltd, controlled by Malaysian tycoon Tan Sri Chen Lip Keong,  on a plan to build a casino in NagaCorp’s new integrated resort and entertainment development in Cambodia for US$450 million (about RM226 million then).

When queried by the local bourse, MQ Technology denied it was in talks with NagaCorp.  However, its wholly-owned subsidiary, Star Acres Sdn Bhd, had entered into a memorandum of agreement on Dec 12, 2016, with Cambodian Resort And Entertainment Co Ltd to develop and manage a theme park in Cambodia.

In May 2017, Robbie stepped down from the board of MQ Technology.

In January this year, the MoU with Cambodian Resort And Entertainment, which had been extended at least six times, was deemed to have lapsed.

Last week, MNC Wireless Bhd announced that Robbie had been appointed as a non-independent non-executive director.

What will he bring to the table at MNC Wireless?

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