SIMPLE, to ensure there is no element of fraud in the entire exercise, considering that READ :even as early as 2021, the Minority Shareholder was probing Greenpacket for buying Xendity for US$10 million without the company having a profit and loss track record
SPICE this up with the fact that at the time Greenpacket sold off Xendity from about RM17.5 million, the sale price was much lower than its final purchase price of RM28 million.
THE Edge at that point of time reported READ : Xendity is involved in research and development of software related to identity verification processes. Its sole director is Leong Seng Wui, who owns 8.91% stake in Green Packet and sits on the board as group executive director.
COINCIDENCE or not, Francis Leong Seng Wui is now the executive director of Revenue Group Bhd, which is attempting to buy Innov8tif which includes Xendity.
ONE of the reasons Greenpacket sold off Xendity in the first place was because it will require a lot of money to expand the business, but here we have Revenue Group READ : which wants to do a private placement just to pay salaries, delirious in wanting to buy Innov8tif
DOES this make business sence, ethical sence and is it not against the spirit of the ESG dogma?
