KUALA LUMPUR: The ghost of DeTe Asia Holding GmbH (DeTeAsia) has come back to haunt Telekom Malaysia Bhd (TM) again.
The company announced yesterday that a former shareholder of Celcom (Malaysia) Bhd (Celcom) has obtained leave from the court to file a suit, on behalf of Celcom, against TM on agreements the telecommunications services provider entered with DeTeAsia in 2002.
The former shareholder, Mohd Shuaib Ishak is suing TM and its wholly-owned subsidiary Telekom Enterprise Sdn Bhd (TESB) pertaining to the amended and restated supplemental agreement dated April 4, 2002 entered into between, among others, Celcom and DeTeAsia, the acquisition of Celcom shares by TESB, the consequent Mandatory General Offer (MGO) exercise implemented by TM and the de-merger exercise of the mobile and fixed-line businesses of the TM Group.
DeTeAsia was formerly the strategic partner of Celcom and made its entry into the mobile phone operator when it was majority-owned by companies belonging to Tan Sri Tajudin Ramli. After Tajudin defaulted on his debts, his shares in Celcom were forced sold by Pengurusan Danaharta Bhd to TM via TESB. TM then made a MGO for the rest of the Celcom shares at RM2.75 each.
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