KUALA LUMPUR (June 1): Former Green Packet Bhd group managing director Puan Chan Cheong, more familiarly known as CC Puan, has been declared bankrupt by the Kuala Lumpur High Court after failing to meet the requirements of bankruptcy notices filed on May 24 last year.
The bankruptcy order was issued on March 27, following a petition by Everegion Sdn Bhd, and an ex-parte (one-sided) application by Medinis Sdn Bhd, according to a bankruptcy filing and bankruptcy order document sighted by The Edge.
Puan, the founder of Green Packet, was issued the bankruptcy notices last year after failing to settle a combined RM30.66 million owed to Everegion and Medinis.
He owed Medinis RM22.86 million, after the company exercised two put option agreements to dispose of 15 million G3 Global Bhd warrants, which had been converted to 60 million shares, to Puan.
Concurrently, Everegion said Puan failed to settle a payment of RM7.8 million, as the company exercised a separate put option on Puan to dispose of five million G3 Global warrants which had been converted to 20 million shares.
Puan, 54, had contested the suits filed by the two companies. He claimed that the warrants were collateral for RM20 million worth of loans from Datuk Yip Yee Foo which were disbursed by Medinis and Everegion.
Puan had contested that the loan agreement was illegal as the two companies did not have money lending licences, adding that the conversion of G3 Global warrants into shares had breached the terms of the put option and loan agreements, as they were done without Puan’s knowledge.
Green Packet has a one-to-one, five-year warrant maturing on Nov 24, 2023, exercisable at 40 sen apiece.