Entrepreneur

Aftermath: Digi Pulls GrabGas' Equity Funding

Adding yet another twist in the tale, Digi announced today that they are no longer proceeding with their GrabGas investment.

According to the press statement released, Digi is pulling out “on grounds of inconsistency in the disclosure of data. The decision follows a comprehensive review which concluded on Tuesday. Transparency and integrity is fundamental to the way Digi does business, and the decision is a reflection of the same principles it upholds and expects of its partners.”

This is definitely a blow to the startup that has been embattled recently, starting with Julian Ee, their ex-CTO leaving and taking all the tech he’s developed for them. He made several very damaging allegations of their practices and character, particularly that they lied to him about becoming a shareholder and that they lied about facts and figures to the media and investors.

On top of their slow response to the situation, when they finally did get around to talking about it, it was still found to be lacking the answers to some questions that had been brought up by Julian’s piece.

A lot of people were wondering how Digi would react to recent events, and it’s not unexpected that such a move has come about. It is unknown how this will affect GrabGas’ expansion and growth, and how they intend to proceed in light of this recent news.

Feature Image Credit: techwireasia

 

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