Digi Drops its GrabGas Investment

Announced earlier today, Digi has dropped its investment into GrabGas after receiving much scrutiny and controversy on social media. This all started when an ex-developer who goes by the name of Julian Ee worked on the startup’s website called out the co-founders of GrabGas for misleading information in regards to his employment, stability and role within the company.

Although Digi’s investment was part of the Digi Accelerate program, which helps to fund startups that have graduated from it, Digi has since pulled out its offer of investing into GrabGas. The press statement received earlier today reads, “Digi Telecommunications Sdn Bhd (Digi) will not proceed with its investment in GrabGas 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.

On 22 August 2016, the company announced it will be investing equity funding in three startups that graduated from Digi Accelerate, at which point, the shareholder agreements were ongoing to assess their performance and ensure business practices adhered to company’s standards for proper business conduct.”

Ever since Julian’s blogpost has reached critical mass, GrabGas has since responded to the post with its own response, which you can find here.

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