ARIES Telecoms (M) Bhd, formerly known as V Telecoms Bhd, was once hailed as the first telecommunications company in Malaysia to have a regional presence in Southeast Asia with its planned US$5 billion Vasseti South Asia Network (VSAN) project. However, the mammoth undertaking, which boasted that it would have more than 30,000km of terrestrial fibre-optic infrastructure across the region, did not pan out, as Bank Pembangunan Malaysia Bhd (BPMB) found out following the conclusion of its investigations in January this year.
Bank Pembangunan Malaysia Bhd (BPMB) was granted an ex-parte Mareva injunction by the High Court here an asset freezing order against 23 out of 27 defendants, which is part of a legal action over a RM400 million loan granted to Aries Telecoms (M) Bhd.