Comments on: Entellium Scandal and more…

By: yowchuan

yowchuan — Thu, 18 Dec 2008 22:52:23 +0000

Ent, I agree with you about the sound business model Entellium had. I strongly believe that there are many locally incorporated companies in Malaysia which could have come up with similar level of 'user experience' software. Unfortunately, they most likely do not have the 'white men's' advantage. I truly have nothing against white men. It's the way the 'gatekeepers' practices WMSS that irks me.

Why would MavCap or MDec, organisations with the resources to dig up anything they could before putting in their money (read: taxpayer's money), overlooked the 'cooked' revenue figures?

Maybe that's something their team of auditors have to start looking into.

By: Ent

Ent — Wed, 17 Dec 2008 00:12:10 +0000

Just read your blog about Entellium. I was an Ent too before i was retrenched. I want to defend MDec and Mavcap here. I think they did their research before they invested. Entellium CRM product was ACTUALLY selling. And the concept (which made Mavcap jump on board) of user experience is remarkable. I, as a staff, bought the idea because I knew it can work.

The problem here is that Mr. PJ (the CEO) cooked up a fictious revenue gain for years (which is about 4x the amount of actual revenue) to gain more venture capitalist funding. If he didn't create that fictious gainings throught out the years, he wouldn't be in jail — and the product would still be selling at an incremental rate (just how fast or slow it will be). I think he did a lot of “personal” lavish with the money earned. It's just too bad — because I personally believe on the business model and the product that was selling.

By: yowchuan

yowchuan — Mon, 08 Dec 2008 08:50:50 +0000

5th Dec 2008, NEW YORK: Entellium Corp, the Seattle-based software company whose former chief executive officer was charged with defrauding investors has filed for bankruptcy with a plan to sell itself to Intuit Inc.

A maker of customer relationship management software, Entellium lost financing after US prosecutors filed criminal wire fraud charges against former CEO Paul T Johnston and ex-chief financial officer Parrish Jones, according to Chapter 11 papers filed on Wednesday in US Bankruptcy Court in Seattle.

The company’s proposed US$7.6 million (RM27.6 million) sale to Intuit, the world’s biggest maker of tax preparation software, must be approved by a judge following an auction. Entellium, with offices in Malaysia, Singapore and the UK, has assets of US$37.7 million and debt of US$12.7 million, court papers showed.

Entellium was founded in Malaysia and entered the US market in 2003, court papers show. Prosecutors said it raised as much as US$50 million from investors.

Multimedia Development Corp Sdn Bhd (MDeC) and Malaysian Venture Capital Management Bhd (Mavcap) are also investors. Mavcap had extended to it a US$2 million bridging loan, while MDeC had given it a RM7.5 million grant for R&D. — Bloomberg

By: Pin

Pin — Sun, 26 Oct 2008 22:44:44 +0000

Are those venture capitalists who are given the money to invest, have their own successful business before? Or do they have a Blog, for us to evaluate them?

By: Entellium Ex Staff

Entellium Ex Staff — Thu, 23 Oct 2008 02:00:49 +0000

Is Malaysian Goverment that dumb :-) being an employee of Entellium and not being paid our EPF and TAX..Funny Thing is Malaysia Goverment in other words Multimedia Development Corp Sdn Bhd (MDeC) and Malaysian Venture Capital Management Bhd (Mavcap) is one of the directors, Aren't they aware of anything ? HuKin dude, another write off as another bad investment and me didn't do the homework..ahh sorry, BodaKi dude, bukan duit kita, hang pergi teh tarik dan main golf je….gua peduli apa

By: Samuel L Jakson

Samuel L Jakson — Tue, 21 Oct 2008 13:55:23 +0000

Ex- Entellium KLStaff – We have not been paid our epf and tax for the last 6 months and they laid most of the KL Staff except for the higher management to stay and i guess to con the malaysian goverment off their money.