According to a report on thedegemarkets.com today, the sum owed was in relation to three put option agreements.

The High Court had, in 2021, ordered Puan to pay RM22.86 million to Medinis Sdn Bhd (MSB) in exchange for 60 million ordinary shares of G3 Global Bhd and, in a separate judgement, ordered him to pay another RM7.8 million to Everegion Sdn Bhd (ESB) in exchange for 20 million G3 Global shares.

Puan incurred the debt when three put options, two with MSB and the third with ESB, were exercised by the two plaintiffs.

Under the first put option, dated Jan 25, 2021, Puan was required to acquire five million warrants for RM7.5 million but the units were converted to 20 million G3 Global ordinary shares upon the warrants and subsequent bonus issue exercises.

Pursuant to the second put option dated Feb 9, 2021, Puan was required to buy back 10 million warrants for RM15 million, according to the report. These warrants have since been converted to 40 million G3 Global shares.

Under the third put option, Puan was to acquire five million warrants for RM7.5 million from ESB. These warrants have been converted to 20 million G3 Global shares.

Puan, the report said, had claimed in an affidavit he filed in October last year that the put option deals were “merely a facade” for a RM20 million loan from businessman Yip Yee Foo, who transferred the loan amount via MSB and ESB.

He claimed that the two companies were represented as licensed moneylenders.