Shareholder Vincent Tan Says Still Confident in MOL Global's Prospects

MOL Global, Inc's

largest shareholder, Tan Sri Vincent Tan, told

in an email Tuesday, that he continues to have confidence in the business, management and prospects for the company, despite recent events, which include accounting and management issues. Mr. Tan did not respond when asked about adding to his stake, currently 73%, or the possibility of taking the company private again. He did say that he welcomed the news that CEO Ganesh Kumar Bangah would be buying shares. Shares of the provider of e-payment solutions have fallen dramatically since its IPO on October 9, priced at $12.50 per ADS. Shares fell 35% on the first of day of trading and hit a low of $1.53 on December 1. MOLG Global reported on November 20, that the company's CFO Allan Wong had resigned for personal reasons, and also announced postponement of the Q3 earnings report. On December 1, MoL Global reported that earnings had fallen 62% over the same period last year and announced an error in its Consolidated Statements, involving revenue and expenses at its Vietnamese subsidiary. The company also announced a $15 million share buyback program, with CEO Bangah to purchase $500,000 worth of shares. Tan said he believed the company could overcome its recent problems by continuing to execute its plan. MOL Global shares closed Tuesday at $2.59, a loss of $0.07.