Open Fibre Network Sdn Bhd filed a lawsuit on June 5, 2026, at the Kuala Lumpur High Court against Bank Pembangunan Malaysia Bhd and six other defendants over an alleged conspiracy that caused the collapse of Aries Telecoms and loss of a major telecommunications project valued at RM2.5 billion to RM2.7 billion under the National Fiberisation and Connectivity Plan (NFCP) [1, 2].
Open Fibre holds a 90.87% stake in Aries Telecoms. It claims damages ranging from RM1.8 billion to RM2.2 billion from Bank Pembangunan and individuals including board member Tan Sri Rashpal Singh Randhay, senior officer Nik Nor Aini Nik Mohamed, lawyer Datuk Lim Chee Wee and his firm, Lim Keng Peo, and Noorusa’adah Othman [1, 2].
The lawsuit alleges a conspiracy involving unlawful means, fraud, collusion, and abuse of court process. Open Fibre accuses the defendants of orchestrating asset freezes, litigation delays, undervaluation, mismanagement, and eventual liquidation of Aries Telecoms, which led to significant financial loss [1, 2].
According to Open Fibre, Bank Pembangunan reversed its litigation stance shortly after Rashpal Singh Randhay joined its board in April 2022. The bank switched from denying wrongdoing to filing fresh lawsuits based on purported admissions by a defaulting debtor linked to Aries Telecoms [1, 2].
Open Fibre is also challenging a consent judgment recorded in March 2024 involving this debtor, which relates to an alleged diversion of more than RM75 million in funds from Aries Telecoms [1].
Earlier litigation by Bank Pembangunan against parties associated with Aries Telecoms was struck out by the High Court in February 2026 [2]. The current suit marks a shift as Open Fibre seeks recourse for its losses.
The lawsuit names all six defendants alongside Bank Pembangunan, holding them accountable for the alleged scheme that resulted in Aries Telecoms’ liquidation and the multi-billion ringgit project's collapse [1, 2].
Open Fibre Network continues to pursue remedies through the Malaysian courts as the case proceeds.
