SINGAPORE, May 21 — A Singapore man who exploited a loophole in Grab’s courier service to claim payouts for delivery jobs that were never carried out has been jailed for 13 months and 16 weeks, according to The Straits Times.Alex Wang Xiang Yi, 30, was sentenced today after pleading guilty to 14 charges, including multiple cheating offences and unrelated Road Traffic Act offences. He will also be barred from driving for two years after completing his sentence.Wan
SINGAPORE, May 21 — A Singapore man who exploited a loophole in Grab’s courier service to claim payouts for delivery jobs that were never carried out has been jailed for 13 months and 16 weeks, according to The Straits Times.
Alex Wang Xiang Yi, 30, was sentenced today after pleading guilty to 14 charges, including multiple cheating offences and unrelated Road Traffic Act offences. He will also be barred from driving for two years after completing his sentence.
Wang was among four men charged in November 2025 over a scheme that caused Grab Holdings to lose more than S$58,000 (RM180,000) through thousands of fraudulent GrabExpress transactions.
The court heard that 5,540 fake transactions were carried out in total.
Deputy Public Prosecutor Jheong Siew Yin said Wang had introduced the loophole to other Grab drivers involved in the operation.
Under GrabExpress, drivers receive a commission for completed deliveries. If a delivery cannot be completed, drivers are required to return the parcel to the sender and mark the job as a returned item on the app. Grab would then cancel the order while still paying the driver for the attempted delivery.
But prosecutors said the drivers accepted bookings and “immediately indicate on the application that the parcel was returned”, despite never attempting to collect the items.
“These drivers also exploited the fact that Grab did not conduct cross-checks of the profile photos of Grab drivers,” DPP Jheong said.
Court documents showed the five drivers operated multiple Grab accounts registered under other people’s names while using their own profile pictures.
Between May 8 and June 11, 2025, Wang falsely claimed to have carried out 667 attempted deliveries, cheating Grab out of S$8,964.90. In a separate period between May 29 and June 10, he fraudulently obtained another S$5,403 through 459 fake delivery attempts.
The scam was uncovered after Grab conducted internal checks and detected suspicious transactions across 24 driver accounts linked to five drivers.
Wang was arrested on July 7, 2025.
Two other men involved in the scheme had earlier been jailed, while the case against a fourth accused remains before the courts.
MAY 13 — Sustainability now appears almost everywhere in daily life. Whether booking a ride, ordering food, or shopping online, there is often a small option encouraging users to contribute towards a green programme for a few extra cents. The amount is usually minor, yet I still find myself pausing sometimes before agreeing to it.At first, I thought the hesitation was simply about money. But over time, I realised it was something else. I was not questioning whet
MAY 13 — Sustainability now appears almost everywhere in daily life. Whether booking a ride, ordering food, or shopping online, there is often a small option encouraging users to contribute towards a green programme for a few extra cents. The amount is usually minor, yet I still find myself pausing sometimes before agreeing to it.
At first, I thought the hesitation was simply about money. But over time, I realised it was something else. I was not questioning whether sustainability matters. I was questioning why many green initiatives still feel emotionally distant despite becoming more common.
Consumers today are constantly told they are “offsetting carbon,” yet carbon can still feel distant when it is experienced only as numbers on a screen rather than something connected to real environmental change.
From Contribution to Everyday Behaviour
This became clearer to me through the tree-planting and restoration campaigns often linked to the small sustainability contributions now appearing within many digital transactions. The numbers often sound impressive — thousands or even millions of trees planted. But once the campaign attention fades, curiosity about what happens afterwards naturally begins to grow.
What happens to the trees years later? What does the restoration area look like now?
Are there updates showing how these projects are progressing over time? Many people contribute towards environmental efforts without really seeing how these projects continue afterwards. Over time, the connection between the contribution and the actual environmental impact can start to feel distant. When people are able to understand what a project is trying to protect and why it matters, the contribution begins to feel more connected to something real rather than simply another environmental label or transaction.
While ordering food, booking transport, or shopping online, environmental options are sometimes presented during payment, yet the experience often ends there once the transaction is completed. — Picture by Raymond Manuel
At the same time, sustainability often appears only briefly within the apps and online services many of us use every day. While ordering food, booking transport, or shopping online, environmental options are sometimes presented during payment, yet the experience often ends there once the transaction is completed. Yet the same digital platforms and online services people use every day already shape many daily habits. They influence what people pay attention to, the choices consumers keep returning to, and even the routines that gradually become normalised over time. Despite this influence, environmental responsibility can still feel treated as an optional add-on rather than something meaningfully integrated into the overall consumer experience, often appearing only briefly during payment instead of throughout the broader consumer journey.
Beyond symbolic sustainability
I still believe these sustainability efforts matter. In many ways, it is encouraging to see more businesses and online services trying to integrate environmental responsibility into everyday life.
Growing skepticism around some green initiatives may actually reflect a more thoughtful public response instead of people simply accepting every environmental claim without question.
Many people still care deeply about sustainability and environmental responsibility. What they are searching for is not only the opportunity to contribute financially, but also a clearer sense of trust, understanding, and long-term meaning behind the choices presented to them.
At the end of the day, most people probably do want to contribute towards a better future. They simply want reassurance that their contribution carries meaning beyond a brief moment on a screen.
*Nur Shahira Abdullah is a sustainability practitioner and a Master’s student in Sustainability Science at the International Islamic University Malaysia (IIUM), Gombak.
** This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
When you embark on a transaction to sell your business, you’ll find that the world of mergers and acquisitions (M&A) demands preparation, precision, and purpose. Successfully navigating an M&A deal for a private company forces you to understand both business and legal dimensions and to engage the right advisors, set the right timetable, and anticipate the key pitfalls. Below are 32 critical issues to consider for sellers to maximize value and minimize risk in a private-company M&A de
When you embark on a transaction to sell your business, you’ll find that the world of mergers and acquisitions (M&A) demands preparation, precision, and purpose. Successfully navigating an M&A deal for a private company forces you to understand both business and legal dimensions and to engage the right advisors, set the right timetable, and anticipate the key pitfalls. Below are 32 critical issues to consider for sellers to maximize value and minimize risk in a private-company M&A deal.
1. Time
In private-company M&A transactions, time is often the enemy of the seller. As the process drags on, prices and terms typically deteriorate, and new issues—unforeseen liabilities, market shifts, regulatory surprises—may emerge. Speed matters. Set a driving timetable and maintain momentum. Let your lawyers know that they need to turn around drafts of documents on an expedited basis. Make sure the key decision-makers on each side are available to quickly resolve key issues.
2. Competitive Process
Running a competitive auction or soliciting multiple potential buyers is one of the best ways to optimize sale value and deal terms. It gives a seller leverage, benchmarks of value, and the ability to fend off low‐ball or unfair offers.
3. Due Diligence Preparation
Sellers have to understand that they will be subject to an extensive due diligence investigation, and they must be prepared in advance for all that entails. The buyer will want to see detailed financial statements, copies of all material contracts, information on key intellectual property, employee and benefit arrangements, and much more.
Normally, the seller needs to have all of that information in an online data room, which can be quite time-consuming to get correct and complete. Sophisticated bidders will tell the selling company that preparing a comprehensive and well-organized online data room is important.
There are outside companies, such as SBS, that can significantly help with this burden.
4. Non-Disclosure Agreement (NDA)
Before sharing sensitive information, ensure prospective acquirers sign a strong non‐disclosure agreement that prohibits solicitation of employees and protects your confidential business data. This is especially important if a potential buyer is a competitor.
5. Investment Banker or Advisor
Retaining a seasoned investment banker or M&A advisor significantly improves your process. Negotiate the engagement letter carefully—fees, tail provisions, indemnification and negation of conflicts should be crystal clear.
6. Judgment
Good judgment is essential when negotiating an M&A deal. You must know what matters—and what doesn’t—and be ready to make quick decisions. Recognize when to trade lesser points in order to protect the big ones: value, structure, and risk allocation.
7. Exclusivity
Buyers often push for exclusivity early to avoid competition. From a seller’s standpoint, you should delay granting exclusivity until the buyer has committed to key terms (e.g., via a letter of intent), and negotiate short exclusivity windows (e.g., 15 to 21 days) rather than long ones (45+ days).
From the seller’s perspective, it will want the exclusivity period to terminate early if the buyer proposes a lower price or any other worse terms than detailed in the letter of intent. The seller will also want to make sure that any extension of the exclusivity period requires that the buyer affirm its price and terms and that they have completed their due diligence.
8. Letter of Intent (LOI)
Negotiate a detailed LOI that sets the stage for key deal terms—price, payment structure, escrow/holdback, indemnities, closing conditions, employee issues, and dispute‐resolution mechanisms. A strong LOI improves your leverage pre-closing. See Negotiating An Acquisition Letter of Intent.
David Lipkin, an M&A partner at McDermott Will & Schulte, advises, “Getting the Letter of Intent right is crucial to ensure a favorable outcome in an M&A deal.”
9. Price and Type of Consideration
The price and type of consideration are issues that will need to be addressed early in the process, and these go beyond agreeing on the “headline” price. Here are some of these issues:
Whether the purchase price will be paid entirely in cash payable in full at the closing.
If the stock of the buyer is to represent part or all of the consideration, the terms of the stock (common or preferred), liquidation preferences, dividend rights, redemption rights, voting and Board rights, restrictions on transferability (if any), and registration rights.
If a promissory note is to be part of the consideration, what the interest and principal payments will be, whether the note will be secured or unsecured, whether the note will be guaranteed by a third party, what the key events of default will be, and the extent to which the seller has the right to accelerate payment of the note upon a breach by the buyer.
Whether the price will be calculated on a “debt-free and cash-free” basis at the closing of the deal (enterprise value) or whether the buyer will assume or take subject to the seller’s indebtedness and be entitled to the seller’s cash (equity value).
Whether there will be a working capital-based adjustment to the purchase price, and, if so, how working capital will be calculated. This is ultimately just an adjustment up or down to the purchase price. The buyer may argue that it should get the business with a “normalized” level of working capital. The seller will argue that if there is a working capital adjustment clause, the target working capital should be low or zero. This working capital adjustment mechanism, if not properly drafted or if the target amounts are improperly calculated, could result in a significant adjustment in the final purchase price to the detriment and surprise of the adversely affected party.
If part of the consideration is comprised of a contingent earnout arrangement, how the earnout will work, the milestones to be met (such as gross revenues or EBITDA and over what period of time), what payments are to be made if milestones are met, what protections will be offered to the seller to enhance the likelihood of the earnout being paid (such as acceleration of payment of the earnout if the business is sold again by the buyer), information and inspection rights, and more. Earnouts are complex to negotiate and tend to be the source of frequent post-closing disputes and sometimes litigation. Precision in drafting these provisions and agreement on suitable dispute resolution processes are essential.
10. Lawyers
Your ordinary outside counsel may not be sufficient for a complex M&A transaction. Engage dedicated M&A counsel with experience in private company deals—someone who can handle the urgency, negotiation, documentation, and closing efficiently. You want someone who has done hundreds of M&A deals.
11. Strategic Partners
Strategic acquirers (those already operating in your industry) may offer benefits—synergies, higher valuations—but you must understand how your business fits into their strategic plan. Be cautious about rights of first refusal or preferential treatment granted in earlier financing rounds.
12. Disclosure Schedule
Preparing the disclosure schedule (the list of contracts, intellectual‐property assets, litigation, employment matters, etc.) is time‐consuming and typically requires many drafts — you should begin early. A well-prepared schedule reduces post-closing indemnity claims and uncertainties.
13. Fiduciary Duty
Board members of a seller company must understand their fiduciary duties, manage conflicts of interest, and document thoughtful decisioning. Ignoring governance issues can harm both value and deal certainty.
14. Shareholders
Identify shareholder approval requirements early. Are dissenting shareholders or appraisal‐rights issues likely? Will all classes of stock vote? Delays or objections at the shareholder level can sink a deal after terms have been agreed.
15. M&A Committee
Establishing an M&A committee of the board can improve agility and decision‐making. A nimble committee ensures issues are addressed quickly, reducing drag on the process.
16. Employee and Management Issues
Employee retention, incentives, and management continuity matter to both buyer and seller. Ensure key personnel are incentivized and consider tax impacts (e.g., Section 280G “golden parachute” issues). Consider how unvested options will be treated.
Buyers will assess culture fit and may want to implement retention programs.
Buyers scrutinize your financial projections, assumptions and growth metrics. You, as a seller, must understand and defend your numbers—and demonstrate that management continues to run the business well during the M&A process.
18. Intellectual Property (IP)
In an era of digital disruption, IP diligence is intensive. Patents, trademarks, copyrights, domain names, open‐source software use, data privacy and cybersecurity issues must all be addressed proactively.
19. Incomplete Records
Missing corporate minutes, missing amendments to contracts, incomplete option agreements, and disorganized documentation can slow or kill a transaction. Address these issues early.
20. Consents
Check what third‐party consents are required (landlords, licensors, major customers) and aim to eliminate or minimize problematic consent requirements. It's a frequent source of delay or renegotiation.
21. Disclosure Timing
Striking the right balance in disclosure is important: give the buyer enough information early to avoid surprises, but avoid over‐sharing early such that you lose leverage or risk competitive information exposure.
22. Definitive M&A Agreement
The definitive acquisition agreement is hugely important to both the seller and the buyer. There are many issues that need to be negotiated, and sophisticated M&A counsel is essential for the seller.
Some of the more important issues include:
Will there be an escrow or holdback of the purchase price or will the buyer solely rely on representations and warranties insurance, and if there is an escrow, will the escrow serve as the sole remedy for a breach of the acquisition agreement?
What are the scope of the seller’s representations and warranties and how many can be qualified by “knowledge” and “materiality” caveats?
What are the covenants of the seller and any shareholders prior to closing and after the closing? Will there be any problematic non-compete covenants?
What are the key conditions to closing the deal?
How are various risks allocated, such as litigation, intellectual property issues, unknown liabilities, etc?
How will employees be treated?
What are the indemnification obligations of the parties?
How can the M&A agreement be terminated before a closing and what are the financial consequences?
What regulatory requirements (such as antitrust approvals) must be satisfied before closing and what issues will these raise?
How are disputes to be resolved (e.g., by arbitration)?
Richard Smith, an M&A expert at Orrick, Herrington & Sutcliffe says, “The importance of a well-drafted M&A agreement cannot be understated to ensure a successful and expeditious deal.”
23. The CEO’s Role
The CEO’s role in an M&A process is hugely important. The CEO has to sell the vision for the business and clearly articulate why the company is such an attractive and growing business with sophisticated and differentiated technology, products, or services.
The CEO must have an understanding of the fundamental legal and business issues that will arise and be able to make many judgment calls on those issues.
The CEO also needs to keep the Board, the M&A Committee, and key investors informed at each key stage of the process.
The CEO is often put in a difficult position—to negotiate tough on key terms of the deal, knowing that he or she is negotiating with a future employer and not wanting to be perceived as difficult; this problem is exacerbated if the buyer is a private equity investor offering the CEO and other members of management a piece of the post-closing equity.
That is why it may be better for an advisor or the M&A Committee of the Board to take the lead in negotiating the deal terms/acquisition agreement, which then permits the CEO to act as a facilitator to get the deal done.
24. Shareholder Representative
Post‐closing responsibilities often fall to a shareholder representative or third-party administrator (such as Fortis)—someone who handles escrow administration, working‐capital adjustments, earnout monitoring, and indemnification mechanics.
25. Deviations from Projections During the M&A Process
Since an acquisition process can take a significant period of time to complete. One issue that can come up is the variability of the financial performance of the business while the M&A deal is pending.
If the seller misses its projected financial numbers during the process, a buyer can see this as a red flag and require a reduced purchase price or may even terminate the negotiations.
Therefore, it is imperative that the management team keeps its eye on the ball in running the business (even though they will be distracted by the M&A process), and that the projections presented to the buyer for the anticipated diligence and negotiating period be easily obtainable.
26. Cultural Integration Planning from Day One
Successful M&A isn’t just about deal documents—it’s about people and culture. Even during diligence, consider how management teams, employee morale, and organizational culture will merge post-closing. Early integration planning reduces risk of “implementation gap” and protects value.
27. Regulatory & Antitrust Early Screening
Don’t assume your deal is immune from regulatory or antitrust review just because you are a private company. Early assessment of competition, foreign investment (CFIUS in the U.S.), sector‐specific regulation, and cross-border risks helps avoid costly surprises after signing.
28. Cybersecurity & Data Privacy Risk Management
With cyber threats on the rise, buyers expect thorough cybersecurity and data privacy controls. A major breach or insecure data architecture revealed late in the process can scuttle a deal or trigger post-closing liabilities. Ensure your policies, incident history, and remediation plans are ready.
29. Post‐Closing Value Preservation Mindset
The deal typically doesn’t end at closing. Sellers should understand earn‐out triggers, covenant compliance, holdbacks, and post‐closing obligations. Maintain oversight (or negotiate retention of a post-closing role) to ensure smooth transition and protect earned value.
30. Leverage Artificial Intelligence (AI) in the M&A Process
AI is transforming M&A. AI tools can:
Analyze and summarize massive diligence documents faster
Model valuations and forecast synergies
Detect contractual inconsistencies or red-flag clauses
Streamline post-merger integration with data-driven insights
Sellers who embrace AI analytics, deal-readiness dashboards, and machine-learning-driven risk assessments gain a competitive advantage in speed, precision, and transparency. In modern M&A,AI isn’t replacing advisors—it’s amplifying them.
31. The Importance of Sell Side Quality of Earnings Report
Many buyers, especially if third-party lending is involved, will engage a reputable accounting firm to assess the seller’s underwriteable EBITDA. Nick Baughan, Managing Director of the investment banking firm MarksBaughan, advises that a seller should consider hiring its own accounting firm to prepare its Quality of Earnings Report in advance. A Quality of Earnings Report is an analysis that assesses a company's historical and current financial performance to determine the sustainability and reliability of its earnings.
There are two reasons for the seller to prepare its own report in advance: The seller can position the best and most supportable view of EBITDA, and the seller is then equipped to expeditiously engage with the buyer's accounting firm. A huge time sink and value destroyer in deals is an under-prepared founder or CFO trying to respond to a team from the buyer’s accounting firm whose highly-experienced partner is looking to reduce EBITDA for valuation purposes.
32. The Increasing Importance of Reps and Warranties Insurance
Many deals now have M&A reps and warranty insurance (RWI). Some buyers will still try to push for a holdback or escrow to cover indemnification obligations of the seller, but the RWI market has evolved to the point where a deal over $20 million in enterprise value is typically better off with RWI, reducing the risk to the seller. The cost of the policy is small and can either be split or entirely borne by the buyer. The negotiation of the representations and warranties in the acquisition agreement typically happens more quickly and that time savings is more than made up by the time lost getting the RWI policy implemented.
Final Thoughts on Private Company M&A Deals
In today’s market, selling your private company successfully in a mergers and acquisitions transaction hinges on preparation, transparency, strategic process and risk management. From building momentum and creating competitive tension to organizing your data room and preparing for integration, each of these 32 factors plays its part.
Engage seasoned advisors and technology solutions, adopt a disciplined timeline, maintain business performance, understand the transaction mechanics, and anticipate post-closing realities. With those principles in place, you’ll be in the strongest position to maximize value, minimize surprises, and execute a smooth transition.
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