In 2000, Telekom Malaysia and Qualcom Technology, a South African company, established a joint venture company dealing in IT software products to leverage on the subscribers of Telekom Malaysia. Discussions between the two companies had begun when Engelbert Stein, the owner of Qualcom, had expressed his strong interest in investing in Malaysia. High level communications subsequently took place between the Finance Minister and Mr. Stein and his top management, indicating the Malaysian government's keen interest in attracting foreign investment to the country. The Minister of Telecommunications and Utilities were also involved when meetings were held in Malaysia. The investment involved heavy capital investment but returns were expected within a short span of time and sizeable profits were foreseen. However, after being in business for only 2 years and 6 months, the joint venture company stopped operations in June 2022. The South African investors' total loss stood at US5.0 million with continuing outstanding amounts owed to statutory bodies.