Highlights

MACC Clean Up Corporate Rats

Author: MaccClean   |   Latest post: Wed, 20 Mar 2019, 9:59 AM

 

The Edge: RM442.6 million PPAM JV with Kop Mantap suspended. Protasco Bhd declined to comment. Bursa info concealment probed?

Author: MaccClean   |  Publish date: Wed, 20 Mar 2019, 9:59 AM


 
 
19 March 2019, Kajang: Road maintenance company Protasco Bhd (stock code: 5070) which took on massive construction projects under former government's Malaysia Civil Servants Housing Programme (PPAM) hit a snag when Putrajaya Corp (PjC) suspended the development.
 
Protasco Bhd saw -RM48 million financial losses in year 2018 for the group, and reported a -RM6.7 million loss making year to date result for the construction division on top of RM261 million revenue. More than RM91 million was quoted as bank borrowing spent on 4th quarter 2018 for the construction projects.
 
Protasco Bhd as of 19 March 2019 has a market capitalisation of RM126.33 million. The RM91 million bank-borrowing is a material item Bursa Malaysia shall query Protasco Bhd on such material information concealment.
 
More alarming is the RM91 million stuck with PPAM is just part of Protasco Bhd's group bigger problem of RM622 million debt as of 31 December 2018, before adding another provision of RM48.6 million up coming cash payment to be paid to its Group Managing Director Dato' Sri Chong Ket Pen. On 1st March 2019, Protasco Bhd reveal that Chong Ket Pen is injecting a piece of land project in Tampin, Negeri Sembilan into Protasco Bhd Property Development Division, a loss making business unit lead by Chong Ket Pen's own son Kenny Chong Ther Nen.
 
 
 
Protasco Bhd quoted in 4th quarter 2018 report "For the financial year ended 31 December 2018, Construction segment revenue increased by 46% due to the contribution from the Perumahan Penjawat Awam (“PPA”) Phase 2, the drainage and irrigation project (“DID”) and certain overseas ventures. The low profit margin from PPA Phase 2 and the DID projects were unable to cover the overheads and interest expense of this segment."
 
 
 
 
Protasco Bhd explained in 4th quarter 2018 report "The total borrowings increased from RM211 million as at 31 December 2017 to RM276 million as at 31 December 2018 due to an amount of RM91 million incurred to finance the Perumahan Penjawat Awam Phase 2. As a result, the net gearing ratio increased to 0.31 times as at 31 December 2018. "
 
 
According to The Edge, in the light of the recent termination of contracts to build affordable homes for civil servants under the Malaysia Civil Servants Housing Programme (PPAM) by the government, more of such projects are expected to be either put on hold or shelved.
 
The Edge quoted at least one developer, Protasco Bhd, has received a letter from Putrajaya Corp (PjC), the project owner of PPAM in the federal administrative centre, to “temporarily postpone” the development in Putrajaya, according to sources with knowledge of the matter.
 
A spokesperson for Protasco declined to comment on whether the group had received such a letter. The contract worth RM442.6 million was supposed to be carried out by a joint venture between Protasco Development Sdn Bhd and Kop Mantap Bhd, a wholly-owned subsidiary of Koperasi Polis Diraja Malaysia Bhd.
 
On Feb 27, Damansara Realty Bhd announced that PjC had terminated a contract to develop 1,350 residential units and 45 commercial units in Precinct 5, Putrajaya.
 
The Nov 30, 2015, contract involved a gross development cost of RM467.3 million. Damansara Realty said the cancellation was due to the government’s move to unify the development of affordable homes under the Ministry of Housing and Local Government.
 
The following day, TRC Synergy Bhd announced that its contract to develop 500 PPAM units, 316 public residential units and 20 commercial units for a GDV of RM292.74 million in Precinct 18, Putrajaya, had also been terminated by PjC.
 
Other developers that have been awarded contracts to build PPAM houses include Ahmad Zaki Resources Bhd, Hap Seng Consolidated Bhd, Iris Corp Bhd, Zecon Bhd, LBS Bina Bhd and Spring Gallery Bhd. The level of progress of these projects could not be ascertained.
 
 
= The Edge news review =

 

Source: https://www.theedgemarkets.com/article/ppam-job-cancellations-will-affect-more-developers

 

IN the light of the recent termination of contracts to build affordable homes for civil servants under the Malaysia Civil Servants Housing Programme (PPAM) by the government, more of such projects are expected to be either put on hold or shelved.

At least one developer, Protasco Bhd, has received a letter from Putrajaya Corp (PjC), the project owner of PPAM in the federal administrative centre, to “temporarily postpone” the development in Putrajaya, according to sources with knowledge of the matter.

A spokesperson for Protasco declined to comment on whether the group had received such a letter. The contract worth RM442.6 million was supposed to be carried out by a joint venture between Protasco Development Sdn Bhd and Kop Mantap Bhd, a wholly-owned subsidiary of Koperasi Polis Diraja Malaysia Bhd.

“We do not know why the government is terminating or postponing these PPAM contracts. From what I understand, developers who have not launched their projects are likely to be cut off,” an official with a property developer and construction outfit tells The Edge.

On Feb 27, Damansara Realty Bhd announced that PjC had terminated a contract to develop 1,350 residential units and 45 commercial units in Precinct 5, Putrajaya.

The Nov 30, 2015, contract involved a gross development cost of RM467.3 million. Damansara Realty said the cancellation was due to the government’s move to unify the development of affordable homes under the Ministry of Housing and Local Government.

The following day, TRC Synergy Bhd announced that its contract to develop 500 PPAM units, 316 public residential units and 20 commercial units for a GDV of RM292.74 million in Precinct 18, Putrajaya, had also been terminated by PjC.

Other developers that have been awarded contracts to build PPAM houses include Ahmad Zaki Resources Bhd, Hap Seng Consolidated Bhd, Iris Corp Bhd, Zecon Bhd, LBS Bina Bhd and Spring Gallery Bhd. The level of progress of these projects could not be ascertained.

Minister of Housing and Local Government Zuraida Kamaruddin has made the consolidation of the entire affordable housing schemes at the federal level as her first order of the day. The National Affordable Housing Council was formed last November.

The ministry has targeted to build one million affordable homes between 2018 and 2028, or about 100,000 units a year on average. The ministry has also launched the DepositKu programme to help first-time homebuyers with their down payments.

The previous Barisan Nasional government put affordable housing programmes under several agencies catering for different segments of the population.

For example, the Prime Minister’s Office oversees Perbadanan PR1MA Malaysia and PPAM, while Syarikat Perumahan Negara Bhd (SPNB) is under the purview of the Ministry of Finance. The Ministry of Housing and Local Government oversees the People’s Housing Programme (PPR). Meanwhile, the Ministry of Federal Territories has Rumawip, an affordable housing scheme for the federal territories of Kuala Lumpur, Labuan and Putrajaya.

And these are just agencies under the federal government. Each state has its own affordable housing programmes. For example, Rumah Selangorku is an affordable housing programme in Selangor and Rumah Mampu Milik Johor is managed by the Johor government.

“It is good that the minister (Zuraida) wants to consolidate all of the affordable housing programmes at the federal level under her ministry to avoid confusion among the public,” Ishmael Ho, CEO of Ho Chin Soon Research Sdn Bhd, tells The Edge.

However, he points out that while the agencies on the federal level can be consolidated, each state still has its own agencies for people’s housing programmes. At the end of the day, the benefit of streamlining agencies at the federal level might be limited to the federal territories.

Ho also questioned whether the state affordable housing programmes are effective in providing affordable houses for the people. This is because programmes that require private developers to build affordable houses will only raise prices of non-subsidised units.

The recent termination of contracts to build PPAM houses should not be prolonged, says a property developer, because there are still many people who cannot afford to buy a house, especially the youth and low-income families. “The government should quickly come up with a replacement programme, if indeed those programmes launched under BN have been scrapped. People want to know what kind of affordable housing programmes they can apply to,” he says.

Issues such as eligibility criteria will have to be properly communicated by the ministry. At the moment, what is known is that the price would be fixed at between RM90,000 and RM300,000, depending on the location and the average income of the local community.

When launching the National Housing Policy in January, Zuraida said the government would focus on providing houses for the bottom 40% over the next five years.

This raises questions about where the middle 40% income group falls into when it comes to affordable housing schemes. The government will also promote the rent-to-own scheme, whereby prospective buyers rent a unit for the first five years and apply for a mortgage in the sixth year.

At the same time, the Ministry of Housing and Local Government’s target to build one million affordable houses within 10 years is quite a tall order, considering that supply of residential properties in 2017 was only 94,198 units, according to data by National Property Information Centre.

The issue of affordable housing has been talked about for many years, especially when the property market was hot a few years ago prior to the drop in commodity prices and the trade war between the US and China that dampened economic growth.

However, under the previous government, there had been hardly any success stories among the various affordable housing programmes, says Ho. He attributes the failure to the government’s lack of transparency when it came to information on residential properties.

This is an area that the current government will have to tackle if it wants to improve its affordable housing schemes, he says. “For example, there must be a database on how many affordable housing units have been launched, where exactly they are located, what type of properties have been built, which projects are being planned, being constructed, under construction or completed, and so on.

“Transparency creates accountability. If the people can see how many affordable housing units have been launched and where they are located and so on, they would be able to hold the government accountable and push it to do better,” says Ho.

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Protasco Bhd's MACC Protection on another RM48.6 mil Money Laundering. Malaysia's Most Embarrassing Moment Uncovered? - Clean MACC News

Author: MaccClean   |  Publish date: Sun, 17 Mar 2019, 6:37 PM


 

16 March 2019, Putrajaya. The most obvious suspected graft and corruption power house yet to be taken down by Pakatan Harapan government is the JKR road maintenance king of kleptocracy Protasco Bhd. The corrupted money laundering machine saw the famous suspected illegal shareholder cum Group Managing Director Chong Ket Pen announced taking RM48.6 million cash from Protasco Bhd paying to himself for a piece of land in Tampin, Negeri Sembilan.

The in coming heist is targeting to take more money for Chong Ket Pen himself, and add another RM48.6 million more debt on already RM622 million debt burdened public listed company Protasco Bhd. Protasco Bhd on 31 December 2018 have less than RM353 million equity and made RM48 million financial losses. The bail out and money stripping plan on behalf of Chong Ket Pen is the most corrupted public money looting ever took place from the year 2012 until 2019 today, right infront of Pakatan Harapan, Bursa Malaysia, Securities Commission, PDRM, and of cause MACC.

(source: https://www.theedgemarkets.com/article/protasco-jointly-undertakes-rm3715m-mixed-development-project-tampin-sister-company )

The pending heist declared to the public with the help of Bursa Malaysia and Securities Commission, under covered and assisted by Protasco Bhd 73 year old Chairman Hadenan Abdul Jalil, and the former Police Officer Salleh bin Mat Rashid hired by Chong Ket Pen to keep PDRM at bay while the heist took place,  is schedule to rob Protasco Bhd in 2 months time. The EGM using shadow voters Chong Ket Pen bought the Protasco Bhd's shares using ill-gotten money he stolen from Protasco Bhd itself, is a typical example of robber's game plan to swallow the bank using robbery proceeds. A professional criminal money laundering exercise happens right in front of public eyes.

 

 

PPA1M taken down. JKR RM4.2 billion corrupted contract MACC compromised & escaped? UNDER "WHO'S" PROTECTION?

One of the most corrupted public money looting project left-over from ex-government is the PPAM or PPA1M civil servant low cost housing scam. The tea party ended when Putrajaya Corp (PjC) suspended the on-going money lossing project undertaken by Protasco Bhd on 8 March 2019 as per reported by The Edge Daily. (source: https://klse.i3investor.com/blogs/Macccleanup/197268.jsp )

The probe is not surprising when Protasco Bhd loaded the public listed company with over RM622 million debt, mostly borrowed from UOB Bank. UOB Bank is part of the prime suspect of 1MDB money laundering probe and fined by Singapore MAS (government financial watch dog). (Source: http://www.mas.gov.sg/News-and-Publications/Media-Releases/2017/Financial-Penalties-Imposed-on-Credit-Suisse-and-UOB-for-1MDB-Related-Transactions.aspx)

According to Singapore government, "MAS has completed the series of bank inspections targeted at 1MDB-related fund flows known to-date. The latest inspections of Credit Suisse and UOB revealed several breaches of anti-money laundering (AML) requirements and control lapses.  These include weaknesses in conducting due diligence on customers and inadequate scrutiny of customers’ transactions and activities. "

UOB Bank is also the main lender for Protasco Bhd's Chong Ket Pen personally in buying Protasco Bhd's shares using ill-gotten money to fund the share margin since year 2013, as well as main banker for RM750 million PPA1M project financing since year 2014. Obviously the hanky-panky deals between Chong Ket Pen and UOB Bank is not new, and UOB Bank have repeatedly showing weaknesses in conducting due diligence on customers and inadequate scrutiny of customers’ transactions and activities, as evidenced from UOB Bank's 1MDB track record.

While IRB probe into suspected transfer pricing using these dubious PPAM projects is on going, however, MACC seems to be well covered by Protasco Bhd's well paid-Chairman Hadenan Abdul Jalil. The JKR RM4.2 billion road maintenance contract "awarded" on 4 April 2018 or 1 months before General Election (GE-14) is an obvious rip-off to Malaysian people, yet, MACC seems to be silent from such obvious graft and corruption. Who is Hadenan Abdul Jalil being used as puppet for Chong Ket Pen year after year to cover up the money laundering crime?

 

Who is Hadenan Abdul Jalil in MACC advising Protasco's Corruption?

According to FMT News, Tun Mahathir's lawyer Mohamed Haniff Khatri Abdullah had questioned "Why does MACC chief need personal advisers" on the 1st February 2018 press interview. (source: https://www.freemalaysiatoday.com/category/nation/2018/02/01/why-does-macc-chief-need-personal-advisers-asks-lawyer/)

According to the MACC, the advisers’ role is to provide views and advice to the MACC chief commissioner on operations, prevention, and education as well as other matters relating to the implementation of MACC activities, at the request of the chief commissioner.
 
“Where is the legal authority to set up a group of honorary advisers specially for the MACC chief only, and what is the motive for appointing them?” he asked.
 
Under Section 13 of the act, the king on the advice of the prime minister appoints Anti-Corruption Advisory Board (ACAB) members among individuals who have rendered distinguished public service or achieved distinction in their professions for two years.
 
Information sourced from the MACC website shows the current ACAB members are Tunku Abdul Aziz Tunku Ibrahim, Hadenan Abdul Jalil, Jamaluddin Ahmad Damanhuri, Musa Hassan, Dzulkifli Abdul Razak, Michael Yeoh Oon Kheng, Shamsul Amri Baharuddin, Mohd Noor Abdullah, Azman Ujang, Mohd Tap Salleh, Hamzah Kassim, David Chua Kok Tee and Halimah Mohd Said.
 
Apart from ACAB, the MACC Act also allows for the setting up of a Special Committee on Corruption and a Complaints Committee.
 
Administratively, the MACC has also set up a Consultation and Corruption Prevention Panel and Operations Review Panel.
 

Obviously Hadenan Abdul Jalil is the perfect MACC under cover to cover up corruption and fraud inside Protasco Bhd. Looking at Protasco Bhd's serious fraud, MACC's Hadenan seems to be endorsing the operations, curation, and education of professional corruption.

 

Hadenan Abdul Jalil - Most Corrupted Advisor sitting in MACC to "advice", approve, and assist Corruption of Chong Ket Pen?

Protasco Bhd ever since Chong Ket Pen fraudulently obtained his control of company since the year 2012 until today, series of obvious suspected corruption and criminal practices, including fraud, cheating, slandering, abuse of power and money laundering activities led and conducted by Chong Ket Pen, was approved by Hadenan Abdul Jalil acting as the Chairman of Protasco Bhd. Hadenan Abdul Jalil is one of the highest paid Chairman in a "loss making" public listed companies in Bursa Malaysia.

How long can Protasco Bhd's Chong Ket Pen keep the 73 years old Hadenan Abdul Jalil alive to cover up the money stripping activities, especially the in coming RM48.6 million cash purchase for a piece of land owned by Chong Ket Pen himself using Protasco Bhd's money? Maybe MACC has the answer on the "advisors" it appoints to facilitate the most corrupted businesses in this country.

Would Hadenan Abdul Jalil cover up Chong Ket Pen to the extend of putting himself behind bar? Is money paid can forgive the sin that Hadenan Abdul Jalil willing to allow RM48.6 million taken from Protasco Bhd and paid to Chong Ket Pen, where Protasco Bhd's only source of profit is from JKR road maintenance contract. In other words, the 30 million people of Malaysian's money are paid to JKR, Protasco, and eventually landed in Chong Ket Pen's pocket.

How corrupted can MACC (SPRM) be with such classic corruption continue to take place while people of Malaysia talk about "Harapan"? 

Maybe Tun Mahathir can help answer for Hadenan Abdul Jalil.

 

Clean MACC Report

 

Also Read:

 

16 Jan 2019

Hot today! After MACC probe on Azeez's RM842m road contract, is Protasco Bhd Chong’s RM4.2 billion contract next in line? Who is Menuju Asas? (you will drop your jaw)

https://klse.i3investor.com/blogs/Macccleanup/190438.jsp

 

 

 

 

  CrimeHead likes this.
 
CrimeHead If this is true, Hadenan is the symbol of corruption and money laundry. Why is the head of graft sitting in MACC or SPRM as "ADVISOR"? The country is hopeless.
18/03/2019 12:33 PM
johnny cash Madness, pity the retail investors the public
18/03/2019 1:24 PM
protascostaff The money stealing crime is done by Ho CHun Fuat, not Hadenan. Hadenan just approve. Conductor is Ho. Chong Ket Pen just taker, nothing wrong with him "taking". He did not "approve" and "steal". Hadenan and Ho did!

https://klse.i3investor.com/blogs/behindbarprotasco/198343.jsp

Hadenan is 76 years old (add 3 years). 加3岁。
in Chinese believe, add 3 years is the end of the sinner's corruption. He will rot in hell.
Hadenan is also coming 74 (in Chinese means pergi mati). 去死。
18/03/2019 1:44 PM

Protasco Bhd PPAM project suspension by Putrajaya Corp. More trouble ahead? - The Edge report

Author: MaccClean   |  Publish date: Mon, 11 Mar 2019, 10:25 AM


9 March 2019 : Protasco Bhd was reported by The Edge weekly that the construction company received instruction from Putrajaya Corparatiom (PjC) to stop the PPAM project with no date for resumption. 

A source told the weekly that Protasco Bhd has been informed by Putrajaya Corp (PjC) (the project owner of PPAM in Putrajaya) to “temporarily postpone” development.

Protasco Bhd which last quarter (Dec 2018) announced RM44 million losses, claims PPA project has low margin and suffer a loss due to unable to cover overhead cost and interest. The company stated more bank loan was secured to fund the PPAM project. The impact of the bank loan and interest cost during the suspension period is unknown.

According to The Edge, it was reported on Feb 27 that Damansara Realty Bhd announced that PjC had terminated a contract to develop 1,350 residential units and 45 commercial units with a gross development cost of RM467.3 million in Precinct 5 of Putrajaya.

Damansara Realty announced that the termination “was due to the government’s move to unify the development of affordable homes under the Ministry of Housing and Local Government”.

Developers contracted to construct PPAM homes include Ahmad Zaki Resources Bhd, Hap Seng Consolidated Bhd, Iris Corp Bhd, Zecon Bhd, LBS Bina Bhd and Spring Gallery Bhd.

How would the suspension impact Protasco Bhd would be the questions the market requires Bursa Malaysia to find the answers.

 

The Edge news analysis

 

Source: https://www.edgeprop.my/content/1490466/ppam-contract-terminations-impact-more-developers-report

 

PPAM contract terminations to impact more developers: Report

KUALA LUMPUR (March 9): More Malaysia Civil Servants Housing Programme (PPAM) projects are “expected to be either put on hold or shelved”, reported The Edge Malaysia in its latest issue.

A source told the weekly that Protasco Bhd has been informed by Putrajaya Corp (PjC) (the project owner of PPAM in Putrajaya) to “temporarily postpone” development.

It was reported on Feb 27 that Damansara Realty Bhd announced that PjC had terminated a contract to develop 1,350 residential units and 45 commercial units with a gross development cost of RM467.3 million in Precinct 5 of Putrajaya.

Damansara Realty announced that the termination “was due to the government’s move to unify the development of affordable homes under the Ministry of Housing and Local Government”.

Developers contracted to construct PPAM homes include Ahmad Zaki Resources Bhd, Hap Seng Consolidated Bhd, Iris Corp Bhd, Zecon Bhd, LBS Bina Bhd and Spring Gallery Bhd.

“The level of progress of these projects could not be ascertained,” wrote the business publication.

One of the major decisions made by Minister of Housing and Local Government Zuraida Kamaruddin has been the consolidation of the affordable housing schemes at the “federal level”. Part of this endeavour was the creation of National Affordable Housing Council last year.

“It is good that the minister (Zuraida) wants to consolidate all of the affordable housing programmes at the federal level under her ministry to avoid confusion among the public,” Ishmael Ho, CEO of Ho Chin Soon Research Sdn Bhd, told the business weekly.

But Ho explained that “while the agencies on the federal level can be consolidated, each state still has its own agencies for people’s housing programmes”.

“The benefit of streamlining agencies at the federal level might be limited to the federal territories,” he added.

Ho also said that “there had been hardly any success stories among the various affordable housing programmes” under the previous Federal administration and attributed it to the “lack of transparency when it came to information on residential properties”.

“For example, there must be a database on how many affordable housing units have been launched, where exactly they are located, what type of properties have been built, which projects are being planned, being constructed, under construction or completed, and so on,” he added.

Meanwhile, a property developer said the cancellation “of contracts to build PPAM houses should not be prolonged”.

“The government should quickly come up with a replacement programme, if indeed those programmes launched under BN have been scrapped. People want to know what kind of affordable housing programmes they can apply to,” he added.

Labels: PRTASCO
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Protasco Bhd Chong Ket Pen salary jump from FY12 RM600k to FY16 RM4.2mil, up 800%. The JKR contractor public fund looted a form of self-gratification?

Author: MaccClean   |  Publish date: Fri, 18 Jan 2019, 10:29 AM


17 January 2019, Kajang, Selangor, Malaysia - The Malaysia largest road maintenance contract raider, Protasco Bhd (Bursa 5070) had recently being implicated in SPRM (MACC) anti-corruption raid, involving the company Menuju Asas Sdn Bhd and the company director Mohammad Redzuan Mohanan Abdullah, where during the same period fo alleged graft and money laundery by SPRM, Menuju Asas Sdn Bhd was having business with HCM Engineering Sdn Bhd, and entered into lawsuits on business disputes, followed by settlement. (Source: http://disclosure.bursamalaysia.com/FileAccess/viewHtml?e=297084). HCM Engineering Sdn Bhd is the subsidiary of Protasco Bhd, and Chong Ket Pen was the 13.3% shareholder and Executive Director of Protasco Bhd during material time.

Menuju Asas Sdn Bhd and the company director Mohammad Redzuan Mohanan Abdullah, was implicated in the SPRM (MACC) probe in September 2018 and Azeez, a former Tabung Haji chairman, was slapped with three charges of receiving bribes worth RM5.2 million and nine charges of money laundering amounting to RM139.3 million, including Menuju Asas Sdn Bhd.

 
According to New Straits Times 16 Jan 2019 report, Baling member of parliament Datuk Seri Abdul Azeez Abdul Rahim and his brother Datuk Abdul Latif were charged at the Sessions Court here today with graft and money laundering amounting to RM144.5 million, since Dec 2010. He was accused of receiving the kickbacks from Menuju Asas Sdn Bhd director Mohammad Redzuan Mohanan Abdullah, between December 2010 and April last year, as an inducement for the company to obtain RM197.8 million worth of road projects in Kedah and Perak from the government through direct negotiation and selective tender. (source: https://www.nst.com.my/news/crime-courts/2019/01/451150/updated-baling-mp-azeez-claims-trial-graft-money-laundering-charges )
 
For the second and third charge, he was accused of receiving RM4 million in two transactions from the same person as a reward for him assisting the company to obtain road projects worth RM842.2 million through limited tender from the Works Ministry.
 

Market speculate when would Protasco Bhd and the executive director Chong Ket Pen which deals with road project contracts with Menuju Asas Sdn Bhd would expose the money trail and private dealings among the dodgy companies during the period.

Chong Ket Pen suspected dodgy deals could be reflected on his selfish and reckless character as exposed by Protasco Bhd financial reports. Chong Ket Pen was drawing approximately RM50,000 a month salary as a director as recorded in the year 2012 annual report.

Chong later lost his executive power and board control during June 2012 - October 2012 when Ibrahim Noor took over majority shares of Protasco Bhd to 27.11% and appointed himself and 2 other Executive Director into Protasco board, together with few more independent directors.

Upon entry of new controlling shareholder in 26 November 2012, Ibrahim Noor and all the newly appointed directors resigned, leaving Chong Ket Pen as the only executive director of Protasco. Chong Ket Pen further appointed new independent directors and regained his board control during November 2012 - January 2013. November 2012 onward, Chong Ket Pen held Protasco chairman Hadenan Abdul Jalil as the king pin to control majority of Protasco board.

On September 2014, Chong Ket Pen through Protasco manufactured a blame on a failed oil asset acquisition on Protasco controlling shareholders, and took full board control of Protasco board on November 2014 onwards.

Chong Ket Pen has since use his full control of Protasco board, self-increased his salary and fees to RM4.2 million on year 2016, or 800% above his normal salary before we gained full control of Protasco. Protasco however, saw the business turn negative, with lower profit margin suspected transfer pricing, and alarming debt exceed RM600 million, according to Protasco Q3 2018 financial report. More alarming is the sudden increase of Hire Purchase over year 2014-2018, suspected over RM6 million was spent on car purchases, which is a form of self-gratification especially looking at Protasco poor financial performance. The unrealistic salary, dividend and suspected transfer pricing took place inside Protasco saw Chong Ket Pen and sons recycled the money to purchase more Protasco shares.

(source: Year 2012 Chong Ket Pen salary remained the same estimated RM50,000 per month, with the remaining pay went to 3 newly appointed executive directors after the emerge of Ibrahim as controlling shareholder. In Year 2011, Chong Ket Pen and the former joint-co-founder, Hasnur, were taking same salary around RM50,000 per month. http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download/?name=EA_DS_ATTACHMENTS&id=161504

Year 2014-2018, Chong Ket Pen increased his personal pay by RM1mil a year, until the peak of RM4.2mil in year 2016. The overall Protasco Senior Management and Director fees also ballooned from RM2.5mil to RM10mil per year, right after Chong Ket Pen took control of Protasco in the said period. According to Bursa Malaysia public announcement).

Would SPRM (MACC) take action soonest before the looting spree consumed Protasco? Perhaps the probe came sooner than the market anticipated, through the expose of Menuju Asas Sdn Bhd dealings with HCM-Protasco.

 

MACC WATCH

 

Note:

Protasco 2016 annual report Chong Ket Pen salary record: RM4.2 million

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=180087&name=EA_DS_ATTACHMENTS

 

 

 

Protasco 2012 annual report Chong Ket Pen salary record: estimated RM600,000

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4371061

Labels: PRTASCO
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Hot today! After MACC probe on Azeez's RM842m road contract, is Protasco Bhd Chong’s RM4.2 billion contract next in line? Who is Menuju Asas?

Author: MaccClean   |  Publish date: Wed, 16 Jan 2019, 8:54 PM


 

16 January 2019, KUALA LUMPUR: Former Tabung Haji (TH) chairman Azeez Abdul Rahim claimed trial at the Sessions Court here today to 12 charges of corruption and money laundering in government projects.

 

Datuk Seri Abdul Azeez Abdul Rahim and the contractor named in the MACC probe are involved in the illegal obtained of road projects, which gave another road project raider Protasco Bhd (bursa 5070) a headwind of what is coming to one of the largest public money laundry shops. The long-anticipated probe into Protasco Bhd, which is suspected involved in corruption and ill-gotten government contracts especially before the last General Election, might just be around the corner.

 

Azeez was slapped with three charges of accepting bribes worth RM5.2 million under Section 16 of the Malaysian Anti-Corruption Commission (MACC) Act, and nine for money laundering amounting to RM139.34 million under Section 4 (1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.

 

He was accused of receiving RM5.2 million from Mohammad Redzuan Mohanan Abdullah, the director of Syarikat Menuju Asas Sdn Bhd, in the Klang Valley between December 2010 and April last year.

 

The money allegedly paid to Azeez was said to be an inducement to allow Menuju Asas to obtain RM842.3 million worth of road upgrade projects in Kedah and Perak through direct negotiations.

 

On the other hand, Protasco Bhd was awarded an RM4.2 billion road maintenance contract on April 2018, a month before May 2018 General Election. Dato Seri Chong Ket Pen is the Executive Director cum major shareholder of Protasco Bhd which regained his full power and board control in November 2014 after he gained half control of the company on November 2012, which is 4 months after he lost both his power and board control between June 2012 - October 2012, according to Bursa Malaysia public announcement.

 

Was there any business or co-relationship between Menuju Asas Sdn Bhd, Mohammad Redzuan Mohanan Abdullah, Protasco Bhd, and of cause Chong Ket Pen in these dodgy dealings? Perhaps MACC could provide the answer very soon.

 

MACC Watch

 

Is Protasco Bhd's Chong Ket Pen involved in HCM-Menuju Asa Sdn Bhd dealings?

 

 

source: 

 

Ex-Tabung Haji chief claims trial to corruption, money laundering

https://www.freemalaysiatoday.com/category/nation/2019/01/16/ex-tabung-haji-chief-claims-trial-to-corruption-money-laundering/

 

 

Umno’s Abdul Azeez claims trial to graft charges

https://www.tnp.sg/news/world/umnos-abdul-azeez-claims-trial-graft-charges

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After Ancom Bhd’s Siew, Protasco Bhd Chong's RM4.2 billion JKR contract awarded pre-election MACC next probe? Insider Watch.

Author: MaccClean   |  Publish date: Thu, 10 Jan 2019, 5:57 PM


 

10 January 2019, Kajang, Selangor, Malaysia - Protasco Bhd saw the SUKE contract terminated and the market is expecting more revision in the government contract manipulators given by the former government.

The MACC probe into high profile contract awards, especially those compromised and dubiously awarded pre-Malaysia General Election, are under review and awaits action from relevant authorities.

According to The Edge newspaper, Ancom Bhd executive chairman and former Tourism Malaysia chairman Datuk Dr. Siew Ka Wei was remanded for four days over an RM100 million tourism contract awarded before Malaysia's 14th general election. The Edge quoted that The Malaysian Insight reported today.

Market perceive this pre-election probe is just a small starter plate compared to Protasco Bhd’s RM4.2 billion JKR contract awarded to Dato Seri Chong Ket Pen’s high profile pre-election political campaign in May 2018 after it got awarded such contract in April 2018. Market consensus is anticipating when is the high profile public service contract be probed. Protasco Bhd quarterly cash flow saw RM66 million shortfalls right before the said contract was awarded.

MACC Watch

 

reference:

http://www.theedgemarkets.com/article/ancom-chairman-siew-ka-wei-remanded-over-rm100m-tourism-contract

Labels: ANCOM, PRTASCO
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