Highlights

MACC Clean Up Corporate Rats

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

 

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

Author:   |    Publish date:


 

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

 

 

 

 

Share this

  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


APPS
I3 Messenger
Individual or Group chat with anyone on I3investor
MQ Trader
View Trading Signals and run Live Backtest
MQ Affiliate
Earn rewards with MQ Affiliate Program
 
 

2463 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 SCOMNET 2.020.00 
 KOTRA 3.150.00 
 UCREST 0.1550.00 
 GENM-C73 0.0050.00 
 PUC 0.1750.00 
 WILLOW 0.4250.00 
 EAH-WE 0.020.00 
 IRIS 0.3550.00 
 TOPGLOV-C79 0.2250.00 
 BTECH 0.510.00 

FEATURED POSTS

1. The Equity Market Index Benchmark in Malaysia CMS
2. Trading Scenarios of Derivatives Bursa Derivatives Education Series
3. Derivatives 101 Bursa Derivatives Education Series
4. Why Trade FKLI? Bursa Derivatives Education Series
5. MQ Trader - Introduction to MQ Trader Affiliate Program MQ Trader Announcement!

TOP ARTICLES

1. Jaks Resources - Jaks Hai Duong Power Plant Achieved Commercial Operation Date (COD) !!! DK
2. Should we buy Top Glove since it has been plunging due its 28 factories shut down? Koon Yew Yin Koon Yew Yin's Blog
3. Kelington Group Berhad ("KGB") - Above Expectations (TP: RM2.30; +35% upside) by Kenanga Research Investment Ideas - Value and Growth
4. TOP GLOVE LOCKDOWN AND SUPERMAX SHARE PRICE The way I see it
5. 【Growth成长股】AWC Berhad (7579) – Benefit from Strong Order Book Amounted Close to RM1Bil Sanitize and Disinfection Healthcare Stocks
6. Top Glove’s 28 factories shut down should benefit other glove makers - Koon Yew Yin Koon Yew Yin's Blog
7. VIVOCOM: End of Day Report (26 Nov 2020) See Jovin
8. Tan Sri Dr Lim: Top Glove estimates dividend yield to be more than 6% in FY21 gloveharicut
PARTNERS & BROKERS