Corporate Governance Of Things

Author: tanhakka   |   Latest post: Sat, 8 Feb 2020, 9:04 AM


Protasco Bhd's dubious RM48.6m Land-JV cash paid to Chong Ket Pen, caused 2 dead, 2 fled of board? Chong trialed for RM368m cheating crumbled board.

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Chong Ket Pen, Protasco Bhd controversial stolen ownership

23 January 2020 - The controversial Executive Director of Protasco Bhd was trialed on 20 January 2020 for alleged RM368 million claims on Chong Ket Pen (himself) for suspected cheating. 

Source https://crimechonghunt.wordpress.com


Chong Ket Pen Cheating & Fraud Exposed Further?


According to  Bursa Malaysia and publicly available facts, Bursa Malaysia Public listed Protasco Bhd's Chong Ket Pen (Chong), the defendant named in Global Capital Ltd (GCL) RM368 million civil suit against the executive director (Chong Ket Pen himself) for alleged abuse of power, breach of contract and missed of profit guarantees, attended Kuala Lumpur High Court on 20 January 2020.
The suit number “KLHC Suit No. WA-22NCC-465-10/2018 [Global Capital Ltd v Dato' Sri Chong Ket Pen]” revolves round the approach and invitation of Chong for the entry of GCL into buying Protasco shares in 2012 after Chong signed an agreement on 3 November 2012 promised to cause Protasco to commit on a planned oil and gas foray and a profit guarantee for the next four years. 
Subsequently, in December 2012, Protasco announced that it was buying a 76% in PT ASI for USD55 million (RM168 million : 2012 Dec forex). However, on January 2014, the deal was further replaced with second agreement to buy 63% stake in PT Anglo Slavic Indonesia (PT ASI) for US$22 million (RM73 million : 2014 Jan forex). The deal was subsequently being terminated in year 2014.

Details of Chong Ket Pen's initiation, execution, and subsequently fully taken control of Protasco Bhd by pushing away stakeholders who regained his power in Protasco Bhd through conspiracy and blame at Protasco Bhd's cost could refer to suit above. Report: https://klse.i3investor.com/blogs/protascofraudsued/2020-01-22-story-h1482897821-Defendant_Protasco_Bhd_s_Chong_Ket_Pen_sued_for_RM368_million_oil_deal_.jsp



Suspected Self-gratification Probe on Chong Ket Pen Continues


To recap, the full report of Protasco Bhd (Bursa 5070) RM48.6 million cash payout to Dato Sri' Chong Ket Pen, through his company Penmaland Sdn Bhd, where Chong Ket Pen held 85%, his wife Hoo Chit Neo held 15%, and 3 of his sons Chong Ther Nen, Chong Ther Vern and Chong Ther Shern held the directorship in Penmaland Sdn Bhd. was exposed earlier around 1 March 2019. Report: https://klse.i3investor.com/blogs/governancewatch/2019-03-02-story-h1457125696-Protasco_Bhd_s_RM48_6m_Land_JV_cash_to_Director_Chong_Ket_Pen_2_days_af.jsp


Here are the highlights of the RM48.6 million cash-stripping Land JV proposed announced earlier for Protasco Bhd to pay Dato Sri' Chong Ket Pen despite the firm recorded a huge -RM44 million loss and alarming poor balance sheet of RM633 million debt as of 31 December 2018 4th quarter report.


Is ill-gotten power, money, and shares to self-approve Related Party Transaction (RPT) being legalised? 

On behalf and for the benefit of accounting-knowledge incompetent minority shareholders of Protasco Bhd, let's finish stripping the report below before Protasco being stripped yet another RM48.6 million by the same person - Dato Sri' Chong Ket Pen.


Protasco RM48.6 million cash-buy land JV announcement:


Protasco -RM44 million Q42018 loss announcement:


The announcement of RM48.6 million cash-buy land-JV paying to Dato Sri' Chong Ket Pen news just 2 days after Protasco Bhd announced -RM44 million 4th Quarter loss, the worst operating loss in Protasco's history also led by Dato Sri' Chong Ket Pen.


Protasco Bhd's missing RM350 million, RM622 million (Dec 2018) debt, dubious salaries and dividends (paid to Chong Ket Pen), etc, during Chong Ket Pen's (stolen) control under probe?

Prime Suspects of Protasco Bhd's Cheating, Fraud & Self-Gratification guilt haunts continue. On Protasco board & management, 2 died, 2 fled, who is next?

"Chong Ket Pen was cheating, we are covering up, and now, my guilt haunts me...", according to Protasco Bhd's senior management refused to provide further information on Ho Chun Fuat's confession (before demissed). According to sources from within Protasco Bhd, the culprits sitting on Protasco Bhd's board and top management covering up Chong Ket Pen's suspected fraud are consumed by their own guilt.

The main suspect of suspected fraud and money laundering cover up for Chong Ket Pen, Protasco Bhd's CFO Ho Chun Fuat, died in May 2019. Followed by Hadenan Abdukl Jalil, also in 2019.

Report: https://klse.i3investor.com/blogs/behindbarprotasco/2019-03-18-story-h1457188066.jsp

Who is next in the line sitting on Protasco Bhd's board covering up for Chong Ket Pen's suspected wrong doing?


= Guilt Call =



Hadenan Abdul Jalil (middle, demissed). Dubious deal suspects. From the left in circle, Tan Heng Kui, Tan Yee Boon, and Chong Ket Pen.

In the know: Lim Yew Ting, Mohd Hanif.


In the circle: Chong Ket Pen, Mohd Ibrahim Mohd Nor. 




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