Protasco Bhd and Chong Ket Pen : Graft and Corporate Con in Business School
Protasco Bhd and Chong Ket Pen fraud in Business School Crime Study. 1MDB in History Text Book. What We learn from the scandals?
3 December 2018 - Protasco Bhd scandal where a former civil servant Dato Seri Chong Ket Pen had tried to beautiful-lies his bliss history had cost Protasco Bhd shareholders suffered extensive financial losses all for one man greed.
The scandal escalated further on Chong Ket Pen’s lies when he quoting himself as the largest shareholder of Protasco Bhd upon new investors acquired the controlling block of shares from Protasco Bhd former controlling shareholder. Actually, Bursa Malaysia had recorded the evidence where 2 new investors Dato Tey Por Yee and Dato Ooi Kock Aun were, in fact, the true owners of Protasco Bhd largest shareholding block upon their entry. How could Chong Ket Pen got away from his crime and lies and cover up the truth?
The truth which covers up by Chong Ket Pen’s criminal allies and nominees count Hadenan Abdul Jalil, Rashid Nor Salleh, Ho Chun Fuat, Tan Heng Kui, and Tan Yee Boon among the cheerleaders. The Bursa Malaysia and Securities Commission had it all in the record, there is no way Chong Ket Pen’s chocolate factory Mr. Leonel Lai from Millennium Public Relation firm can cover up such truth.
False statements and ill-gotten data twisted and derived from illegal police sources were manufactured to cause a criminal charge on the true owners of Protasco Bhd. However, when truth reveals, with the disposal of these false charges, cases were discharged and closed, and probe turns to Ho Chun Fuat, Hadenan Abdul Jalil, and of cause Chong Ket Pen on the fabrication of all these criminal activities.
Not had enough of the crime, Chong Ket Pen once again uses Hadenan Abdul Jalil and Rashid Nor Salleh to manufacture false excuses to use The Edge Newspaper (Chong Ket Pen’s usual paid scandal factory) to sling some letter to AG defaming the chamber and of cause Chong Ket Pen most afraid truth and self-made enemy, Dato Tey Por Yee and Dato Ooi Kock Aun, in hope to deceive the authority to extend his crime in a fabricated blame. Such an attempt had backfired and drawn police and other authorities probe into Chong Ket Pen’s criminal activities instead.
Facts:
The heist of Protasco Bhd during year November 2014 until today (3 December 2018) by these criminals were proven when Chong Ket Pen immediately abuses his power and got himself RM4.2million salary a year, followed by RM10million director and senior management mouth covering bribes a year. Due to extensive looting, Protasco Bhd suffered dehydration, cash stress, debt-ridden, followed by huge business losses.
In a short period of time under Chong Ket Pen control, Protasco Bhd paid over RM40 million cash salaries for the few senior jokers, and another RM150 million so-called dividend paid using bank borrowing under forged accounting practices. Majority of this cash, estimated RM80million were siphoned and paid to one person, Dato Seri Chong Ket Pen himself. Look no further other than evidence in Protasco Bhd annual report, which is why EPF was so angry because was cheated by Chong Ket Pen and invested in Protasco Bhd shares only to know that its a scam plan only to enrich Chong Ket Pen at everyone else cost - including EPF.
That have not counted the graft money paid through Protasco Bhd contractors to former government cronies, including the missing RM66 million cash from Protasco Bhd’s book a month before Election in May 2018 which Protasco Bhd happens to secured RM4.2 billion JKR contract; as well as Chong Ket Pen’s personal possession in the suspected muddy money laundering scheme. Protasco Bhd is today sitting on 3 quarter of net losses, RM600 million debt, and RM4 million cash left, a far cry from RM300 million cash before Chong Ket Pen heist.
The fraud that Chong Ket Pen committed originated from his deceive and inducement of 3 November 2012 personal guarantee agreement where Chong Ket Pen pledged his dignity to buy himself “The Control of Protasco Bhd” by cheating Global Capital to find investors to take over Protasco Bhd. After Chong Ket Pen got what he wanted, which is the control of Protasco, he manufactured a series of blames and push away the real Protasco Bhd owners and claim his throne. Chong Ket Pen’s scandal paid off.
That fraud which defrauds the stakeholders finally caught up with an RM368 million lawsuit upon Chong Ket Pen. On 28 October 2018, Chong Ket Pen’s consultant firm Global Capital Ltd took Chong Ket Pen out of the smoke screen.
The victim PT Anglo Slavic Utama which was cheated and defrauded by Chong Ket Pen in the claim amount of RM138 million had further reported police in Indonesia and Malaysia, placing Chong Ket Pen and his cronies in the rank of Jho Low of 1MDB scandal.
When the sky falls, the “Chong Ket Pen and his Protasco Bhd Heist” would soon be included into business school textbook on corporate ethics and governance case study, as well as a commercial crime case study on how to spot the real criminal in the smoke screen. Perhaps the authorities weapons in MACC, Bursa, SC, and other agencies would soon strike when the probe rang the bell before Christmas.
Maybe Chong Ket Pen’s case would be listed in law school before 1MDB ever printed in the school history textbook. According to lawmakers, the fraud of Chong Ket Pen committed using Protasco Bhd in disguise is already in their case achieve and teaching the material.
1MDB or Protasco Bhd first to mint the first scandal on textbook symbolize the shame of corruption and kleptocracy during Ex PM Najib’s era, what do you think?
Moral of the Case:
There are three things in the world that deserve no mercy; hypocrisy, fraud, and tyranny. Things gained through unjust fraud are never secure. The first and worst of all frauds is to cheat oneself.
The Chong Ket Pen's case is classic. Like the old scholars' quote "There's understandable pressure to get money out quickly. But there inevitably will be waste and fraud. - Clark Kent Ervin". "Morality is the basis of things and truth is the substance of all morality. Mahatma Gandhi".
[[ Corporate Scandal Report ]]
Facts and References on public information:
Global Capital Ltd claim against Chong Ket Pen RM368 million breach of contract. Protasco Bhd MD sued - Fact Sheet
https://klse.i3investor.com/blogs/chongketpenjudgement/183699.jsp
Indonesian firm (PT Anglo Slavic Utama) claims it was cheated of RM138mil by 'Datuk Seri' for petroleum project [The Star 29 Nov 2018]
https://klse.i3investor.com/blogs/indonesiaoilbiz/184504.jsp
How to rescue Protasco Bhd RM1.857 billion liabilities, the mini 1MDB under MO1 Chong Ket Pen? This is how PH will probe - PHWatch
https://klse.i3investor.com/blogs/Rescueprotasco/167031.jsp
Protasco Bhd's Future Billion Dollar Whale: The Man who Fooled Bursa, SC, PDRM and the world. 3.5 mil shares a hand, who is this champ?
https://klse.i3investor.com/blogs/fraudcashisking/174840.jsp
Protasco Bhd's ED Chong salary up 400% to RM4m/FY16 vs RM1m/FY13, cash plunged RM280m to RM6m. How?
https://klse.i3investor.com/blogs/truebackground/131967.jsp
Chong Ket Pen “bites the hand who feeds”. Any hope for Protasco Bhd? Why EPF is selling? (Translation) 张吉平“过桥拆板”证据。EPF急售原因？（英文翻译版）
Part 1: Protasco’s RM66mil Missing Cash & BN’s Najib bin Razak RM110mil Cash raid bizarre deal exposed? Bigger cover up to reveal? – Insider Leak
Inspired by Maszlee Malik, Education Minister: 1MDB to be included in new history syllabus.
KUALA LUMPUR: The 1Malaysia Development Berhad (1MDB) scandal and kleptocracy will be included as part of the History syllabus, said Education Minister Dr Maszlee Malik.
"I will make sure that 1MDB and how some leaders robbed the nation will be included in the history books so that future generations will not make the same mistake," said Dr Maszlee.
He said this when answering a supplementary question by Datuk Seri Ahmad Maslan (BN - Pontian) in Parliament today (Dec 3).
Ahmad had asked if local history is taught in private schools such as the 60 Chinese independent schools.
Ahmad also wanted to know how many years must pass before an event is deemed part of history.
Earlier, Dr Maszlee informed lawmakers that the Education Ministry is setting up a committee to review and improve history text books and methods of teaching the subject.
He said that secondary students are currently being taught a history curriculum which was introduced in 2017.
Discussions
Be the first to like this. Showing 2 of 2 comments
Why EPF did not sue CKP yet? Cheated by CKP and just let CKP ran away? After the big croc captured, CKP should be anytime now.
2018-12-04 18:22
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Daim4u
CKP is going to go in like any other corrupted. There's a natural law of karma that vindictive people, who go out of their way to hurt others, will end up broke and alone.
2018-12-04 16:21