Refers: http://www.theedgemarkets.com/my/article/another-daim-associate-emerges-reliance-pacific?type=Corporate

Protasco controvertial MD Chong Ket Pen, which lost power in June 2012 and regained power in December 2012, was recently further confirmed by business journal The Edge Daily, where the defactor Executive Director representing substantial shareholder Tun Daim namely See Ah Sing, was short-lived when new substantial shareholders purchased Tun Daim shares and re-appoint Chong into his current position.

Market was puzzled when two young entrepreneurs, namely Tey Por Yee and Ooi Kwok Aun were ambushed and put a blame by the MD Chong Ket Pen whom they re-appointed to the board, the same MD whom Tun Daim fired. A classic bites the hand who feeds story. Perhaps the credibility and integrity of the MD could be the reason why he was replaced with See Ah Sing. Manipulated media reports seems to cover up the facts, until The Edge Daily (on 10 June 2016) pointed out clearly what happened between June 2012 until December 2012. Chong was indeed an employee of Tun and later working for Tey and Ooi, and he is not an overnight entreprenuer he splash loads of money and cook up story to paint himself. Perhaps he has no gutt to setup and blame Tun Daim, and the later are easy targets.

Chong controvertial posession of Protasco does not ends with just the rumored setup and put a blame, but the syndication of series of massive corporate blackmail and flying letters trying to induce authorties to character assasinate his bosses, at the cost of sacrifying public investors interest invested in his bosses investment companies, has created more damages than value in the capital market ever since Chong took control of Protasco and loot it as if his own play ground. The massive cost and funding to organise massive blackmail has raised eye brows since market perceive Protasco resources were abused to maximum extend for one man greed. The manufactured turbulance has took authorities for a ride chasing flies and Chong hopes they miss the elephant in the room. It appears that the elephant is still in the room as per The Edge article.

With Tun Daim associate emerges recently in another Plc (Reliance) as per The Edge Daily, would such truth be spoken and surfaced who was Chong and how he possessed control of Protasco? Instead of loosing everything he may have stolen, perhaps Chong may cries back to Tun and sell back who knows which nominee? Of cause at a third of the price where market perceived as the big boss usual modus operandi. Still worth something for Chong if the company was a stealth, it never belongs to him in the first place. The sneak peak of The Edge Daily is just first chapter of the story. Market is watching closely when the truth prevail and how an organised criminal organisation glitched on Protasco would ends, and as if the damages funded and instigated by Chong with the conspiracy of Hadenan as chairman being used by Chong to hold the lies could cover up the elephant in the room. Time will tell how Chong moved the elephant, or could he?

FN Daily

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This article first appeared in The Edge Financial Daily, on June 10, 2016.

 

KUALA LUMPUR: See Ah Sing, a person linked to Tun Daim Zainuddin, has surfaced as a substantial shareholder in Reliance Pacific Bhd. According to a Bursa Malaysia filing, he bought 35.15 million shares in the loss-making travel services provider and hotel operator on Monday.

With that purchase, See as at June 7 owned 79.98 million or 9.32% of Reliance Pacific by virtue of his interest in Mazmur Capital Sdn Bhd.  See is an executive director at Reliance Pacific.

See was appointed an executive director of Protasco Bhd in June, 2012, but the tenure was short-lived. He resigned less than five months later, while another person linked to Daim, Datuk Mohd Ibrahim Mohd Nor, stepped down shortly thereafter.

The company’s single-largest shareholder Reliance Holdings Sdn Bhd (RHSB), the investment vehicle of founder Datuk Gan Eng Kwong and chief executive officer Datin Irene Tan, is paring its shareholding in the listed entity.

According to filings to Bursa Malaysia, RHSB has sold some 213.5 million shares since May, trimming its equity stake to 16.17% from 45.12% previously. It disposed of 160.3 million shares on May 13, and later sold some 53.24 million shares early this month. All shares were sold at 22.5 sen, which is at a large discount over the market price, which has been hovering between 40 sen and 36 sen.

Bloomberg data also showed that there was another 8.1 million Reliance Pacific shares that crossed hands off-market yesterday at noon, also priced at 22.5 sen apiece.

It is worth noting that last month Daim’s wife Toh Puan Mahani Idris and son Datuk Md Wira Dani Abdul Daim — through Daza Holdings Sdn Bhd — also bought 160.31 million shares in the company, bumping up their stake to 30.96%. A foundation named after Daim’s late mother, Yayasan Pok Rafeah Berdaftar, held 41.65 million Reliance Pacific shares, equivalent to a 4.85% stake, as at Aug 6, 2015, as seen in the company’s annual report for the financial year March 31, 2015.

Its stock yesterday closed unchanged at 36 sen, with a trading volume of 90,000. Reliance Pacific is valued at RM309.08 million.