26 July 2018, Kajang, Malaysia - Road maintenance oligopoly Protasco Bhd saw the involvement in dozens of business diversification since the year 2012, including property development, construction, oil & gas, renewable energy, trading, and a basket of other investments. Unfortunately, under the controversial substantial shareholder Dato Seri Ir. Chong Ket Pen's leadership, the "civil servant turns Protasco Bhd so-called owner, aka MO1 of Protasco Bhd" had caused almost all his new adventures to suffer losses or out of business under his reckless and oppressing command, diluting the profit margin and cash flows derived from Protasco Bhd's ONE AND ONLY passive income - the road maintenance concessions.

MO1 or Managing Officer One, which represent the failure of corporate governance on the concentration of power and decision making inside Protasco Bhd, is no doubt given Chong Ket Pen opportunity to abuse and rob at his will after he cheated and lied to his new Boss (Ooi & Tey) to knock out his old Boss (Tun) to get to where he is today. The first time after his 20 years career as a staff and civil servant, the beast was unchained on 3 November 2012 and escaped on November 2014.

In a nutshell, despite attempt to proof that "he can do business" on his own, riding on Protasco Bhd's road concession "legacies" inherited from Protasco Bhd's "old boss" as the cash cow to fund his adventures, Chong Ket Pen FAILS ALL his self-proclaimed business ventures in his entire career in Protasco Bhd, which added up to the 1.857 billion Ringgit Malaysia sunk cost because of his recklessness. Chong Ket Pen further vandalizes Protasco Bhd money and resources covers up his mistakes and wrongdoings in his dozens of failed projects, yet he splash so much money, he though he could covers the truth through slandering and blaming others. His signature modus operandi is putting blames on others or set up a scam to make his alibies scapegoats. Chong Ket Pen would BLAME EVERYONE except himself for all his own failures. 

Who else would be Chong Ket Pen's fall guys, or scapegoat for all his wrongdoings? Let's wrap up the suspects based on facts and figures derived from Bursa Malaysia announcements and Protasco Bhd's annual reports.

Fall Guys and Scapegoats for Chong Ket Pen willing to take the Poison Pill when the sky falls?

In the Indonesia oil & gas project, his staff was made the scapegoat to mislead and bribe the Indonesia vendor's staff to file (manufacture) fake Statutory Declaration. Despite the fraud was lead by his son Kenny Chong Ther Nen, the fall guys are his staffs which carried out the fabrication process. When the time comes, they are the fall guys while Chong Ket Pen claims "innocent" for not knowing there are fraud and forgery in how the (fake) evidence was obtained.

The other fall guy is Ho Chun Fuat, the traitor and Corporate Finance officer which sold his soul to Chong Ket Pen by using the fabricated (fake) evidence to file polis report, and further fabricated charges under a scam arrangement with famous DPP Nurshuhaida Zainal Azahar which fooled the PDRM IO to twist evidence to fit (Chong Ket Pen's pizza order) to manufacture a charge without completing the investigation. Ho Chun Fuat shown his loyalty to Chong Ket Pen with cover up of the fraud, as well as graft, bribery and self-gratification scheme siphoning money from Protasco Bhd into Chong Ket Pen's pocket, including unrealistic salaries, fees and illegal dividends.

The best part of the entire Protasco Bhd fraud is the filling of false lawsuit which was signed by Protasco Bhd chairman Tan Sri Hadenan Abdul Jalil, where polis IP was "copied and pasted" into the affidavit, causing Hadenan being haunted with few hundred criminal charges (on himself) which could take place anytime, especially when certain officers holding back the files are replaced under PH government. Once again, Hadenan the scapegoat is the standby fall guy on Chong Ket Pen's behalf.

In the PPA1M fiasco which becomes a Public Relation tool for Chong Ket Pen to get closer to PDRM through polis Kod Mantap (retiree cooporation), former polis officer cum public relation Salleh Rashid is hired under Protasco Bhd payroll to do the runner job. Hadenan Abdul Jalil was sent for PPA1M-PROTASCO-PDRM-NAJIB political campaign on 5 May 2018 pre-election publicity stage show, as if Tun Daim (as portrait by Chong using Hadenan) is buddy & in support of Najib Razak's Barisan Nasional.

The RM4.2 billion JKR contract awarded to Protasco Bhd on 4 April 2018 which could be one of the highest profile corruption arrangement after 1MDB, The East Coast Rail Link (ECRL), high-speed rail (HSR) and 2 oil & gas piping contracts, was carried out by DATO' SRI SU-AZIAN @ MUZAFFAR SYAH BIN ABD RAHMAN, the Executive Director of Protasco Bhd. The relationship and fraudulent money trails trace back to former Work Minister Shaziman Abu Mansor, as well as Chong Ket Pen's effort to glue his face with former PM Dato Seri Najib Razak. Even Dato' Seri Hishammuddin bin Hussein name was involved in the process to bulldoze such contracts, and the meal doesn't come cheap. When the sky falls, Dato Seri Muzaffar becomes the standby fall guy to take all the blame, while Chong Ket Pen will once again claim innocence or ignorance.

There are other investors claim victims for being fooled by Chong Ket Pen during year 2012-2018. Over Chong Ket Pen's entire career as a fraud, his modus operandi through putting blame on others and cheat to own Protasco Bhd shares and board control, and deceive, induce & lying to investors is one of his best achievement. Tabung Haji was one of the early casualty. Chong Ket Pen screws them with one of his early sign of "self-gratification" by bulldozing some unrealistic stock options to himself back in the year 2013. Tabung Haji was pissed and sold their stakes in Protasco Bhd. Dato' Lim Chai Being from CB Industrial Product holding Bhd is another tycoon being fooled by Chong Ket Pen. In the year 2014-2015, the tycoon accidentally read the misleading financial reports fabricated by Chong Ket Pen and invested heavily into Protasco Bhd's shares. CBLim was further fooled by the OSCAR winner Chong Ket Pen and voted in Chong Ket Pen's favor, only to know that Chong Ket Pen is cutting Protasco own flesh to pay dividend, with the sole intention to take money out of Protasco into Chong's own pocket. CBLim had sine pretend to be "smart investor" holding part of his investment (for face purposes) only to curse Chong Ket Pen to causing more than 70% loss in his bet in Protasco. EPF is yet another victim fooled by Chong Ket Pen which saw their entry at high price reading Chong Ket Pen's misleading investor briefings, and upon discovery of serious fraud and financial engineering going on insider Protasco, especially the unrealistic "salaries and benefits" concentrated and paid to Chong Ket Pen himself, is selling Protasco shares at devastating discount. The investors found out that the so called dividend is just a zero sum fool's game to enrich Chong Ket Pen alone. The share price drop faster than the dividend yield due to empty financial engineering fabricating false signals to fool the market, meaning everyone got con by the master con man - Chong Ket Pen. When the institution failed investment was reviewed and audited, of cause Chong Ket Pen is not there to answer for the fools own mistakes.

How Chong Ket Pen a Total Loser cost Protasco Bhd RM1.857 billion and counting.

Such dubious criminal-type of reckless character and behavior could be traced back to pre-year 2012 where Chong Ket Pen invested in Lybia, Syria, South Africa, China Hainan, Cambodia, as well as further evidence in post-year 2012 with his signature damages done in Indonesia, and latest Sri Lanka. A total failure and disastrous.

In order to white-wash his potential wrongdoing and trails of criminal activities which derived in his ill-gotten Protasco Bhd "power and ownership", Chong Ket Pen's toys count PPA1M, the Public Servant Affordable Housing Project being most disastrous, followed by De Centrum property development which Chong placed his son Kenny Chong Ther Nen to take salary, as well as sophisticated money-laundering arrangement in JKR contracts through subsidiaries such as Roadcare, Ikram, and HCM. His other publicity toys including Chong Ket Pen's HOPO Cultural Show (HOPO Cultural Museum) is regarded by people knowing the matter as “disgusting and shameful” among Hakka people where ill-gotten money was glued to the wall of the "museum of shame". Chong Ket Pen's hired Public Relation cum assassin to count Millennium's Lionel Lau as the main culprit, further fabricated blogs and websites trying to bury Chong Ket Pen's suspected criminal history. According to Millennium website, "Protasco is a current client and Millennium assists in all media briefings, press conferences, media invitations, one-on-one interviews with key personnel... ". Some "Pusing (musing) of Chong Ket Pen" blog, Protasco Active slogan, iamProtasco show, half a dozen of Facebook accounts to spam Google, disgusting twitter and other social media gimmick, all of which money charged to Protasco Bhd's bill on behalf of Chong Ket Pen.

In other words, Chong Ket Pen's reckless investment adventures are at the expense of Protasco Bhd stakeholders' cost, which resulted in over RM300 million (US$75 million) missing cash, 65% Protasco share price drop which written off RM430million (US$108 million) market capital, ballooning corporate debt exceed RM487 million (US$122 million), countless hidden cost and risk build on muddy lies and conspiracies originated from him including the RM220 million (US$55 million) fraud where he forged fake lawsuits to bury his own mistakes, RM420 million (US$105 million) (or 10% of RM4.2 billion contract value) money laundering scheme, all build up during his 4 years of tyranny leadership from the year 2014 - 2018.

The mini 1MDB of Protasco Bhd's own MO1 is building up Protasco's liabilities every day, which is a time bomb already carrying a price tag in exceed of RM1.857 billion (US$464 million), and counting. How long would the "Pakatan Harapan" in Protasco Bhd woke up and behead the obvious CRIMINAL SUSPECT to save Protasco Bhd from self-destruction? The people of Malaysia don't need Protasco to double up JKR contracts budget to enrich Chong Ket Pen and his cronies, while the country suffers. The ill-gotten wealth should be nationalised as part of PH's manifesto, now, before too late.

Protasco's mini 1MDB probe: Chong Ket Pen's self-gratification of RM146 million out of RM300 million Protasco's missing cash exposed, is just part of Protasco's RM1.857 billion value lost disasters discovered. "Reformasi" within Protasco Bhd and JKR in the making?

During the year 2012-2018, out of RM300 million missing cash, RM193 million was paid for the so-called dividend, RM40 million paid for the board and top executives as "remuneration", and RM50 million went for the questionable cost in "covering up lies and conspiracies" directly and indirectly on Chong Ket Pen's behalf. A huge chunk of the money went out during September 2014 - June 2018, which is after Chong Ket Pen successfully stolen Protasco Bhd's board control from the new Bosses.

More precisely, about RM146 million directly and indirect spent on Chong Ket Pen alone during the year 2012-2018, (where RM54 million of dividend & RM12 million "salaries & fees" paid directly to Chong Ket Pen's pocket, and RM80 million paid on Chong Ket Pen's behalf in shutting up Protasco Bhd's board and top management mouths (in fees and benefits), funding "cover-ups and machinery" to bury Chong Ket Pen's suspected illegal "Protasco bhd ownership", and most importantly Chong Ket Pen's criminal evidence and trails. The cost paid including stage shows in hiring actors such as lawyers & certain brokers misleading officers in the authorities involving PDRM & DPP in fabricating a fraudulent act, PPA1M-PROTASCO-PDRM-NAJIB housing scam, Bursa Malaysia & Securities Commission conspiracies, and other authorities & media mud sling propaganda to divert away attention from Chong Ket Pen's heist within Protasco Bhd.

The damages accelerated when Chong Ket Pen's self-gratification scheme was discovered by Bursa Malaysia, which is the main reason Chong trying to hide his suspected criminal trails which brought down Protasco Bhd together with him to suffer a March 2018 quarterly loss. The same people that Chong Ket Pen sent "flying letters and allegations" trying to divert attention away from his true intention, came back to haunt him when evidence shows otherwise, especially Chong Ket Pen's ruthless personal salaries hike and bizarre money laundering schemes spooked the authorities. Bursa Malaysia and Securities Commission, as well as other authorities' probe, are pressing Chong Ket Pen and Protasco Bhd's top executives for collusion in covering up for Chong in series of potential criminal activities, including the validity of their ill-gotten money and benefits out of fraud.

The probes are so depressing, that the recent acid attack incident in Raja Chulan linked to victim’s work in Bursa Malaysia, was identified by the press as Eddie Yeo Kia Lok of Bursa Surveillance, which happens to be one of the key person following the Chong Ket Pen case, raised eyebrows among the relevant authorities. ( source: https://www.malaymail.com/s/1651145/raja-chulan-acid-attack-incident-linked-to-victims-work-in-bursa-malaysia )

The last nail to put Protasco Bhd in the coffin and ready to go 6 feet under alongside Chong Ket Pen could be the corruption and scandal orchestrated by Chong Ket Pen by misleading his board of directors and the authorities, where RM66 million went missing, which tied to the award of RM4.2 billion JKR road maintenance contract on 4 April 2018, a month before Malaysia 14th General Election. The highlight of the drama ends when 5 May 2018, PPA1M-PROTASCO-PDRM-NAJIB stage show was reported in major pro-Barisan Nasional media singing the song of success in Najib's PPA1M election campaign but ended badly. Pakatan Harapan (PH) won the election, defeating the Najib-lead Barisan Nasional.

Besides the huge chunk of money which went missing before the RM4.2 billion JKR contract was awarded, the balance of the missing funds was designed to go unnoticed or siphoned under road maintenance contractors book and left with the little profit margin for Protasco Bhd's public shareholders. WHERE THE PROFIT MARGIN GOES becomes an open secret among JKR contractors in the market, an apparent target for relevant authorities such as IRB, SPRM or PDRM to go for a kill.

That wraps up the mysterious RM300 million missing cash vanished from Protasco Bhd's book in just 4 years after Chong Ket Pen fabricated a blame game to illegally obtained Protasco Bhd's control from the former owners in September 2014. There is further RM420 million to be laundered away under JKR contracts, which is openly stealing from the people of Malaysia. With the corrupted board of directors bribed by Chong Ket Pen to shut up and cover up his wrongdoing, the zero corporate governance company is due for a reformation, if not an inevitable revolution.

Self-Gratification Consequences & Money Trails exposed surgically.

Under the magic spell of Dato Seri Ir. Chong Ket Pen, which crowned himself the Group Managing Director cum Vice Chairman of Protasco Bhd, seems to get his riches out of nowhere during the year 2014-2018. Protasco Bhd in the opposite direction suffers lost of cash flow and lower profit margin across all sectors during the same period Chong derived his riches.

The sudden riches of Chong Ket Pen, vs the missing money in Protasco is obvious. Through financial engineering to self-justify the crime becomes Chong Ket Pen's main duty in the last 4 years.

The amount of money went missing from Protasco Bhd’s book seems to exceed RM300million during the period, and certain task force in the relevant authorities seems to notice the weird money trail and abnormal practices within and surrounding Protasco Bhd.

Coincidentally, one of the key officer in Bursa Malaysia surveillance was attacked brutally while Protasco Bhd was under probe. How many victims would be bribed, if not injured, hurt or taken advantage, while the main suspect is still sitting inside Protasco milking the dying company Protasco Bhd. Victims being manipulated count people of Malaysia being the biggest loser which paid tax which went for their public road services through JKR contracts awarded to Protasco Bhd, and the crook took the country for a ride?

The traceable trail count a jaw dropping RM146 million spent on Chong Ket Pen alone. How much has Chong Ket Pen spent, directly and indirectly actually, benefiting himself and parties related to him? How much money he further burnt recklessly covering up his failed investments and evidence of his wrongdoings? Let the numbers speak.

Background:

Pre-year 2002 - Chong Ket Pen was a civil servant in JKR (Jabatan Kerja Raya), under the government Ministry of Works. A salaried guy working for the government.

The year 2002 - Since he is so “pandai jaga Jalan (good at taking care of the street)”, his old Boss picks him up together with Hasnur to be joint MD to “jaga (take care of)” Protasco Bhd, through a privatization of public works concessions scheme.

The year 2003 - June 2012 - Upon IPO each of them received about 13% free Protasco Bhd shares, an appreciation, and token awarded by their Boss for “pandai jaga Protasco (good at taking care of Protasco)”. In other words, Chong is still a civil servant wearing a private executive hat since Protasco Bhd main business is still the no-brainer public road maintenance concessions.

Pre-year 2012, Chong Ket Pen draws RM50,000 per month salaries, respected as a middle-class top performance “civil servant”. Despite drawing handsome salary being a "civil servant", Chong Ket Pen's failed projects trying to proof himself "beyond just a civil servant" count Lybia, Syria, South Africa, Cambodia, and China Hainan, just to name a few large ticket wrongdoings to cost in excess of RM200 million (US$50 million) in today's value.

25 June 2012, Chong Ket Pen old Boss appointed a new board of directors to take over Protasco control from Chong.

3 November 2012, Chong Ket Pen found a new Boss to buy over his old Boss Protasco Bhd shares. Chong got his job and board control back and started cleaning up his opposition power within Protasco Bhd.

September 2014, when Chong secured his management control and the planned “heist” timing is up, Chong Ket Pen quietly forged a fake story using fabricated evidence and manufactured a false lawsuit with a motive to put blame on his new Boss and rob Protasco Bhd board control to pursue his self-gratification scheme. Such blame game which market perceived as "bite the hand who feeds" is costing Protasco Bhd RM220 million (US$55 million), and potential RM220 million more compensation risk hovering on Protasco Bhd's enterprise value as potential liabilities.

The year 2014-2018, Chong Ket Pen successfully abused his position as the Executive Director of Protasco Bhd, raised his personal salaries & pay packages to RM4million per year, together with his board of directors and management fees which ballooned to RM10million per year. Chong Ket Pen further paid himself RM54 million dividend during the period. Such money was paid through "borrowed money", especially the paid dividend in exceed of RM193 million in total, causing a big hole of RM487 million in Protasco Bhd's book. The procurement of several road maintenances and construction contracts also saw the missing profit margin and dubious divestment to related parties taking away the cream from Protasco Bhd. Traceable money spent on Chong Ket Pen count RM80 million in series of twisted business decisions, count PPA1M-PROTASCO-PDRM-NAJIB linked fiascos bring obvious, as well as excessive publicity and media twisting campaigns, sunk Protasco bhd into the red in 1st quarter 2018. An estimated RM100million went missing during the process of sophisticated concession transaction trails, where RM66 million went missing weeks before being awarded an RM4.2 billion JKR contract, or a month before Malaysia General Election, being latest catastrophy caused by Chong Ket Pen.

Money Trails & Parties Involved:

Dividend 13 Dec 2012 - 19 Jun 2018 total 53.25c, or 42c pre-bonus (paid RM142.8mil), 9c post 1st bonus (paid RM38.25mil) 2.5c post 2nd bonus (paid RM12.375mil). Total RM193.425mil cash paid out. (out of which officially went to Chong Ket Pen's 28% shares = RM54.159mil. Other hidden shareholdings under nominee unknown).

Suspected Flows & People Involved in entire Chong Ket Pen's fraud involving Protasco Bhd:

PH Trojan Discovery