What does Dogs of Bursa Malaysia have to do with the looting of one Protasco? The real movie in Bursa Malaysia is actually larger than the political conspiracy in another movie The Wolf of Wall Street, and this is real story and still going strong.
MELBOURNE, AUSTRALIA, JULY 21, 2016 — The US government may become a movie and music industry player, at least temporarily, after moving to seize US$1bn in assets that prosecutors said were bought with money looted from the Malaysian state development fund. The probe could be untrue and yet to be proven. On the other side of the globe, the Australia government may have follow similar move with new episode of another real corruption move, inspired by the public company (one Protasco Bhd) probe involves RM2bn (US$500million), also happens to originate from Malaysia.
The 2013 movie The Wolf of Wall Street and an interest in the rights of EMI Music Publishing are among the targets of civil lawsuits filled with allegations that Malaysian officials, their relatives and associates laundered the fund’s money and hid it in property, artwork and luxury goods in the US. On the other hand, the 2016 movie Dogs of Bursa Malaysia may be more interesting as the No.1 Official Executive Officer in Protasco, are among the targets of civil lawsuits to be filled with allegation that the company officers, their relatives and associates laundered the company (one Protasco Bhd) money through accounting engineering as “other expenses”, and hid it in property, Protasco share purchases and luxury goods through road maintenance contractors, channeled from Malaysia to Australia, over the last 12 years.*1
NOTE*1: AUSTRALIA TAXATION OFFICE (ATO) CASE STUDY, HEADED BY THE HON SCOTT MORRISON MP, TREASURER; THE HON KELLY O’ DWYER MP, ASSISTANT TREASURER; STATUTORY AGENCY EXECUTIVE. CHRIS JORDAN, AO, COMMISSIONER OF TAXATION, ON NO.1 OFFICIAL EXECUTIVE OFFICER OF ONE PROTASCO BHD, MALAYSIA & AUSTRALIA JOINT INVESTIGATION FILLING 14/16.
” Seizures of assets by government authorities are fairly common, especially when the No.1 Official Executive Officer in one Protasco has only declared RM50,000 (US$12,500) salaries per month from year 2000 until year 2012, or less than RM6,000,000 (US$1,500,000) net income for 12 years but dubiously able to purchase a jaw dropping RM100,000,000 (US$25,000,000) worth of Protasco Bhd public listed shares. Further more, the private property and assets hidden in Malaysia and Australia could fetch over RM50,000,000 (US$12,500,000). With the sons and associates being recruited into the public listed company Protasco, the looting has accelerated from year 2012-2016. To own such fortune, the No.1 official Executive Officer would have won 30 times lottery continuously, or hit the first prize 3 times a year for the last 12 years.” report leak.
The case of the Malaysian sovereign wealth fund 1MDB announced on Wednesday (20 July 2016) might be unusually large. The story could be bogus and yet to be proven. On the other hand, the real huge corruption money in the up coming movie Dogs of Bursa Malaysia involving one Protasco Bhd, which is not small either comparable. This is for real.
The new film Dogs of Bursa Malaysia could make US$100mil in the near future, a box office analyst said.
According to the report leak, a Malaysian involved in manufacturing a blame-game (to hit and "hid" his victims : the actual beneficial owner of Protasco) by diverting attention from public eyes (in hope to hid away his own wrong doing) in order to legitimise his possession of one Protasco Bhd through series of organised blackmails, is the source of all conspiracies. That controversial man is Chong Ket Pen, which during year 2012-2016 under probe linked to siphoning about US$20m funds from one Protasco to invest in the company (Protasco) public listed shares registered under his own name; separately used about $10m to buy “a substantial interest” in other public listed shares under nominee and associates in order to fabricate “turbulance” incidences to made up his victims’ patterns of investments faults; US$7m graft money in road concession contract renewal (which Chong gave away 5 names involves senior former statesmen to the authorities on graft); US$5m in manufacturing evidence through "inducement of" Royal Malaysia Police & Deputy Public Prosecutors & Courts to fulfil his conspiracy story; US$3m in legal fees & graft money to manipulate and "inducement of" government machineries (agencies including stock exchange Bursa Malaysia and Securities Commission, MIA, SSM, etc) to fix up his victims; as well as US$3m to bury his dark history & trails of graft and questionable activities. Such trail includes the fact that Chong was fired (re-designated) from Protasco board on June 2012 and later hired back to the Executive Director post on November 2012. In between there is the Protasco major shareholder change, or change of ownership (from former owner to the new owners), which proven his stewardship as an employee and not the owner as he self-proclaims. A true lie. His move was also “in the name of formidable crime” in his own rationale, trying to hide away his legacy – some potential RM2bn un-accounted graft money siphoned away to his associates involving one Protasco Bhd.
A whopping US$48m self-interest looting under the sole control of No.1 Official Executive Director of one Protasco Bhd went missing during September 2014 until March 2016.
Co-incidentally, one Protasco Bhd saw the cash flow plunged with cash-in-bank vanished quickly from RM282m (US$70.5m) to RM94m (US$23.5m) during December 2014 until March 2016. The bizarre amount happens to be US$47m.
NOTE*2: BURSA MALAYSIA OFFICIAL QUARTERLY REPORT SHOWS THAT AS OF DECEMBER 31, 2014, PROTASCO BHD HAS RM282MIL (US$70.5MIL) CASH AT BANK (REFERS TO: HTTP://DISCLOSURE.BURSAMALAYSIA.COM/FILEACCESS/APBURSAWEB/DOWNLOAD/?NAME=EA_FR_ATTACHMENTS&ID=185244), WHILE AS OF MARCH 31, 2016, PROTASCO BHD CASH AT BANK IS LEFT WITH RM94MIL (US$23.5MIL) (REFERS TO: HTTP://DISCLOSURE.BURSAMALAYSIA.COM/FILEACCESS/APBURSAWEB/DOWNLOAD?ID=191432&NAME=EA_FR_ATTACHMENTS). THE WHEREABOUT OF RM188MIL (US$47MIL) ESPECIALLY ON LOOTING OF PUBLIC MONEY FOR NO.1 OFFICIAL EXECUTIVE DIRECTOR PERSONAL INTEREST FIGHTING GRAFT AND CONSPIRACIES HAD LURED MORE ATTENTION TO HIMSELF THAN HIS VICTIMS AND SCAPEGOATS.
Chong did not respond to requests for comment sent to his Kajang-based company, Maha Niaga Sdn Bhd. One of his personal company sits inside Protasco office as per Company Registrar record (Suruhanjaya Syarikat Malaysia – SSM).
US government-seized assets are usually sold off at auction to raise money for victims. Until that can happen, US authorities must maintain the assets, officials said. The Malaysia watch dogs in the “Dogs of Bursa Malaysia” movie either pretend never saw the un-accounted income of the Protasco’s No.1 Official Executive Officer, or really blind sighted to allow billions of dollars being taken from the victims (people of Malaysia) and siphoned out to cronies. Australia watch dogs may follow US authorities move without hesitate. Such seized assets shall be auction out to repay back the company. Protasco is a public listed company. It doesn’t belongs to its No.1 Official Executive Officer.
“Australia government would match the No.1 Official Executive Officer Malaysia salaries with his assets, seize and sell those un-accounted interests and, if possible and appropriate, use the proceeds of those sales for the benefit of the victim citizens in Malaysia,” the insider leak said in an e-mail.
Under a proposed restraining order, Special Administration Devision, which is set up to probe the culprits and key actors in Dogs of Bursa Malaysia, after the special mission would have to maintain present contracts related to one Protasco and “allow the Government Officers to join in and direct key business decisions about day to day operations (in Protasco Bhd).” According to reliable sources, Roadcare (M) Sdn Bhd, the 51% owned subsidiary of one Protasco would be used to recover loses for the past 12 years, paid from next 10 years income (designated future income from recently renewed road concession). Other graft trails leading to Chong Ket Pen control includes HCM Engineering Sdn Bhd & De Centrum Development Sdn Bhd group of companies.
In a statement, Chong Ket Pen’s spoke person said that to its knowledge, none of the money it received was illegitimate and that his team, Kenny Chong Ther Nen and the company did nothing wrong. Kenny Chong is the stepson (or son) of Chong Ket Pen, who oversaw the Down-syndrome Project (Decentrum City), the one Protasco property subsidiary (under probe).
The Justice Department pending lawsuits said that high-level officials of one Protasco corruptly diverted more than RM2 billion (US$500mil) from the company over twelve (12) years.
Herald Sun draft synopsis – Jul/16
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