Ooi wins battle of Protasco Bhd law suit. High Court granted a stay, investors are concerned. 13Jan

GovernanceLeak

Publish date: Thu, 14 Jan 2016, 03:27 PM

13 January 2016 - Protasco Bhd loose law suit when the Shah Alam High Court has granted the company Ex-Director, Dato’ Ooi Kock Aun’s a stay of legal proceedings pending the disposal of arbitration between :

PT Goldchild Integritas Abadi ('PT Goldchild')

and Protasco Berhad’s subsidiary, Protasco Trading Sdn Bhd.

The High Court Judge, Dato’ Mohamad Zabidin Mohd Diah allowed Dato’ Ooi’s application with cost in the cause.

When comes to public information, Protasco under MD Chong Ket Pen, would usually announce on Bursa Malaysia with disguised wordings such as follows:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4950377

Strangely when the baseless suit was lost, Protasco did their usual cover up and no announcement were made. If any, would expect word twisting. Market is curious how far such cover ups and stunt shows would prolong. Investors are concerned how much more resources were to be consumed using Protasco for Chong personal board room fight.

(Subsequently, as market expected, Protasco after camoflash the announcement, had posted on Bursa Malaysia http://www.bursamalaysia.com/market/listed-companies/company-announcements/4975669 )

This legal proceedings pertains to the legal suit filed by Protasco Trading Sdn Bhd at the Shah Alam High Court against PT Goldchild, an Indonesian company Dato’ Ooi for amongst others a declaration that the Coal Supply Agreement dated 4 February 2013 is void and in breach of the Companies Act, 1965 and for a refund of the Deposit paid.

With the High Court order, Protasco Trading Sdn Bhd will not be able to proceed with the legal suit against Dato’ Ooi until the disposal of their arbitration against PT Goldchild which will take place in Indonesia.

Dato’ Ooi Kock Aun was represented by New Sin Yew while Protasco Trading Sdn Bhd was represented by Peter Skelchy.

[Governance Leak Report]

References:

----------------------------------------------------------------

Shah Alam High Court, Ooi Kock Aun, Goldchild vs Protasco Trading, Protasco (Chong Ket Pen). 13 Jan 2016.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4950377

Protasco's Chong history of shareholdings raises eye brows [IRB Leak]

13 Jan 2016: The malicious law suit instigated by Chong Ket Pen, using his bosses Tey and Ooi's company Protasco Bhd had saw justice being served with Shah Alam high court gave Ooi a victory with a stay. "Not all area could be bought or fooled by hired best actors.", commented a senior journalist. This is just one of dozens of strange personal assaults where market are concerned Protasco has been abused to fund and made up these stunt shows to keep the MD in control.

To recap, Protasco new controlling shareholders Dato' Tey Por Yee and Dato' Ooi Kock Aun (since year 2012) were alleged malicious disputes on business deal which Dato' Chong Ket Pen signed up on 3 November 2012 as a promise (now proven an inducement used by Chong) to the formers to take over Protasco Bhd controlling shares from then ousted Dato' Ibrahim and proxies. The duo paid their own money close to RM100 million within few weeks and instil/hired Chong back into the board which he already loose control that time. ( Chong ousted as close as July 2012: http://www.bursamalaysia.com/market/listed-companies/company-announcements/1322197 )

Market perception is the duo were induced to invest in Protasco to win back Dato' Chong's previous board room fight, where Bursa Malaysia announcement reveal that in year 2012, Chong was ousted with no board position with few Executive Directors were appointed by the then major shareholder lead by Dato' Ibrahim before Tey and Ooi came in.

Subsequently after the entry of new Protasco owners, namely Tey and Ooi, Chong was told unable to complete the Oil business deal under contract he signed with business consultant, where Tey and Ooi helped him arranged, when authorities are questioning his insider trading probe, which Chong did not declares to his board or made public announcements, together with several potential breach of his duty if there were any related party transaction. Market was told any delay in year 2012 would be at Chong's disadvantage as he was given a deadline of 31 December 2012 to find investors or he looses his career. Another cover up and motives Chong does not want the world to know.

According to investment bankers familiar with the matters, Bursa Malaysia announcement during year 2012-2014 reveal that the tabling of proposal, due diligence, payments and subsequent dubious conditions which cause the deal to turn sour was solely carried by Chong and son, where Chong is the only Executive Director in Protasco which has the legal right and duty to carry out every single steps in the whole process, or else, the entire board would be found breach of duty for careless misrepresentation. Market was curious how such obvious facts were disguised by Chong's allegation in September 2014, or 2 years after he fails his duty, by using Protasco as his personal cover up to put a blame to the controlling shareholder Tey and Ooi, and took control of the board in order to use the company resources to further induce authorities trying to cover up his intentions by attention diversion and series of turbulence creation to fulfil his self fulfilling prophecies.

"A sham report and scam", commented a journalist.

"If the consultants name were ever on deal they referred, they would just declare and there is no urgency for them to rush through. Who has urgencies? The subject matter is clear, Chong, and he made up stories to do his own outlaw blaming any link he could made up as if they were the beneficial owners or benefited or sort, after he took Protasco from the de facto bosses. What a wonderful scam and ungrateful staff who bites the hand who feeds!", commented a senior government officer knowing the matters. "The money spent as if it's not his, to hire actors and induce some government officers to be blinded with dubious made-up stories, covering up their moral and ethic limits, to do the sinful stunt shows for Chong, itself is a reasonable doubt why Chong can't use proper channel if there were any truth in his stories. It's reckless and money is mother of all sin", added the senior officer.

"One may ask - the only arms length concern was Chong non disclosure of his personal dealing. How come stories were told upside down. How cute our system can allow such twist? Yes, and this is boleh land", commented the officer.

"It is obvious from financial market point of view. It's as if the money is cheated by Chong from the beneficial owners Tey and Ooi, therefore he will burn any money even at the risk of abusing Protasco just to keep making bad impressions to his victims. Count bribery and law breaking abusing police and relevant authorities as normal tricks his advisors would suggest. It's not his company or money anyway, and he needs to over shadow the truthful owners. His advisor just wants his money. That's the cruel real world", commented a banker.

The series of malicious character assassination especially legal stunt shows, count the baseless Goldchild law suit, which Dato' Ooi won the battles against Protasco as per Shah Alam high court Yesterday, the market at least sees the light of justice when the actual truth were finally reveal and made known by market today. "Any other more stunt, count police arrest, false police report and doggy charges or even personal assault, are not uncommon. The morality and level play of a successful businessman would be tested and seen when one does not use the same dirty tricks on the other. A level perhaps Chong would never understands what a strong fighter like Dato' Ooi has.", commented the senior officer. "Unfortunately public and media perception are shallow, but they are not stupid. Given time, a real robber who shouted robbery would be prosecuted, or consumed by his own sin. It's a cancel and virus only god has the right to judge. If not himself, his next generation would be unfairly suffered", added the religious faithful officer.

Pull rabbits out from his magical hat he took from all his bosses closet?

Since Protasco IPO, way back in year 2003, the long serving public servant/officer, Chong Ket Pen has seen his shareholdings increase from below 5%, to 13%, and subsequently to 15.5% in year 2012 before new owners Tey and Ooi took control of over 27.5%. (Refers:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1615373, and http://www.bursamalaysia.com/market/listed-companies/company-announcements/3212425 )

Subsequently after 2 years of preparation (for his secret take over plan) and cheated his investors to stay out of the operation, betray the trust they gave him when he was re-hired, Chong took over more shares and ousted Tey and Ooi using series of dubious allegations. A public servant for over 30 years, and employed under his bosses until today, market is curious why Protasco missing cash flow is accelerating and was annoyed when Protasco announced private placement late last year to ask for more cash. Coincidently, a series of expensive stunt shows were put up against Protasco de facto owners Tey and Ooi, while in line with deteriorating Protasco cash flow, Chong on the other hand is buying up Protasco shares from thin air.

As usual, these material information as part of Chong modus operandi were covered up from Protasco. As a responsible journalist who regretted wrongly being mislead by Chong as a poison pen for corporate assassination, would find the leaks and let the truth be reveal the right thing to do. More to expect from the true stories to upgrade the Malaysia corporate governance standards to next level.

[Governance Leak Report]

PRTASCO (5070)

Related Stocks

Market Buzz

2024-07-16

PRTASCO

Forum

1 New Comment

Discussions

Be the first to like this. Showing 3 of 3 comments

nich0las

Who say Ooi win? No proof.

2016-01-14 20:18

wwwlee

MATERIAL LITIGATION MATERIAL LITIGATION LEGAL SUIT INITIATED BY PROTASCO TRADING SDN BHD AGAINST PT GOLDCHILD INTEGRITAS ABADI AND OOI KOCK AUN

PROTASCO BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description MATERIAL LITIGATION LEGAL SUIT INITIATED BY PROTASCO TRADING SDN BHD AGAINST PT GOLDCHILD INTEGRITAS ABADI AND OOI KOCK AUN
As previously announced on 15 December 2015, Protasco Berhad’s subsidiary, Protasco Trading Sdn Bhd (“PTSB”) has filed a legal suit at the Shah Alam High Court against PT Goldchild Integritas Abadi (“PT Goldchild”), an Indonesian company and Ooi Kock Aun for inter-alia a declaration that the Coal Supply Agreement dated 4 February 2013 is void and in breach of the Companies Act, 1965 and for a refund of the Deposit paid.

On 13 January 2016, the court has allowed Ooi Kock Aun’s application to stay the proceedings pending the disposal of the arbitration between PT Goldchild and PTSB with costs in the cause.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4975669

2016-01-18 09:31

AmStupid82

here's what thief will do https://www.google.com/#q=chong+ket+pen+thief

2016-01-24 23:59

Featured Posts

MQ Trader

Introducing MY's First IPO Fund for Sophisticated Investors!

MQ Chat

New Update. Discover investment communities that resonate with your ideas

MQ Trader

M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a

Latest Videos