14 Jan 2016: Protasco mystery had became misery for investors. The same allegations and stories being told a different way, was further made up to create perception on Chong Ket Pen's former partner and Protasco controlling shareholders, Tey Por Yee and Ooi Kock Aun, the once owners of Protasco whom helped purchased Chong old boss Protasco shares, and they help instil Chong position as MD back into Protasco.

Market was told Chong just want a word "charge" to create perception, so as to bad name his saviors and damage enough to hide away his own problems. "Made the opponent looks much more worst, so he looks better, at least Chong though that way. A character assassination as good as homicide, is evil and dirty, and foolish. A sin of all sin", commented a senior government officer. “Worst of all, money is turning human into animals”, add the officer. A charge was not pledged guilty, as expected, and it will be guilty once proven. But that is not important. Chong purpose is perception building, that's all he cares.

Allegation after allegation. Again?

The earlier dubious legal suit by Chong Ket Pen, the MD of Protasco Bhd was announced on September 2014, when market was puzzled by an oil deal which Chong Ket Pen himself signed an agreement on 3 November 2012, legally the only person has the right to propose to his board of directors, sign SPA agreements, and paid all the payments, as well as did all the due diligence on legal, finance, and technical, and after more than 1 1/2 years in September 2014, he told the world he was cheated, the oil is no good, contract expiring, etc. Market was puzzled, is Chong and/or his entire board mentally challenged aka stupid? Obviously they think the public are fools to believe so, and fools they are.

For all the market knows about the facts above, a malicious "charge" was filled with allegation of false statutory declaration, cheating and the sudden walk in of Tey and Ooi which has no power to walk into Protasco board doing Chong's executive director duty, such as presenting and listening to his board and ask them make decisions, and Chong claims they did. If the claim is true, wasn't it means the entire board is breach of duty to let a non board member to do an executive director job? Most likely Tey or Ooi may not even met Chong's directors yet except Chong himself during that period. More dubious is the allegation of cheating, where Chong was made known any assets referred by consultants could be referred or owned, whichever it is, Chong knew about it and he accepted the deal. So what cheating element Chong is saying, or more precise, lying? Perhaps Chong has urge of deadline, which he can’t afford to go through 45 days of EGM if there were any RPT dealings.

Chong signed private interest agreement and a SD. If there were undeclared interested, wasn’t it Chong first to be charged? If there were cheat, he cheated investors and did not honor his promise, wasn’t it Chong supposed to be charged?

Due to rush of his own deadline (of 31 December 2012) given by his former boss for him to find buyer for his boss controlling shares, the entire process above (from 3 November 2012 until September 2014), Chong potentially did not disclose his interest by signing the agreement, which leads to the next question of statutory declaration (SD), which Chong all a sudden, planned and planted the blame game ask Tey and Ooi to sign, and later bribe to put them a charge on allegation they are the shareholder or director of the oil project vendor company. Market is clueless, if there is proof of company record the alleges was shareholder or director of what Chong claims, yet, the obvious apparent evidence is, wasn't Chong signed a personal interest 3 November 2012 agreement and he signed the SD as well? By evidence, shall Chong supposedly more likely to be charged "first"? further more, Chong made the promise to investors to purchase any asset worth combined total US55 million, and he fails to do it, and play up all kinds of allegation and created a lof of trouble to made up perception building, wasn't it too obvious a perception building to cover up his own?

Chong was re positioned with an unknown title on the board as director on June 2012, when his former boss under trust of Dato Ibrahim, had appointed few directors into Protasco board, including few executive directors. Obviously Chong lost the control and only himself has time constrain and tight deadline. Market understands the urgency of Chong to complete any deals on table, as long he can save his career. The investors Tey and Ooi has no such urgency, and despite short notice, they lend their hands to Chong in less than a month, an impossible deal if not because of trust, probably through closed associates whom Tey and Ooi count on his words. Else who is Chong anyway at such short notice.

It seems like Chong which use Protasco as his own pocket money being funding a lot of perception creation and information twisting works, to man made patterns, self fulfilling prophecies, and any character assassination lies to made up stories to induce and sway perceptions. The money and resources spend on unfair ground, is causing innocent investors, and public companies and their stakeholders suffer, for Chong selfish greed. Hundreds or perhaps thousands of families and kids, tens of thousands of small investors, were Chong's advisors or lawyers put their blood on his hands, perhaps his sons’ hands as well. They advisors just wants his money, the sin are the left overs Chong and son has to swallow using their bloody hands. The sin which Protasco is financing, using the money which Tey and Ooi lend their hands on Chong and put trust on him, a RM500 million public listed company which Chong posed on his own way - by killing his saviors.

There are many investors, and perhaps a broker who said it very precise "No matter how Chong describes, and made up perception his saviors are crooks, drug dealers, gay, or tried to show their supplier or vendor use child labor in gems processing, Chong ask for it, examine himself, paid and took the gem, later claims it's bad, illegal and put blame on the broker. Who the broker is irrelevant and diversion of attention. Further more, a drug dealer help him up from river, someone shall wake him up on more sin he could have avoided."

The mind block Chong Ket Pen would probably pile up more stunt shows to belittle his target victim Tey and Ooi. Bring along such sin to Protasco. Market would just hope there are natural justice and may humanity save itself from self destruction. Malaysia corporate governance shall look at legal system and authories being induced and used by corporate gangster a challenge to society progress, if not improved, a 30 years step back. A shame among ASEAN countries rank behind Cambodia.

[Governance Leak Report]