What is 1PROTASCO?

 

Originally 1PROTASCO – an abbreviation of "1 Man's Protasco Bhd", was nothing more than a Malaysian road maintenance concession company to privatise majority of road maintenance contracts under JKR in state and federal level. The then MACC advisor Hadenan Abdul Jalil is its chairman. The “1 Man” become the “one-and-only” after his co-founder HASNUR RABIAN ISMAIL sold his shares back to Protasco's "benefitial owner" behind the scene, and the "1 Man" loss his power instantly, yet he magically regained his power during June 2012 - nov 2012 Protasco ownership transition, and that changed everything.

 

That "1 Man" was being stripped his power on Protasco in June 2012, and later regained his power when he found a “new owner” (Dato’  Tey Por Yee) to buy over Protasco controlling shares. Through a Singapore banker as evidence on the “1 Man’s” partner’s email on 19 September 2012. The "1 Man" signed 3 November 2012 deal agreement with a RM100m put option hanging on his forehead if the deal fails, and that deal brought him back his power in Protasco. Unfortunately that "1 Man" setup a fraud scheme right from begining and later fabricated a blame to scutter the deal and obtained his control of Protasco by ousted the Protasco new owner.

 

That "1 Man" is called Chong Ket Pen.

 

Ever since that "1 Man" took control of Protasco, the public listed company fund has since been at the heart of one of the biggest corruption scandals in Malaysia. The Protasco accounting forensic reveal more than RM350 million was stolen and the resulting scandal has been responsible for the devastating share value drop last 4 years and the trigger of probe of Chong Ket Pen, his sons Kenny Chong Ther Nen, Denny Chong Ther Shern, and Benny Chong Ther Vern, and a growing number of close associates. The drama escalated further when Chong Ket Pen involved in RM4.2bn JKR contract which paid from Malaysian government money derived from the wellfare of 31 million Malaysian.

 

A further RM48.6m was announced in 1 March 2019 to be paid from Protasco to Chong Ket Pen personally to buy a piece of land from Tampin. Such Related Party Transaction further stripped Protasco's chance of survival to peril.

 

How was the money spent?

 

Leaked financial documents allege that 1PROTASCO was a hub of fraudulent activity from the outset. Vast sums were borrowed via Protasco's bank borrowing and siphoned into bank accounts in Chong & Sons' control, especially stock brokering house such as UOBM NOMINEES (TEMPATAN) SDN BHD, CIMSEC NOMINEES (TEMPATAN) SDN BHD, RHB CAPITAL NOMINEES (TEMPATAN) SDN BHD, and ALLIANCE GROUP NOMINEES (TEMPATAN) SDN BHD. Some RM84m ill-gotten salaries, dividends and claims appeared in the personal bank account of Chong Ket Pen and sons from year 2014-2019, and RM100m transfer pricing from JKR and PPAM contracts is alleged to have been used to pay off politicians, on top of another RM20m paid for Chong Ket Pen's Fraud Scheme legal & media bills, and RM6m fund the lavish shopping habits of his sons' 3 luxury cars. Chong Ket Pen denies the allegations and insists the money was loan repayment and he deserves the pay.

 

Overseas, it is alleged the money funded the ostentatious lifestyle of Chong Ket Pen's Australia safe house which further paid for another one of his son Chong Ther Zern 5 years stay in University of Melbourne. Chong Ther Zern was the administrator of (up coming defunct) Tutti Frutti Frozen Yogurt Australia, and was subsequently engaged with OCBC Malaysia 10 months ago.

 

Under Chong Ket Pen's watch, it is alleged Protasco Bhd bankrolled reckless purchases including RM280m worth of De Centrum Mall to put Chong's son Kenny Chong Ther Nen and Benny Chong Ther Vern names as lavish mall owners; RM20m for some 44% stake in green energy pet project under Denny Chong Ther Shern; splash RM6m for 3 luxury sports cars given to Chong Ket Pen's 3 sons; a piece of land in Tampin to be inject to Protasco for RM48.6m cash; RM80m in bank debts interest; a RM66m cash missing quarter in return for RM4.2 billion JKR contract 1 month pre-election; and performed live for ex-PM Najib Razak's PPA1M political campaign where celebrities such as Protasco chairman cum MACC advisor Tan Sri Hadenan Abdul Jalil, ex-PM secretary Ali Hamza, and IGP Fuzi greeting Barisan Nasional support.

 

Chong Ket Pen cut short of almost matching another Malaysian con man's spending which paid a $35m private jet; a $260m yacht; $3.2m Picasso for Leonards DiCaprio; and $8m in diamonds for Australian model Miranda Kerr to rack in the "biggest corruption scandal in the world" from Jho Low of 1MDB scandal.

 

Tens of millions of Ringgit also allegedly went towards funding the purchase of more Protasco Bhd public listed shares, begun using RM10m "kickbacks" from money originated from Protasco through a shell company RS Maha Niaga Sdn Bhd, a company run by Chong Ket Pen's staff in Protasco Bhd, into Chong Ket Pen's UOB bank share trading account. That money which gave Chong Ket Pens the subsequent share purchases, resulted in votes to ousted Protasco former owner, and gave rise to Chong Ket Pen's money stripping exercises. In other words, Chong Ket Pen entire shareholding in Protasco Bhd, the money and the power are ill-gotten. Chong Ket Pen maintains his innocence.

 

How was the scandal uncovered?

 

The alleged embezzlement of 1PROTASCO money between 2014 and 2019 went unchallenged until 2017. That year, the authorities count Polis, MACC, IRB, SSM, Bursa Malaysia, and Securities Commission was given leaked documents.

 

The Polis, IRB, and Malaysian anti-corruption agency (MACC) began investigating and was about to rope in Chong Ket Pen and Muzaffar Syah bin Abd Rahman for graft and money laundering probe. During the “week of the long knives”, Chong Ket Pen used Hadenan Abdul Jali to pacify MACC, instructed Salleh mat Rashid to approached members of the attorney general chamber, who had been leading the investigation on Chong Ket Pen, deceived and nutralised Polis commercial crime in Bukit Aman to divert attention, and 1PROTASCO critic within Protasco board and few senior staff who had raised the scandal we sidelined. The naysayers were fired and relevant officials transfered.

 

Chong Ket Pen's board of directors also refused to co-operate with investigations in the Bursa Malaysia, Securities Commission, MACC and Polis. In year 2016-2018, the Chong Ket Pen's compromised officers from relevant authorities cleared Chong Ket Pen's associates all wrongdoing and said the issue had “comprehensively been put to rest”.

 

Why is it back in the news?

 

Not everyone was convinced by Chong Ket Pen's declaration of his innocence. Dato' Tey Por Yee a former largest shareholder of Protasco Bhd who had helped Chong Ket Pen to power, continued to be outspoken on the issue. Dato’ Tey Por Yee and Dato’ Ooi Kock Aun pledged their trust on law had granted them an acquittal and discharge on malicious charges manufactured by Chong Ket Pen’s fraud scheme. On October 2018, the broker and advisory firm Global Capital Limited sued Chong Ket Pen for RM368m breach of contract, fraudulent misrepresentation and cheat. It was reported in the news that Indonesia oil asset vendor PT Anglo Slavic Utama (PTASU) had reported police on Chong Ket Pen's fraud scheme, cheating, and criminal breach of trust.

 

Who would have been arrested when time comes?

 

Chong Ket Pen would have been arrested in relation to money that had flowed into his personal bank accounts from funds connected to 1PROTASCO. He might be charged with three counts of criminal breach of trust and one of corruption. He pleaded not guilty to all charges. In weeks, Chong Ket Pen would have been arrested again, this time on few dozen charges includes receiving illegal bribes, using illegal proceeds and transferring the proceeds to associates. He pleaded not guilty to all charges, which cumulatively should carry jail sentences of more than 100 years.

 

In following weeks, Chong Ket Pen would have been charged with criminal breach of trust over the theft and misspending of RM4.2bn of government funds to be  camoflush paid through JKR contract. He pleaded not guilty to all charges.

 

Same period also saw Ho Chun Fuat and Kenny Chong Ther Nen arrested and charged with of money laundering. They would have pleaded not guilty on all counts as expected.

 

Most likely, Chong Ket Pen's lawyer from Cheah, Teh & Su would be charged with illegal obtained and used of official secrets, fraud to defraud, money laundering and tax evasion, while Chong Ket Pen's assistant Mr. Lim Yew Ting, the tie between JKR's transfer pricing with Menuju Asas would be reprimanded. Menuju Asas is where MP Abdul Azeez Abdul Rahim belonged to Najib’s UMNO party, was arrested and charged in connection with allegations of bribery and money laundering.

 

Where is Chong Ket Pen?

 

This has been the subject of endless speculation. Chong Ket Pen and sons are still living comfortably in Seputeh, Kuala Lumpur, walking in and out of Protasco Kuala Lumpur and Kajang offices, planning the next money stripping execuses to take the balance money out of Protasco Bhd.

 

 

What happens now?

 

The investigation continues, and efforts are being made to bring back the stolen money from abroad, though task force from relevant authorities recently said Protasco Bhd and Malaysia would be lucky to recoup 30% of the money.

 

Meanwhile Chong Ket Pen's trial is set to start on July. Kenny Chong Ther Nen is expected to face trial early next year.

 

 

What Chong Ket Pen taken from 1PROTASCO?

 

Below is evidence derived from Protasco Bhd's financial reports, a public information the experts from relevant authorities had discovered. Numbers are rounded for demonstration purposes, while pending final report from oversea and Chong Ket Pen's hidden accounts.

 

While the investigation is on-going, the up-coming RM48.6m cash to be paid to Chong Ket Pen, saw Chong Ket Pen busy buying up Protasco shares using syndicate nominees, as well as Protasco share buy back to increase his personal shareholding.

 

The RM4.2bn JKR and PPA1M investigation would be the focus of 31 million Malaysian how their money is being spent to feed the "1 Man" greed.

 

 

 

[ 1PROTASCO Investigation Leaked ]

 

 

 

DISCLAIMER: Without prejudice, Information is for personal imaginative reading only. All data provided might not be 100% accurately rounded, but all are true information and facts given by Bursa Malaysia and relevant sources within Protasco Bhd believed to be authentic. The story is 100% true and evidence backed, except the predictive event for simulation purposes only.