The alleged misuse of the public listed company fund and government money has brought out tales of lavish spending, mass sackings and a long search for truth
8 April 2019, Malaysia.
12 March 2020, Kuala Lumpur - The questionable executive director of Protasco Bhd which during year 2014-2019 orchestrate a (power) heist, subsequently spun hundreds of millions of Ringgit from the (JKR) public contracts and banks (such as UOB Bank) to finance his person lifestyle, sunk so far RM712 million liabilities (majority bank debt) into Protasco Bhd's book as of 31 December 2019. Compared to Protasco's equity of RM355 million, the huge pile of debt is jaw dropping.
The RM712 million (31 Dec 2019) gigantic liabilities is a new record compared to RM622 million (31 December 2018) liabilities as of 8 April 2019 investigation paper about a year ago, up another RM90 million. This number is up from RM298 million when Chong took the Protasco Bhd board full control back in year 2014 (or just 5 years ago).
Chong Ket Pen's ill-gotten wealth such as share dividends, salaries, claims, his 3 sons company (luxury sports) cars, remunerations and toy projects, and further use of Protasco's public money to acquire a piece of land belongs to himself, has caused and pushed Protasco to the edge of default and collapse.
By bank rolling his personal lifestyle, PPA1M public housing project was repeatedly manipulated twice, in order to skim UOB Bank facilities to fuel the gigantic laundering machine.
During Chong's process of milking the company for his personal benefits, Chong's original team of heist, namely Ho Chun Fuat and Hadenan Abdul Jalil, both passed away in year 2019 right before Chong enters a shareholder lawsuit. Shareholder Global Capital suing Chong Ket Pen for RM368 million breach of trust and contract, questioning Chong’s legitimacy of Protasco board control and his ill-gotten wealth taken from Protasco Bhd.
Defendant John Chong Ket Pen (cover face) sued for RM368 million on Protasco Bhd suspected fraud. Son Kenny Chong Ther Nen (right) promoted to Executive Director of Protasco Bhd on December 2019.
Small investors are angry and did not like the fact that RM712 million were missing under Chong and son's supervision. The frustration send Protasco Bhd stock price plunge to all time low of RM0.18 and close at RM0.195 at 13 March 2020. Protasco Bhd was once traded above RM2.00.
How much would Chongs further loot from Protasco Bhd in year 2020? Maybe Bursa Malaysia and Securities Commission head of prosecution shall watch out Chong's hired lobbyist such as Dato Seri Salleh Mat Rashid and Firdaus Abdullah, believed all under MACC watch after Chong's cohod Hadenan Abdul Jalil and Ho Chu Fuat probed. Both died, Ho heart attack right after attended court.
Hadenan was formerly sitting on MACC advisory board, which suspected conveniently cover up Chong's 2014-2019 controversial JKR contracts procurement and fencing of Bursa and SC probe into his self-gratification activities.
