1 March 2019, Kajang, Selangor, Malaysia - Debt ridden and loss making construction company Protasco Bhd today announce a RM48.6 million Related Party Transaction (RPT) in the name of proposed Joint Development between De Centrum Retail Sdn Bhd, a wholly-owned subsidiary of Protasco Development Sdn Bhd, and Penmaland Sdn Bhd (Penmaland), a company owned by Protasco Bhd controversial substantial shareholder Dato' Sri Chong Ket Pen.

Yes, Dato' Sri Ir. Chong Ket Pen, the Executive Director of Protasco Bhd who pride himself taking photos with former Prime Minister Dato' Sri Najib bin Tun Razak and bought the RM4.2 billion JKR contract on 4 April 2018, a months before Malaysia General Election!

Notably, according to Bursa Malaysia, Penmaland Sdn Bhd was incorporated in Malaysia on 22 July 2004 as a private limited company under the Companies Act 1965 and is deemed registered under the Companies Act 2016 (“Act”). Penmaland is principally involved in investment holding and oil palm plantations. As at 27 February 2019, being the latest practicable date prior to this Announcement (“LPD”), Penmaland has an issued share capital of RM100.00 comprising 100 shares. The directors and shareholders of Penmaland and their respective shareholdings in Penmaland are as follows:

ill-gotten Money taken from ill-gotten Power to fund the purchase of more Protasco share to garner more control, and Endorse a RM48.6 million Heist, legalised? Time to Capture & Confiscate the ill-gotten proceeds?

Since Chong Ket Pen had illegally obtained the control of Protasco Bhd board suspected through a fraud plan in the year 2014, and taken tens of millions of Ringgit for himself there after to enable himself to purchase more Protasco Bhd shares during year 2014-2018; the illegally obtained shareholding votes would likely endorse such RM48.6 million day light robbery.

While the Malaysia rusty authorities Bursa Malaysia and Securities Commission have not figure out the scam plan yet, not to mention preventive or proactive role to stop an apparent heist taking shape, Chong Ket Pen is holding up his middle finger right in front of Bursa Malaysia and Securities Commission while laughing his way to the bank.

Chong Ket Pen's fraudulant scam and blame game in the year 2014 paid off, and evidence proven his true intention is the control of Protasco Bhd and the money inside Protasco Bhd. The number speaks.

How Chong Ket Pen (further) taking out RM48.6 million cash from already debt-ridden Protasco Bhd?

Bursa Malaysia Announcement.

RM48.6 million to be stolen (again) by Chong Ket Pen.

Captured & Confiscate the criminal proceeds?

1MDB-style Money Looting Evidence Exposed. Chong Ket Pen in a Cash Run before the Authorities Snap?

The rush to pay out cash from Protasco Bhd is reckless, and the control by Chong Ket Pen on the Protasco Bhd board of directors in the blind support for his personal "money looting exercise" could trace back to year 2014 when Chong Ket Pen stolen Protasco Bhd board control from former controlling shareholders and trashed corporate governance in the face of greed to immediately raises his own salary from RM600,000 per year to RM4,200,000 per year on FY2016.

At the same time, Protasco senior management and director fees ballooned from RM3 mil to RM10 mil per year to cover up the swindling. Financially engineered "accounting profits" were used to borrow from bank to pay dividend, resulted in tens of millions of Ringgit "cash-flow-lost" during year 2014-2018. Count UOB Bank the sugar daddy at Chong Ket Pen's disposal facilitated the suspected laundering process.

Protasco Bhd latest quarterly report announced a day before this shows a devastating loss of RM44 million, as good as confirming the accounting fraud evidence that the suspected "financially engineered" profits which enabled the massive dividend payout was totally written off, an ugly aftermath evidence of suspected corporate crime exposed.

Protasco Bhd at RM633 million debt vs RM353 million equity, taking on another RM48.6 million and "BUTA MALAYSIA" can't see the (obvious) robbery?

Already at highest debt to equity ratio where debt of RM633 mil vs equity of Rm353 mil as of 31 December 2018, Chong Ket Pen uses Protasco Bhd to draw himself yet another Rm48.6 million on some land deal in Tampin, Negeri Sembilan, is obviously an act of robbery. It's same modus operandi as 1MDB public fund swindling, still taking shape after close to 9 months after Najib Razak Barisan Nasional was sacked. What about JKR (public money) being swindled to Chong Ket Pen's personal pocket taking place "right now, right here"?

While deep discount properties can't even move in Klang Valley, the bizzare act itself is an obvious power abuse to the extreme and breach of director's duty to the maximum. According to Chong Ket Pen's announcement to Bursa Malaysia, he claims Protasco is seeking "internal generated fund or (more) bank borrowing" to pay for the whopping RM48.6 million cash to this wonderful private company belongs to Protasco Bhd's Group Managing Director Dato' Sri Chong Ket Pen?

On top of unrealistic salaries, fake dividends, JKR and Construction transfer pricing taking trucks of cash out of Protasco during year 2014-2018, Chong Ket Pen was also at the center of another suspected money swindling report taking RM10 million kick-back to his private vehicle RS Maha Niaga Sdn Bhd in year 2014. Chong Ket Pen claims the cash back a "loan repayment" in his press statement when his act was discovered and exposed.

For over 5 years from 2014-2019, Protasco Bhd was under extensive money-depleting exercises and debt-taking campaign to feed Chong Ket Pen's greed, resulted in RM44 million financial losses according to Protasco's Bursa Malaysia 4th Quarter report.

In other words, the public listed company is destined to take on further burden by burying minority shareholders interest to feed 1 greedy man - Chong Ket Pen once the heist is completed, might signals the last nail in Protasco Bhd's coffin.

What can you do about it? Obviously Buta Malaysia and Securities Commission are useless. So just grab your pop-corn and soda, enjoy the Armageddon show.

[PH Forensic Alert]

Source: http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=92937&name=EA_GA_ATTACHMENTS

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS PROTASCO BERHAD ("PROTASCO" OR THE "COMPANY") PROPOSED JOINT DEVELOPMENT BETWEEN DE CENTRUM RETAIL SDN BHD ("DCRSB"), A WHOLLY-OWNED SUBSIDIARY OF PROTASCO DEVELOPMENT SDN BHD, WHICH IN TURN IS A WHOLLY-OWNED SUBSIDIARY OF PROTASCO, AND PENMALAND SDN BHD ("PENMALAND") TO JOINTLY DEVELOP THREE (3) CONTIGUOUS PARCELS OF FREEHOLD DEVELOPMENT LAND IN MUKIM OF TAMPIN TENGAH, DISTRICT OF TAMPIN, NEGERI SEMBILAN DARUL KHUSUS ("TAMPIN LAND") ("PROPOSED JOINT DEVELOPMENT")

PROTASCO BERHAD ("PROTASCO" OR THE "COMPANY")

PROPOSED JOINT DEVELOPMENT BETWEEN DE CENTRUM RETAIL SDN BHD ("DCRSB"), A WHOLLY-OWNED SUBSIDIARY OF PROTASCO DEVELOPMENT SDN BHD, WHICH IN TURN IS A WHOLLY-OWNED SUBSIDIARY OF PROTASCO, AND PENMALAND SDN BHD ("PENMALAND") TO JOINTLY DEVELOP THREE (3) CONTIGUOUS PARCELS OF FREEHOLD DEVELOPMENT LAND IN MUKIM OF TAMPIN TENGAH, DISTRICT OF TAMPIN, NEGERI SEMBILAN DARUL KHUSUS ("TAMPIN LAND") ("PROPOSED JOINT DEVELOPMENT")

On behalf of the Board of Directors of Protasco (“Board”), RHB Investment Bank Berhad (“RHB Investment Bank”) wishes to announce that DCRSB had on 1 March 2019 entered into a conditional joint development agreement (“JDA”) with Penmaland to jointly develop the Tampin Land into a mixed residential development (“Development” or the “Project”). Pursuant to the JDA, Penmaland, being the registered proprietor and the legal and beneficial owner of the Tampin Land, shall grant DCRSB, the developer of the Development, full and unfettered rights to carry out the Development on the Tampin Land, in exchange for a total cash consideration of RM48.60 million (“Proprietor’s Entitlement”) which will be payable in the manner as set out in Section 2.1.4(i) of this Announcement. In view of the interest of Dato’ Sri Chong Ket Pen (“Dato’ Sri Chong”) in the Proposed Joint Development as set out in Section 9 of this Announcement, the Proposed Joint Development is deemed as a related party transaction pursuant to the provisions of Paragraph 10.08 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Listing Requirements”). Accordingly, Public Investment Bank Berhad (“Independent Adviser”) has been appointed as the independent adviser to advise the non-interested directors and noninterested shareholders of Protasco in respect of the Proposed Joint Development. Further details on the Proposed Joint Development are set out in the ensuing sections of this Announcement.