Research Report: 9 December 2016, Kajang, Selangor, Malaysia.

How civil servant Chong Ket Pen owns (S$40m) RM120 million, where (S$30m) RM90 million pocketed in last 4 years?

Since 20 November 2014 Utusan Malaysia story of Protasco Bhd Hadenan Abdul Jalil in bed with Chong Ket Pen dirty deed being exposed, Chong Ket Pen has through the abuse of Protasco Bhd intensified the news fabrication to discredit Protasco former substantial shareholders Ooi Kock Aun and Tey Por Yee. These blackmail have caught authorities eye on Protasco Bhd.

On one side, Hadenan Abdul Jalil knowingly and allowing the board of directors to continuously covering up lies after lies, and allow Protasco Bhd to fund Chong Ket Pen's personal power hunting quest, has put the entire board into a limbo. Officers in the relevant authorities were being used and led to work for Chong’s conspiracy, with or without knowing it, also being drag to muddy the waters. The probe has deepened into linking Protasco staffs and certain officers in the relevant authorities, and becomes too apparent to ignore the ties and the lies. Under Protasco massive publicities tied to discredit Chong’s victims, the publicities opened up serious governance and legal system issues.

With one of the key conspire Protasco director, Tan Yee Boon, a lawyer, selling his shares in Protasco at all-time low price, market is speculating the probe of true story inside Protasco is due. Market is more interested to know about the man behind Protasco Bhd fiasco, the executive director Chong Ket Pen which pockted Protasco Bhd from the former owners.

Refers to: http://klse.i3investor.com/blogs/financialnewsleak/111473.jsp

Liar Chong's tips of success "Cheat and lie to the board of directors and cheat investors to buy over Protasco, manufacture a blame and hold the board balls to cover up lies. Light the fires on victim, while I bag Protasco. Buy insurance, made chairman the scapegoat he has to lie until eternity".

Who is Chong Ket Pen in Protasco Bhd?

Chong Ket Pen was removed from his job position in Protasco by Protasco former owner on 25 June, 2012. (source: http://www.bursamalaysia.com/market/listed-companies/company-announcements/1322197).

According to Bursa Malaysia, as of 29 June, 2012, Chong has shareholding of direct - 45,190,142 shares, and Indirect - 764,000 shares (held by spouse and children), or 15.23% shares on Protasco Bhd. Share price (adjusted) was RM0.75, and Chong's share holding would be worth RM34,465,606.50 as of the date of his fall out. Chong would have walked away with a handsome pay check despite his civil servant background. However, the issue of ethic and moral in taking part of the potential ill-gotten money, originated from skimming the government contracts have raised red flag when it comes to Protasco's core business. Chong cannot get away with his finger print everywhere.

" One acted as the driver of a bank robbery and got paid RM34 million bill doesn't mean he could excuse himself. Knowingly and delivered the packages to facilitate a crime, is still a criminal." comments senior investigator.

As for the investors and shareholders, including Protasco former owners since inception, how Chong did it they are not part of the fishy operation since Chong is the executive director carrying out the job. They neither involve in Chong's taxi driving operation and what ever questionable methods Chong covered up, be it illegal diesel or pirated lubricant, all the potential dirty deed only Chong would know. Chong did it all by himself. He has to cover it up. Chong was desperate. What better excuse than to use this as bargain tool, confuse the market of failed deal while Chong pocket Protasco and keep the secret and the money all by himself? An idea, hell breaks, devil speaks.

Humble start, ruthless end

Protasco Bhd 2011 Annual Report shows Chong's track record as follows. Dato’ Ir Chong Ket Pen is the Executive Director of Protasco Berhad. A co-founder of Protasco Group, he was appointed as a board member on 15 May 2001. Following a BEng (Hons) degree from the University of Malaya in 1979, he obtained his MPhil (Civil Engineering) degree from the University of Birmingham, United Kingdom in 1990. In 1984, he joined the Institute of Engineers Malaysia as a member and became a registered Professional Engineer with the Board of Engineers Malaysia in the following year. He has been a member of the Institution of Civil Engineers, United Kingdom since 1985. In 1987, he registered as a Chartered Engineer with the United Kingdom’s Engineering Council. His career began in 1979 with his appointment as Road Design Engineer cum Assistant Project Engineer at JKR Kelantan. Promoted to the position of Project Engineer in 1982, he later became Senior Engineer at the Design and Research Branch of the JKR Headquarters. He was a Senior Pavement Research Engineer at Institut Kerja Raya Malaysia (IKRAM) in 1988, and subsequently as a Senior Engineer, Pavement Evaluation and Research. In 1991, he left the government service to start his engineering consultancy practice and is involved in engineering services & construction. He is also the co-founder of Protasco Group.

A civil servant turn business manager cum proxy to asset owner is not uncommon in developing countries, when it comes to national concession privatization. Corruption follows. RM100 million public servant was discovered early 2016 in Malaysia according to Malaysia Anti-Corruption Commission (MACC or SPRM) (13 March, 2016 - "Malaysia civil servant 'mastermind of $34m (RM100m) graft scheme'" http://www.straitstimes.com/asia/se-asia/malaysia-civil-servant-mastermind-of-34m-graft-scheme). There are more such examples, moreover, under public listed company is not hard to trace.

Chong felt the pressure and typical Asian "face issue" on his remover from Protasco position on 25 June, 2012. New executive directors were appointed to replace Chong, as he lost the board control over night. He needed a new investor to take over Protasco shares from former owner, in exchange for his return back into Protasco bhd.

On 3 November 2012, Chong Ket Pen silently signed an agreement with business consultant to find investors to save his career. He concealed the information from his board to protect his personal interest, lied and led his board to accept an oil asset purchase deal. Investors have no clue what Chong had said or promised to the board with zero encounter with the board members. Chong did it, whatever he told his board.

By lying and cheating the investors (Ooi Kock Aun and Tey Por Yee) to buy over Protasco substantial shares from the former owner, and subsequently manufactured false allegations to put blame on the investors in order to take full control of Protasco, Chong had successfully sky rocketed his 2012 RM34 million net worth up 400% to RM120 million as of 9 December 2016. According to Bursa Malaysia, Chong Ket Pen has direct holding of 57,839,177 or 13.635%, and indirect/deemed interest of 43,604,562, or 10.279%, worth RM120,718,049 as of closing share price of RM1.19.

According to Protasco Bhd Annual Report and Bursa Malaysia record, Chong Ket Pen was paid RM50,000 per month even up to the day he was removed on 25 June 2012, and doubled his pay to RM100,000 per month when Protasco new shareholders Ooi Kock Aun and Tey Por Yee saved his career. 4 years later, the RM4,800,000 total salary exclude tax did wonders to fund Chong Ket Pen buying shares and ballooned extra RM90,000,000 new wealth. That would count Chong Ket Pen highest paid CEO award in Malaysia, shy behind Genting Group Lim Kok Thay, but higher than YTL Yeoh Tiong Lay, Public Bank Teh Hong Piow, and CIMB Group Nazir Razak.

Secret of Success : Be a good liar and call your mother a whore

The motive and rationale for series of minority oppression is obviously worth the risk, at least for Chong, beyond ethic and moral values. As of todate (9 December 2016), Protasco is fully controlled by Chong and the company continue to loot the people of Malaysia money as if there is nothing the relevant authorities can do about it. At least for the past 24 months, it seems that Chong is in control of the country. However, itelligence in that part of the world might be slow, globalisation has given better access to information to construct the links of Chong's past deed. With Chong sitting in Protasco, his motive is clear and end result speaks. Chong even name his company "I am Protasco".

While Chong ket Pen painted Ooi Kock Aun and Tey Por Yee being bad persons, in order to up his image and reason himself out to bag Protasco, facts remain Chong was saved by the bad persons he painted. "Call your mother a whore if you have to. That's PhD class 101 from UoL" - Liar master graduate.

There is no secret or lie which can sustain humanity. It's just matter of time. As for those interested to learn the secret of best liar? Look no further. Attend the university of liars.

Refers from academic researcher: https://borneostreetnews.wordpress.com/

Bonus Tips: Hostage the chairman of the board, made him the scapegoat. He has to lie until eternity

Far East Corruption Report

New York, 9 December 2016.

Other References: 

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5282085

http://www.utusan.com.my/bisnes/korporat/kedudukan-hadenan-dalam-protasco-jadi-tanda-tanya-1.26827