31 July 2017 - Kuala Lumpur, Malaysia - Protasco Bhd's self-proclaimed owner is in the press again, self-promoting himself riding on Protasco Bhd name. The diversified construction company’s managing director, Datuk Seri Ir Chong Ket Pen, tells StarBizWeek that he is quite confident of securing a relatively big tender that would help grow its earnings again.
“This will be in the building (construction) space and it will be big. If we do get it, it should last us for many years. But this is still a hope for now as we have yet to secure it,” Chong says.
He says that the company expects to record a relatively flat year-on-year performance in 2017 due to the lag effect from the slowdown that was experienced last year.
Every once a while, Chong Ket Pen will surface his name associated with Protasco Bhd, selling prospect and future. Such routine could be tracked back as follows.
Of cause, when public announcements questioning Chong Ket Pen's integrity and the real history of his origin which surfaces his real motive and objective in series of media brain wash campaign, Chong Ket Pen would work extra hard to bury such news. For Example:
Chong Ket Pen's public relation had gone maniac, even at the edge of forcing the public to accept his "goodness". Market researcher has found evidence of Chong Ket Pen's name cleansing on the public domain such as self-promoting himself in Wikipedia. The jaw dropping Chong Ket Pen's statements shown his arrogant and slandering trails goes viral. With such statement desperately commented by Chong on Wikipedia, researchers have found the clear similarity of Chong Ket Pen's "demonizing campaign" on Ooi & Tey, as well as evidence of organized corporate terrorism tracing back to Chong Ket Pen.
Quoted Chong Ket Pen's public relation:
" I have received a rejection on my page submission because it does not satisfy Wikipedia's standards and policies of notability. Thing is Chong Ket Pen really is a notable person in my country. His company does all the roadworks and maintenance in my country and he's a very active philanthropist. He is also now working on building affordable homes for the citizens here in Malaysia (not on Wikipedia yet). I don't understand how he is not a notable person as oppose to this guy Tey Por Yee who is just a regular Malaysian businessmen or this guy Mohd Nazifuddin Najib who is nothing but our Prime Minister's son. I don't understand how their article is approved and published as apposed to the one I wrote on Chong Ket Pen. Also Chong Ket Pen has been given the title of "Dato' Seri" which the highest state title conferred by a Malaysian Ruler on the most deserving recipients who have contributed greatly to the nation or state, see: https://en.wikipedia.org/wiki/Malay_styles_and_titles#Dato.27_Sri
I understand that most our my sources link back to Protasco Berhad but doesn't that count as a reliable source since they are a public listed company? They are required by law to publicly announce everything they've done and is planning to do.
I honestly feel this person should be part of Wikipedia I'd appreciate the help on how can I get it approved. Appreciate the help and advice.
Thanks! "
Intensive Self-Promotion since The year 2014. The Reason Behind.
The series of self-public relation campaign was once again initiated by Chong Ket Pen, by using Protasco Bhd resources of cause. The power and greed hunger Chong Ket Pen could trace back to the history of where he came from and how he gains control of Protasco Bhd.
The man who lost his control of Protaso Bhd on 25 June 2012 when he was promoted to Group Managing Director with the demotion of power. Back then, Protasco Bhd de facto real owner had appointed See Ah Sing as executive director together with Ibrahim Nor as executive vice chairman. Chong Ket Pen was technically out numbered when more directors were appointed to Protasco Bhd on 5th and 9th October 2012.
Market research found out these trails from Bursa Malaysia:
In October 2012, Chong Ket Pen went amok and desperate, and engaged International banks to hunt for investors to buy over Protasco Bhd shares from the owners, at what ever cost.
3 November 2012, Chong Ket Pen signed an agreement with business advisory firm Global Capital, and market perceived he lied and cheated investors Dato' Ooi Kock Aun and Dato' Tey Por Yee to buy over Protasco Bhd, and manufactured blame to bury them in order to gain control of Protasco Bhd.
By using the investors Ooi & Tey to buy over Protasco Bhd shares, Chong Ket Pen has since gained back his control of Protasco Bhd, and market perceives he has no intention to honor his words. According to 28 December 2012 asset purchase agreement announced on Bursa Malaysia, Chong Ket Pen during the material time was the only executive director to present and convinced Protasco Bhd board of directors to pursue the deal. Chong Ket Pen apparently did not disclose his personal interest that he signed on 3 November 2012 agreement. The agreement was clearly stated within a short period of time, investors have to acquire Protasco Bhd shares and they did; on the other hand, Chong Ket Pen has to complete due diligence and the transaction. On sealing such a large sum of investment, Chong Ket Pen must have made many promises and pursued the investors to put trust on him to execute the transaction.
Apparently, the transaction was delayed and prolonged and in breach of 3 November 2012 agreement. According to Bursa Malaysia announcements, few changes were made in the asset purchase agreements during January 2013 - August 2014, to stage for Chong Ket Pen to "manufacturing excuse and blame".
Based on 28 December 2012 agreement, there was no mention of oil license extension nor origin of oil contract, except the genuine and the existence of oil itself which matters, which is the industry norm for natural resource deals. Furthermore, the oil asset company PT ASI shares were transferred to Protasco Bhd and stated in the year 2013 annual report. Obviously, the fox has finally revealed his tail in April 2014-September 2014, where staged excuses were used to put blame on Ooi & Tey. The shareholders who bought Protasco bhd shares from the former owner was betrayed by Chong Ket Pen is obviously not a proud history Chong Ket Pen wants the public to know.
According to public information, series of allegations and false reports were filed to "demonize" Ooi & Tey, including inducement of oil asset vendor staff to lies on company registrar records; using a false statement to file a police report and further fabricated charges based on manufactured evidence. Defamative flying letters and business blackmail were initiated and planted seeds to cause opportunist to take advantage and further demonize the victims.
An organized corporate terrorism has since born, under the helm of Chong Ket Pen with only 1 mission - to demonize Chong Ket Pen victims and bury away Chong Ket Pen's wrongdoing. Chong Ket Pen's reckless moves had further revealed potential graft and questionable financial transactions within Protasco Bhd, which market believes the true reason why Chong Ket Pen put a blame on Ooi & Tey to avoid his legacies being exposed.
Chong Ket Pen cannot live with the facts that:
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He was not the de facto Protasco Bhd "owner", despite a co-founder
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His control of Protasco Bhd was stolen from shareholders through slandering
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He had committed series of wrongdoing, in the past and present
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He bites the hand who feeds
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He lied and cheated Protasco Bhd shareholders Ooi & Tey
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He blackmails Ooi & Tey by demonizing them to bury away his true legacies
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Protasco Bhd ill-gotten profits belong to 30 million Malaysian
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His ill-gotten profits belong to Protasco shareholders
What is Protasco Bhd's Chong Ket Pen has to do with Iretex Corp Bhd?
According to market consensus, Protasco Bhd director and lawyer Tan Yee Boon was appointed by Ooi Kock Aun into Protasco Bhd board. The first person who betrays his investor's mandate has since glue his loyalty to the one in power - Chong Ket Pen. Together with Chong Ket Pen's son Kenny Chong Ther Nen, Tan Yee Boon and Kenny Chong got rewarded with their "Datoship" after Chong orchestrated the blame drama on Ooi & Tey.
Kenny Chong Ther Nen was appointed as Chief of Protasco property division, while his brother Chong Ther Vern and Chong Ther Shern were also minority shareholders and having a post in Protasco Bhd.
Since Chong Ket Pen has manufactured series of blames and instigated series of betrayal in Ooi & Tey investments, the main blame of legal suit Chong Ket Pen using Protasco Bhd to sue Ooi & Tey was built on a malicious foundation full of lies and false statements is getting nowhere as the evidence works against Chong. This had instigated Chong Ket Pen (through Tan Yee Boon) to inspire one Teh Eng Huat, one of the business associates of Ooi & Tey to take an opportunity on Tey Por Yee. Teh Eng Huat was the former shareholder of Iretex Corp Bhd.
According to market & public resources, Tey Por Yee together with other investors had signed joint investment with Teh Eng Huat to acquire Iretex Corp Bhd shares from former owners Mr. Lee and Mr. Donald Yap. As part of the deal, Tey Por Yee has since invited investors to buy over Teh Eng Huat Iretex Corp Bhd shares in order to release his shares margin debt as well as shares pledged to Malaysian Debt Venture (MDV) loan. According to MDV, Teh Eng Huat had defaulted more than 2 years on his personal debt with MDV (close to RM22million, with the balance of RM7million at the material time), as well as other banks such as Standard Chartered bank (SCB) (close to RM5million at the material time).
Teh Eng Huat has to provide investment guarantee and collateral his joint investment shares to proof his words in delivering Zoomic profit guarantee. Market consense had indicated about RM9 million was collateral, against RM8.8mil profit guaranteed by Teh Eng Huat as per Bursa announcement. Teh Eng Huat has since signed Sales & Purchase agreement, together with Termination & Compensation agreement which recorded his debt close to RM20million. With the assistance of investors and private lenders, Teh Eng Huat has since paid down his long-standing debt problem, and when Teh Eng Huat sold his factory Zoomic (with debt cleared), Teh Eng Huat blackmailed business advisor Tey Por Yee to sign sham agreements as excuse for contra off the "debt agreements" Teh Eng Huat had signed, or else he will not repay the debt.
Teh Eng Huat uses the opportunity to claim what he doesn't own, and due to legal process technicality, Tey Por Yee was not able to surface evidence soon enough against Teh Eng Huat. With Chong Ket Pen sitting on Protasco Bhd abusing the resource to blackmail Ooi & Tey, it's already a miracle the victims survived such continuous slandering. Chong Ket Pen has been desperate to bury Ooi & Tey, the two witnesses of his dark history, and Teh Eng Huat intention to take advantage becomes a good excuse.
On March 2017, with the entry of Felix Chin Wui Choong and Mak Lin Kum into Iretex Corp Bhd board 4 & 6 months ago, the duo had fabricated evidence and manufactured blame on executive directors Kong and Christopher with the sole objective to illegal take control of Iretex board. Business has since affected and deteriorated, affecting thousands of shareholders. Teh Eng Huat had further believed being pursued to file a false police report and lied on sworn legal documents, which later proven untrue supported by expert forensic reports. Why would Teh Eng Huat files a false police report and got himself into perjury lying to the court? The promise and the catch are devastating and too bizarre to disclose to the public.
In view of Iretex shareholders calling EGM to remove the culprits, as an exchange for the collusion to benefit Teh Eng Huat, Mak Lin Kum and Felix Chin Wui Choong had suddenly dropped Iretex Corp Bhd's 2 legal suits on Teh Eng Huat, amount to RM9.3 million. The RM6.3 million profit guarantee was a statutory duty of Teh Eng Huat being the executive director of Zoomic and Iretex Corp Bhd pursued Iretex Corp Bhd shareholders to vote for it. The RM3 million potential CBT was already a public evidence from Bursa Malaysia announcement reveal un-declared Related Party Transaction (RPT) which spells out the conceal of information by Teh Eng Huat that he signs RM3 million payment together with Khoo Hun Sneah to Teh Eng Huat's sister using Iretex money advanced to Zoomic. Khoo is Teh Eng Huat's brother in law, and husband to Teh's sister. (Source: Bursa Malaysia public announcement)
Mak Lin Kum, an opportunist, was Ooi & Tey's lawyer in all their former businesses, including Protasco Bhd and Iretex Corp Bhd. Mak's very existence was because of Chong Ket Pen's malicious legal suit on Ooi & Tey through Protasco Bhd, and further manufactured charges on the duo. Mak, together with other lawyers were defending for Ooi & Tey. Any excuses would be the perfect target to use against Ooi & Tey, and the devil's hand is obviously stretched. (Source: Bursa Malaysia public announcement trace back Mak Lin Kum was Dato' Tey Por Yee's personal lawyer since September 2015. According to Bloomberg, from April 2002 to October 2015, Mak Lin Kum practiced in Messrs. Kadir, Andri & Partners. He joined Messrs. Syed Ibrahim & Co. since November 2015). Without Protasco Bhd case, there would be no place for Mak Lin Kum. Of cause as part of the impact of Chong Ket Pen's planted virus, Mak Lin Kum may not even know he was made to do what he is doing. A law maker becomes law breaker and brain shadowed by money derived from graft and sin. Of cause, a lawyer can self-rationale and justify what sin money being cleaner.
When opportunist showing their hands to the devil, the devil had answered. The market had smell similarity and modus operandi of one Chong Ket Pen finger prints everywhere. Having opportunist showing loyalty in the name of self-proclaimed justice but for money and greed, another round of corporate character assassination was instigated.
The trail further confirmed Chong Ket Pen's involvement when shareholders called EGM to remove Felix Chin Wui Choong and Mak Lin Kum was attempted by Teh Eng Huat filling injunction to intercept "shareholders vote" by using law firm David Lai & Co. David Lai & Co is Tan Yee Boon's law firm. Such obvious direct involvement not only confirmed such conflict but also the very existence of Chong Ket Pen's "organized corporate terrorism" and his side impact, like a virus leeched on Protasco Bhd for personal agenda.
Chong Ket Pen's name Leeched to Protasco Bhd Public Relation Again. What is Chong's Next Dirty Deed?
Whenever there is corporate blackmail or slandering on Ooi & Tey, with the latest syndicate of Mak Lin Kum, Felix Chin Wui Choong and Teh Eng Huat collision, for example, Chong Ket Pen is out for "self-cleansing" public relation campaign on parallel.
Whenever Chong Ket Pen associated his name with Protasco Bhd, corporate terrorism is on red alert. Such sophisticated organized commercial crime might be too complicated for Malaysia authorities to have a clear bird view but not that difficult for Internet age smart investors to find the trails and differentiate facts and lies spreading across newspapers such as The Edge, The Star and so on.
With the last Star newspaper tasteless article, what is Chong Ket Pen up to? Having enough slandering on Ooi & Tey, perhaps Chong Ket Pen thinks his self-cleansing had done enough to bury his dirty past? Investors of Protasco Bhd doesn't seem to buy Chong Ket Pen "fox tales" anymore. At least not as reflected in the share price. Market shall observe what is Chong Ket Pen's next move, perhaps to take on Wikipedia or Google, and everyone on the street for not praising him as "goddess" of Protasco Bhd.
Iretex Corp Bhd 25 August 2017 EGM. Chong Ket Pen's slandering intensified.
The culprits who caused Iretex Corp Bhd shareholders suffer, lead by Mak Lin Kum and Felix Chin Wui Choong, have once again miss leading public using Bursa Malaysia announcement trying to hide away 25 August 2017 EGM. The culprits have also fooled the public and the authorities by delaying AGM, causing Iretex Corp Bhd directors in breach of statutory and fiduciary duties, with the sole purpose to cause suspension of Iretex Corp Bhd share tradings.
How long can the market sustain such a wide scale commercial crime, using corporate sabotage and personal slandering? While the country is in hope to recover Bursa Malaysia investors interest, the ratification on corporate terrorism becomes crucial. Until the market has such advance system to understand the impact, Iretex Corp Bhd investors have to rely on their basic rights as shareholders - to vote for their destiny in coming EGM.
BizTrails
References:
http://www.thestar.com.my/business/business-news/2017/07/29/protasco-sees-a-better-2018/
Saturday, 29 July 2017
Protasco sees a better 2018
BY DANIEL KHOO
image: http://www.thestar.com.my/~/media/online/2017/07/28/18/54/p8_bizw_280717_pg08a_tankimbock_1.ashx/?w=620&h=413&crop=1&hash=981968AF59EC3D558288733E05D1CE48C93129CC
Chong: Growth in 2018 should be better than this year. This will restart our upward trend and we hope to be able to get double-digit growth.
Diversified construction company confident of securing a big job that will last years
After a weakened financial year 2016 ended Dec 31, things could start looking up again for Protasco Bhd next year.
The diversified construction company’s managing director, Datuk Seri Ir Chong Ket Pen, tells StarBizWeek that he is quite confident of securing a relatively big tender that would help grow its earnings again.
“This will be in the building (construction) space and it will be big. If we do get it, it should last us for many years. But this is still a hope for now as we have yet to secure it,” Chong says.
He says that the company expects to record a relatively flat year-on-year performance in 2017 due to the lag effect from the slowdown that was experienced last year.
“What happened in 2016 carries through to this year that’s why it affects our results and it can be quite flat. Growth in 2018 should be better than this year. This will restart our upward trend and we hope to be able to get double-digit growth. This will be driven by the property side with our other projects starting to kick off,” Chong says.
“Construction will also start to recover towards the end of the year while our maintenance side is strong. The company’s three focus areas are on the construction, maintenance and property side,” he adds.
The company’s performance in 2016 took a hit with bottomline falling by some 34% from the previous year to RM44.37mil due to the non-renewal of road maintenance contracts, reduced work orders on maintenance works and the reduced completion of property development projects.
Topline also reduced by some 17% to RM1.09bil from RM1.31bil in the previous year.
Both the maintenance and property development business segments weighed on its performance last year.
Moving forward, Chong says that the company expects to top up its order books by at least some RM500mil-RM600mil per year in the construction space.
In the construction space, the company provides services in designing, constructing, upgrading and the rehabilitation of roads, bridges and buildings.
Among its notable projects include the Phase 1 and 2 of the Perumahan Penjawat Awam 1Malaysia (PPA1M) in Putrajaya and it has also built the bridge linking Old Klang Road with the New Pantai Expressway across the Klang River.
The company says that phase 2 of PPA1M project is expected to contribute its revenue in 2017.
“We now have an outstanding orderbook of about RM760mil that will last us for 1½ years. If I top up at least RM500mil every year then we can continue to replenish this because my burning rate is RM500mil a year. It is not an issue to top up RM500-RM600mil every year and we are fairly comfortable of doing this,” he says.
In the year-to-date until June 30 for the first six months, Chong says Protasco has already replenished about RM300mil into its orderbook. Chong says the construction space could help boost its performance due its experience before.
“The Prime Minister has announced before that they need to build some 200,000 affordable homes for the civil servants. We are very strong in building for the government in the affordable side and we already have a track record,” he says.
“We have built and completed the phase 1 of PPA1M six months ahead of schedule and it has been handed over. We are building phase 2 now and we are going to start phase 3 while phase 4 is coming quite soon so we feel that we can continue to win these sort of contracts,” Chong adds.
He says 2018 could also see improvements premised on the recovery of the property sector.
“This is from the launch of smaller property projects including those outside the Klang Valley,” Chong says.
In its 2015 annual report the company stated that it believes that the property market will continue to remain soft this year based on prevailing market sentiment and tighter lending conditions from financial institutions.
It has decided to hold back the launch of its phase 2B Rimbawan Residences @ De Centrum that comprises mainly high-end properties and would be focusing on affordable units at De Centrum City, Kajang.
New launches are also expected in Kota Baru, Kelantan and Pasir Gudang, Johor.
While it is still too early to say if 2018 would be a year when the property market finally recovers, Protasco’s construction projects contracted for by the Government could help it sail through the tough times in the property sector.
Read more at http://www.thestar.com.my/business/business-news/2017/07/29/protasco-sees-a-better-2018/#QDdlxBPcMvFjDPxH.99
CheatMaster
https://whocheated.wordpress.com/2017/11/13/protasco-27-11-shareholders-tey-por-yee-ooi-kock-aun-vs-15-5-chong-ket-pen-true-motives-surfaced-a-stolen-cheese-by-later-proven-a-cheat-sham-case-withdrawn-tey-ooi-discharged-is-chong/
Who cheated? apparently Chong Ket Pen took control of Protasco Bhd and paying himself eye popping RM4 million salary. No wonder he put blame on Ooi Kock Aun and Tey Por Yee pointing fingers to them to get away with Protasco Bhd control.
2017-11-15 17:51