The discussion revolves around the aviation regulations, international flying permits, the Narendra Modi government, Tata Group chairman emeritus Ratan Tata and competition, especially SpiceJet. The audio is peppered with a lot of loose talk and abuses. It could nail Air Asia and its boss who has been booked by the CBI for allegedly bribing government officials.

 

Despite the apology and self-explained ratifications to excuse himself from the obvious political beneficiary acts pre-election, AirAsia share price sustained thanks to rich shareholders support, but the probe escalated from old-business-practices are just started.

 

Tony Fernandes (L) with Mitu Chandilya during a press conference in 2013.

Source from https://klse.i3investor.com/blogs/kianweiaritcles/159308.jsp

 

 

Protasco Bhd's Chong Ket Pen "Fraud" Probe?

= Profit & Cash Went Missing, "MO1" Fat Salary remains, Share Tanks.

Reference was made when insiders in the know told research houses that Protasco Bhd's accounting practice is dubious, and management lead by Executive Director cum Deputy Chairman Dato Seri Chong Ket Pan (aka MO1 of Protasco) could be covering up potential fraud and graft activities he and his team did within the company over the years under the former government. True enough, Protasco Bhd bundled the company 1st Quarter 2018 results within same day after company Annual General Meeting and given public shareholders a shocking loss-making result (Note-A).

Protasco Bhd made RM2.1 million loss on a jaw-dropping RM157 million revenue, mostly derived from controversial "high-margin" road maintenance contracts, as opposed to RM3 million profit last year, and far cry from over RM13 million profit the year earlier. The "profit margin" seems to be missing over time despite business fundamental remain the same. The research houses were slapped in the face over the last 4 years of high valuation review based on Protasco management's "positive promises", riding on JKR road maintenance renewal and PPA1M public servant low-cost housing projects.

The company director Dato' Mohd Hanif "retires" the same day on the company AGM and before the release of the quarterly report. Cash position plunge 66% to RM49.3 mil, from RM111.5 mil YtoY quarter. Investors seem shocked and not happy with the performance and worry about the whereabouts of contract profit-margin and cash.

(Note-A: Protasco Bhd "operating cost", especially the "MO1" of Protasco Bhd, alleged the controversial "accidental owner" Chong Ket Pen as per Protasco Bhd annual report, took RM4 million per year personal fees, up over 400%. Compared to Protasco Bhd performance years ago, this cost eats up all profit margin (from public road contracts) which belongs to people of Malaysia. The potential self-gratification activities raise serious corporate governance issues by concerned investors with relevant authorities being toyed looking at wrong direction while the leakage continues to loot Protasco Bhd. The dubious financial engineered dividend was paid mostly to MO1, and this money was used to purchase Protasco Bhd shares, resulting in the recycling of ill-gotten money taking more and more stakes in Protasco (the money machine)- using public money. The modus operandi is coincidentally similar to some common practices of "former" government officers currently under probe. source: https://klse.i3investor.com/blogs/truebackground/131967.jsp )

 

"MO1 buddy MO1". Chong Ket Pen (MO1 Protasco) (R) with Najib Razak (MO1 BN) (L) during the Ex-Prime Minister's PPA1M political publicity project event organized by Protasco Bhd.

(Source from https://klse.i3investor.com/blogs/refreshcountry/158676.jsp "Protasco Bhd - Will frog politics save the "MO1 and cronies" milking the company from Malaysian? - CroniBizNews" )

Is Protasco Bhd's 100% Government-Contract Dependence to be dismissed?

= AirAsia Bhd flying low, Supermax Bhd lay low, Protasco Bhd in a limbo

 

The new government seems determined to clean up graft and cronyism business models, including review or cancellation of dubious contracts, as well as removal & prosecution on the corrupted executives in both GLC and PLC involved in government contracts. Among the 3 pro-former government companies, Protasco Bhd seems to be most fragile, with almost 100% business relied on (former) government contracts, while AirAsia and Supermax were mainly private businesses.

 

Protasco's dubious contracts award process and mysterious accounting practices would be a challenge when facing public scrutiny. Which is why institutional investors are selling Protasco Bhd shares close to all-time low. (Note: Protasco Bhd share price closed at RM0.525 on 1 June 2018 at Bursa Malaysia).

 

 

Can Protasco Bhd current management escape and cover-up potential similar probe facing ex-Prime Minister Najib Razak and Barisan Nasional related parties involved in potential "dirty business", including Protasco itself? How would Protasco Bhd explain the surprise 1st quarter 2018 financial results with a loss, while investors were told "good prospects" through heavy stock promotion investor-relation conducted by the management to CIMB, RHB, UOB, Malacca Securities, AMMB and Hong Leong Investment, namely by Chong Ket Pen himself?

 

According to Protasco 1st Quarter 2018 report, the "missing money" (Y-to-Y plunged from RM111 million to RM49 million, or RM62 million vanished) happens pre-election in January-March 2018 quarter. Such timing and cash trail are raising eyebrows of Pakatan Harapan (PH) watchdogs. Insider leak was told coincidentally the probe in ex-Prime Minister alleged 4 houses could have seized bags of cash amount to US29 million (RM120 million). 

 

Subsequently, in less than 1 week after the cash-missing quarter, Protasco Bhd announced the award of road maintenance jobs in 5 states on 5th April 2018. (source: 5th April 2018 "Protasco secures road maintenance jobs in five states" https://www.thestar.com.my/business/business-news/2018/04/05/protasco-secures-road-maintenance-jobs-in-five-states/ )

 

Protasco's (ex) director DATO' MOHD HANIF BIN SHER MOHAMED coincidentally left the board the same day after the results announcement.

 

 

 

RM62 million Money-Trail Exposed?

= Get close & Use PDRM (Polis) to Cover Up?

 

The whereabouts of Protasco Bhd's cash, and whether the renewal of Federal road maintenance contracts which is directly linked to (former) government has anything to do with the trucks of cash circulating around (former) government officers houses, has raised MACC (and PDRM) eyebrows.

 

The coincidental cash trail is also bundled with the "selfie photo session of Chong Ket Pen and Najib Razak" followed by "pre-election pro-BN press releases & campaign" organised by Protasco Bhd (by using Protasco chairman Tan Seri Hadenan Abdul Jalil and PDRM's IGP together with Kop Mantap [Koperasi PDRM retiree] as publicity tools) in support of ex-PM Najib Razak's PPA1M "success stories".

 

The joke is PDRM's IGP Tan Sri Mohamad Fuzi Harun seems to be (unwillingly) used by Protasco Bhd to campaign for Dato Seri Najib Razak's PPA1M days before GE-!4. (source 4hb Mei 2018: https://www.hmetro.com.my/mutakhir/2018/05/336771/50-polis )

 

 

 

PDRM's IGP (L, 3), Tan Sri Mohd Fuzi Harun, was used by Protasco Bhd to promote ex-PM's PPA1M project, making publicity on 4 May 2018, or 5 days before General Election on 9 May 2018.

 

How Protasco explain the heavily promoted road maintenance business, which is the only profitable business unit inside Protasco Bhd, could result in a loss, while the same quarter with similar sales revenue would have generated good profit margin. Where the money goes?

 

Such series of coincident events becomes the focus of relevant authorities in current government and potential probe in Protasco Bhd and its relevant parties. Count Bursa Malaysia, Securities Commission, SPRM, PDRM, IRB and of cause "investigation & prosecution" task force formed under the watch of the newly formed "Malaysian Council of 5 Eminent Persons" (Note-B), being especially interested to know how money travels and how could (current) government recover the people's money taken (rob) by the fat cats who colluded with (former) government officers.

 

Maybe some officers in PDRM, count IGP Fuzi & Amar Singh, are not that shallow to be fooled by the cronies' PPA1M story (perhaps a form of bribery) and blindsight on the obvious. What would they do?

 

 

 

(Note-B: Protasco Bhd former owner was linked to one of the 5 Eminent Person council. The council members are hand-picked by Prime Minister Run Dr. Mahathir to clean up corruption and cronyism inherited from the former government. Market believed current Protasco Bhd MO1 induced, betrayed & cheated Protasco so-called "control" from the former owner. Protasco post MO1 control from the year 2014-2018 was a disaster, with MO1 himself raised personal salary and fees to guiltily high level beyond reasonable, together with his cronies inside Protasco. Since Protasco business is (former) government dependence road maintenance contracts, quote-unquote MO1 & cronies are "civil servant" which only deserve civil servant pay. Staff mentality which brought down Protasco to suffer financial losses raised question where the fat contract money goes. 5 Eminent "Daim Zainuddin,  Zeti Akhtar Aziz,  Robert Kuok,  Hassan Marican,  Jomo Kwame Sundaram". Source of 5 Eminent Persons: http://www.scmp.com/week-asia/politics/article/2147877/malaysias-jedi-council-meet-mahathirs-5-eminent-persons )

 

 

 

Protasco Bhd's RM62 million "shortfall" monies making a big hole in 1st quarter 2018 account, where it goes?

 

 

 

 

PH Manifesto - Clean Up News Leak

 

 

Source: 

https://www.reuters.com/article/us-airasia-india/airasia-shares-tumble-as-india-probe-threatens-ipo-plans-idUSKCN1IV1M5