20 June 2016 : Tan Sri Hadenan Abdul Jalil, the unfortunate Chairman of Protasco Bhd was drag into Protasco fiasco which market believes in cross road and likely collapse anytime burning their bridges under MD Chong Ket Pen conspiracy. As much facture and amusement for reading purposes only, Protasco Bhd seems to be a live teaching material of what extend can a board hold themselves together to facilitate organise potential crime and corruption under cover using Bollywood style coconut tree dance. At least one director Dato Ibrahim Mohd Nor holds his integrity by his religion and quite the board on 1st October 2015 before more crime being committed using and abusing the board (Bursa Malaysia announncement, resignation of Dato Ibrahim).

Investors are not amused and think the other way round, sending the share price collapse recently from RM1.80 to RM1.51. If some of the conspiracy indeed started to surface, investors question what would Protasco worth and will current share price hold? The Private Placement already freak out investors. Is there more damages to come? Perhaps someone shall ask the chairman Tan Sri Hadenan A. Jalil to clarify on these rumors.

The Protasco Bhd board room tussle seems started when the controversial Managing Director Chong Ket Pen put a blame where market perceived as a setup plan on September 2014, by playing out the two investors Tey Por Yee and Ooi Kock Aun which took over the substantial controlling share block from Tun Daim on November 2012. Market perceive their mistake were to re-hire Chong Ket Pen on November 2012 just after they purchased the shares from Tun Daim. Chong was earlier on June 2012 being fired and replaced by another Tun Daim blue eye boy See Ah Sing (reported by The Edge on 10 June 2016). See resigned on November 2012 to make way for the return of Chong into Protasco Bhd.

Ref: 

25 June 2012 - Appointment of See Ah Sing as ED

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1322253

25 June 2012 - Remove of Chong Ket Pen as ED, to Executive

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1322197

28 November 2012 - See Ah Sing resigned

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1323561

Sources familiar with the company exposed that Protasco board room fight started much earlier during Dato Hasnur time. Chong together with Hasnur were hired by Tun much earlier in the year 2000's, and was given the mission to take the company public. His blame game trick started with Dato Hasnur, whom he played out using Tun's hand, and later See Ah Sing, again using Tun's hand, by leveraging on empty promises to induce 2 investors Tey & Ooi, to take over Protasco. The play out of Tey & Ooi, despite market sources claim that Tun refuses to involve, Chong had used his name with his finger prints everywhere. Count Wintoni Bhd, another Tey & Ooi's associate investee, where Tan Sri Liew Kee Sin's entire senior management including Yap Kok Weng and Chang Khim Wah, both CFO and CEO of SP Setia and EcoWorld, were miss leaded and induced by market reliable sources, under Chong's sponsorship, had got their hands dirty by breaking take over code and general offer law. Who would have moved these corporate figures? It's up to market to digest and guess.

Ref: 

http://syndicatedscam.blogspot.my/2015/09/wintoni-group-demand-sp-setia-yap-kok.html

http://wintonisaga.blogspot.my/2015/10/liew-kee-sin-shadow-on-wintoni-sp-setia.html

Subsequently after the sudden Bollywood show organized by Chong on September 2014, series of corporate blackmail and character assassination market sources linked back to Chong took place since third quarter of 2014 until present day. These potential organized blackmailing plans, market believes not only illegal but potentially involves crime activities with clear links trails back to Protasco board, money and resources, have pressured Chong's defector bosses (Tey and Ooi) to divest their shares early year 2016. Chong is supposed to claim victory despite much controversial, however reliable market sources have indicated other wise. Instead, Chong had brought his board of directors not to the end, but the beginning of larger conspiracy.

Another Victim of Chong's Conspiracy - Hadenan the Fall Guy?

Despite the board room fight, Chong, the person behind the blame game which put his own board into hot pan when reverse publicity dug up his own legacies which market believe may involve transfer pricing and missing of billion Ringgit malicious transaction using questionable accounting practices in Protasco from year 2004-2016 (Malaysia Focus report), is catching authorities eye. Count Tan Sri Hadenan Jalil being the chairman of the conspiracy factory Protasco Bhd, market perceived Chong has planted Hadenan as the fall guy if anything goes wrong. Does Hadenan, a prominent Malay corporate figure willingly or unwillingly, knows what he is walking into?

Hadenan was hired as Chairman of Protasco, and was bulldozed by Chong on November 2012 and December 2012, where Chong just being hired back to Protasco, and kept himself as the "only Executive Director" of Protasco to propose, present and hard selling an Oil & Gas project, and got Hadenan to accept his plans.

Subsequently, Hadenan witness Chong's due diligence, with legal report signed off by Chong, and enters into series of agreements, and Chong induced Hadenan to accepted all his proposals. Hadenan was only after some 18 months later, being told by Chong some ridiculous excuse and setup plan to cheat Protasco major shareholders, namely Tey & Ooi, and manufacturered series of stories to full-fill Chong's conspiracies. Hadenan was right in the middle, where market sources were told Hadenan was used with "larger conspiracy" cooked up by Chong to sacrify the duo. In reality, market perceived it's Chong's trick to gain control of Protasco, just like what he did to others in the entire Protasco history.

All of these drama, Hadenan got put in the middle of it, and he was induced to sign off most, if not all, of the lied (sweared) documents. A natural fall guy Chong had planted since the start of the Bollywood show.

The bizzare story about Hadenan was in his speech on 24 February 2015, before his retirement from MACC (SPRM), the anti-corruption agency of Malaysia. News report titled "Will anti-misconduct law spare ministers?" (http://freemalaysiatoday.com/category/highlight/2015/02/24/will-anti-misconduct-law-spare-ministers/) with the subtitle "Negligence and misconduct are as irresponsible as corrupt practices". Perhaps Hadenan should ask Chong about this, and maybe that is a blessing by God to let Hadenan retires after this speech, so that Hadenan could continue to be used to hold Protasco MD's negligence and misconduct.

Other Hadenan public speeches are now perceived as joke with himself standing in the middle of potential largest corruption and misconduct in Protasco fiasco:

http://english.astroawani.com/malaysia-news/private-sector-urged-appoint-integrity-officers-macc-28345

http://anotherbrickinwall.blogspot.my/2010/12/mas-corruption-investigation-lose.html

MACC Operations Review Panel chairman Tan Sri Dr Hadenan Abdul Jalil said today that contrary to claims by various quarters, the MACC was indeed investigating Tajudin for corruption.

"In view of new evidence surfacing, investigations are under process," he told a press conference, adding that "new evidence" also meant a witness or witnesses had come forward to shed light.

"Shall Hadenan shed light on his position in Protasco?"

Within UMNO, the rulling party which is under Dato Sri Najib control, asked about Hadenan position in this former Tun Daim vehicle "Kedudukan Hadenan dalam Protasco jadi tanda tanya" 

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

"What are the lies and inducement cooked up by Chong Ket Pen that kept Hadenan sitting on the hot seat with potential corruption, crime and conspiracy heading his way, position himself as the fall guy?" For all that Hadenan knows, the stories were cooked up by Chong alone just to use him (and planned him as the person to be blamed). Nobody is interested in Protasco "legacies" except Chong, which Chong himself dug it up in the first place.

Chong's Modus Operandi - Everyone else to Blame, except Himself

Sources familiar with the matters was told this is Chong's Modus Operandi, and he setup conspiracy and put a blame on many of his former bosses and business partners before Hadenan, it doesn't stop him from doing the same again. Hadenan was induced by Chong to enter into series of agreements, as well as if not all, most of the dubious legal suit Chong uses as weapon to play out his bosses and rivals from Protasco. Count Dato Hasnur, See Ah Sing, Tun Daim, Ibrahim Mohd Nor, Tey Por Yee & Ooi Kock Aun, among others, and market perceive latest fall guy Tan Sri Hadenan to take all the blame.

As wonderful as Chong spend money hired consultants to put up best Bollywood show, Chong happens to discover gold mine out of his backyard. Careful study by local business journalist have found the trail of Chong's career history being an employee, which some how after every series of Bollywood blame game show, he is able to gain more protasco shares by printing money out of thin air. Not bad for a public servant who is able to get away by putting blame on others. Latest Hadenan fall guy drama would likely use the Protasco legacies as an excuse, which Chong dug out himself because of his greed in cheating his partners, yet he may be able to put a blame on others, count Tey & Ooi being his last target, as well as all others except himself. When sh!t shoot up the roof, there is Tan Sri Hadenan.

Being a survival in government office, "name" and "face" is his life, which is why he though of tarnishing other people's name to cover up himself. Paint the donkey ugly so the monkey looks pretty. Chong's reckless move and obsession of money and fame is so obvious, his name "Chong Ket Pen" was hidden behind or cosmatic omitted in all legal suit in Protasco public announcements and Annual Report. Even public information, he tried to cover up his name being the main culprit of all potential crime and misconduct, while pays money to put his name associated with series of charity and association activities, in hope to camouflage his potential criminal activities. In Chong's entire career life, the last 2 years PR cosmatic is by far the most "fake" and told among business community. A joke told by his advisors showing off his naked body instead of promised pretty cloths in his lost in EY Entreprenuer Award 2015. Luckily EY maintained their dignity and integrity.

http://www.ey.com/MY/en/About-us/Entrepreneurship/Entrepreneur-Of-The-Year/EY-eoy-top-nominees-2015

Also read last news report:

17 June 2016 - Protasco wizard MD pulls rabbit out of his magical hat again. Chong buys more shares.

 http://klse.i3investor.com/blogs/pandorareport/98548.jsp

While Hadenan could be heading to the end of his career and trying to wash away potential crime he being used and associated with Chong for his cover up, Chong is busy counting money and prepared yet "another fall guy". Who is the next victim? Maybe Hadenan can gives some answer to Bollywood's latest preview. As for now, the Hadenan show is still on going while Chong still hold his balls for some reason. Enjoy the show before the next best actor being replaced.

Pandora Report