Original article from : https://lokapchong.law.blog/

15 March 2019 - Protasco Bhd's heist is accelerating. Evidence exposed recently show that the fraud of Chong Ket Pen to defraud investors was started right from the beginning when Chong Ket Pen approaches investors on 19th September 2012. 

The true intention and bad faith to scuttle the deal was exposed in evidence as later as 1 November 2012, or 2 days before Chong Ket Pen signs 3 November 2012 personal guaranteed investment agreement with Global Capital (the Broker) to deceive and induce Investors and oil and gas Vendors into the deal.

The 15.5% minority shareholding Chong Ket Pen cheated the Banker, Broker, Investors and Oil and Gas Vendor into the deal to help him buy out Protasco Malay owner, and later push away all these victims in order for CKP to steal the control of Protasco Bhd, resulted in CKP personally taken RM70 million ill-gotten money from Protasco to buy himself more Protasco Bhd shares up to 29.5% today, during the years 2012-2019.

Along the process, RM100 million was recorded in Protasco Bursa Malaysia public record paid to Chong Ket Pen pocket, on top of RM1 billion dubious business spending, all of which churned to "loss making results" with suspected transfer pricing taken profit margin away from Protasco through Chong Ket Pen's associates. The spending including RM750 million burnt for PPA1M project under his son Kenny Chong Ther Nen Construction Division, RM280 million failed De Centrum Mall managed by his son Benny Chong Ther Vern, and RM14.25 million invested in 44% associate company owned by his son Denny Chong Ther Shern on "green energy" pet project.

To celebrate the money stripping fiesta and loss making report card, Chong Ket Pen uses Protasco money and bought 3 sports cars for his 3 sons, and Chong Ket Pen personally in money laundering spree burning money from Australia to Sri Lanka.

Dividend was paid from bank-borrowing, and loan were taken from dubious bank arrangement such as UOB Bank to finance the spending.

The result of such reckless heist landed Protasco with RM622 million debt vs RM353 million equity on Protasco balance sheet as of 31 December 2018. Chong Ket Pen in view of fraud evidence being exposed and truth prevails, on 1 March 2019 announced using Protasco to pay himself RM48.6 million cash to buy a "Tampin Land Project" from the one and only Chong Ket Pen himself.

Chong Ket Pen and his partner Vincent Tan Heng Kui continue to use ill-gotten Protasco money to buy more Protasco shares, and uses Protasco money to support the share price in view of share margins with banks, notably UOB Bank.

8 March 2019, The Edge newspaper announced Protasco Bhd was instructed by Putrajaya Corp (PjC) to suspend PPAM project in Putrajaya. Such probe if prolonged, a default to banks such as UOB with RM622 million debt to serve might force Protasco into PN17 very soon.

The last piece of dubious contract is the 4 April 2018 RM4.2 billion JKR road maintenance concession. The focus of the graft and corrupted contract is the challenge to Pakatan Harapan government's manifesto. A day Chong Ket Pen and his cronies are still leeching inside Protasco and not behind bar, the new government image is a paint in the back side when the people of Malaysia watching the criminals continue to rip off the country above law. The heist just got expedite when Chong Ket Pen openly declares the stripping of further RM48.6 million cash from Protasco.

Source: Protasco Bhd, PDRM, MACC, SSM, Bank Negara, Bursa Malaysia, Securities Commission.