16 October 2018 - Kajang, Selangor, Malaysia - Road maintenance company Protasco Bhd saw the Managing Director Dato' Sri Chong Ket Pen busy buying up Protasco Bhd's shares since the share price has been in the free fall post-General Election. Protasco was traded at RM0.345 on Monday closing, or more than 70% drop as compared to RM1.20 early of the year in January 2018.

According to Bursa Malaysia announcement, Chong Ket Pen on 11/10/2018 acquired 244,700 Protasco shares and held 129,275,219 shares directly and indirectly, or 27.219% enlarged capital.

"Who is Chong Ket Pen and where he got his money" becomes the main question of Malaysia capital market when Chong Ket Pen splash millions to buy Protasco shares during this bear market.

CHONG KET PEN's BIGGEST PERSONAL GAIN is THE CONTROL OF PROTASCO BHD

The sudden rise of a cash-rich civil servant who calls himself businessman is not uncommon, especially in developing countries such as China, Pakistan or India, where state-owned enterprises were privatized and control by few opportunists using ways the modern society legal system cannot accept. Chong Ket Pen is a good example of civil servant taken the state road concession JKR contracts private using sophisticated methods he doesn't want the market to know the truth. Better still, Chong Ket Pen "taken" the entire Protasco Bhd control through a "heist"!

Since Protasco involves the welfare of all Malaysian in public road maintenance, the whereabouts of the people's money becomes the focus of relevant authorities. According to Bursa Malaysia record, here is how Chong Ket Pen got his fortune over the years:

• Sometime October 2012. Chong Ket Pen went to investor Dato' Tey Por Yee and ask him to buy over Protasco controlling shares, in return to retain Chong Ket Pen Managing Director position in Protacco.

• 3 November 2012, Chong Ket Pen signed a personal guaranteed engagement agreement to induce the investor to do the Protasco take-over transaction, with incentive Chong Ket Pen will acquire an oil asset.

• Chong Ket Pen has 15.5% Protasco free shares valued at RM44 million when the largest shareholder Dato' Tey Por Yee paid RM100 million bought over 27.11% Protasco Bhd shares on 26 November 2012.

• Chong Ket Pen took share margins and bought more Protasco shares from 2 February 2013 until today.

• Chong Ket Pen uses RS Maha Niaga Sdn Bhd to collect RM10 million security deposit he claims "refund of a loan", with money paid from Protasco Bhd to the business vendor and paid to Chong Ket Pen to rescue his share margin call.

• Between July - September 2014, the oil asset was sacrificed to make an excuse for Chong Ket Pen to gain absolute control of Protasco.

• Chong Ket Pen uses his newfound power to raise his salaries from RM1 million per year to RM4.2 million per year. During the year 2014-2018, Chong Ket Pen had taken more than RM14 million salaries and fees.

• During the same period, Chong Ket Pen was, directly and indirectly, got paid over RM45 million Protasco share dividends.

• During the 4 years period, Chong Ket Pen uses the RM70 million money taken from Protasco Bhd and bought into Protasco Bhd shares to gain more shares, repaid his share margins and personal debts.

• With the money circle of "Protasco > Chong Ket Pen > Protasco shares" spins round and round, Chong Ket Pen had today owned 129,275,219 Protasco shares directly and indirectly, or 27.219% enlarged capital.

CHONG KET PEN'S ULTERIOR MOTIVE is PROTASCO's MONEY

WHERE IS PROTASCO HEADING IF THE MONEY SPIN GOES ON?

Through the conspiracy and sophisticated money-spinning scheme, unfortunately, today Chong Ket Pen held 129,275,219 Protasco shares only worth RM44.6 million. The RM70 million Chong Ket Pen took out from Protasco had vanished into the falling share price, from RM1.20 to RM0.345 as of Yesterday. 

Protasco under Chong Ket Pen's management had suffered 2 continuous quarter of accounting lost (Jan-Mar 2018 and Apr-Jun 2018), while the RM4.2 billion JKR contract secured on 4 April 2018 this year seems uncertain under the new government review of graft and probe of unsustainable public contracts.

The victims sacrificed in the Protasco heist carried out by Chong Ket Pen behind the scene during the year 2012 - 2018 would sooner or later unfold, count the USD22 million breach of contract loss with serious "cheating, fraud and conspiracy" element suffered by Oil asset owner as the main claim which Chong Ket Pen has to pay for his own negligence; the minority shareholders claims led by state fund EPF which suffered investment loss due to Chong Ket Pen's misleading information published through research reports and newspapers; and most importantly the penalties and probes by relevant authorities for graft and money laundering due to PPA1M and JKR contracts awarded during former government, all of which could run into hundreds of millions of Ringgit.

Would Chong Ket Pen able to pay a potential USD22 million (RM88 million) personal-guaranteed claims? How about RM500 million fishy deals Chong Ket Pen signed up for Protasco during the former government time, especially PPA1M and JKR contracts?

With Chong Ket Pen on the surface only owns RM44 million worth of Protasco shares, Chong Ket Pen other assets would be in the authorities watch when the sky falls to pay for his debt of RM88 million.

As for Protasco, the leftover RM370 million assets (on paper) might worth RM259 million after repaid the pile of bank loan and debt engineered by Chong Ket Pen during his reckless era of the year 2014-2018. The winding up of Protasco might recover 70% or RM181 million back to relevant authorities to recover the cost of suspected graft, tax, and unaccounted siphoning estimated RM500 million, leaving nothing for minority shareholders. That explains the recent share price drop which is usually an indication of event 6-12 months ahead.

"Chong Ket Pen, a fraud, is suspected to face multiple criminal charges, for giving an order, deceived and induced Hadenan Abdul Jalil, and Salleh Mat Rasid to conduct criminal activities to forge and manufactured "criminal charges" on Protasco controlling shareowners in order for himself to take over Protasco control. The "charges" were fabricated without taking full statements and using unverified forged documents, itself is a scam. The victims were "discharged" due to insufficient evidence, and still under intensive attack and slandering by Chong Ket Pen in attempts to fabricate more sham charges. During the scam, Chong who stolen Protasco control from the largest shareholders had made himself "the largest shareholder" through a heist and series of self-gratification and money-spinning schemes.

While all these uncertainties await Chong Ket Pen and Protasco, there are also suspected criminal probe awaits Chong Ket Pen and his associates, including Tan Sri Hadenan Abdul Jalil and Dato Seri Salleh Mat Rasid among the few. Breach of Trust, Fraudulent Misrepresentation, Forgery, Cheating, Defamation, Insider Trading, Breach of Directors Fiduciary and Statutory Duties, among the few obvious breaches, on top of Graft, Money Laundering, criminal illegal Obtain and Use of government secret information, Deception, Induce and misused authorities to cause harm to Chong Ket Pen's victims for Chong's personal benefits, as well as abuse of Protasco money and resources to cover up Chong Ket Pen's personal wrongdoing, etc, countless dubious activities.

Chong Ket Pen had also turned the public listed company Protasco Bhd into his private Playmate Club and personal teller machine, feeding his 4 sons including Kenny Chong Ther Nen, Chong Ther Vern, Chong Ther Sern, and Chong Ther Zern, by taking blind salaries from the company. His associates in the famous "Protasco Heist" during the year 2012-2014, including Ho Chun Fuat, Tan Heng Kui, Lim Yew Ting and Tan Yee Boon, are among the target of relevant authorities which EPF had voted against their RM10 million director fees in the last AGM, according to Protasco Annual Report published in Bursa Malaysia.

In just less than 4 years from the year 2014-2018, Chong Ket Pen had turned The House of Protasco into a living hell full of walking zombies, pest and termites waiting to collapse.

CHONG KET PEN's SELF-DESTRUCTION CONSUMED BY HIS OWN CRIME?

The traceable evidence which supported these claims and money trails is the reason Protasco share price is falling into historical low recently. Despite Chong Ket Pen's smoke screen putting a blame on a failed USD22 million deal which Chong purposely manufactured its failure to gain the control of RM500 million asset rich Protasco, the real money trail of RM70 million cash went into Chong Ket Pen's personal account becomes the clear evidence which surfaced Chong Ket Pen's ulterior motive.

With hundreds of millions of Ringgit went missing during the year 2014-2018 from Protasco's book, and hundreds of Ringgit more of incoming claims, will the new government be smart enough to spot the elephant in the room after the 1MDB probe?

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Protasco Bhd's Future Billion Dollar Whale: The Man who Fooled Bursa, SC, PDRM and the world. 3.5 mil shares a hand, who is this champ?

https://klse.i3investor.com/blogs/fraudcashisking/174840.jsp

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=== PKR Intelligence ===

Forensic 01210/18