13 December 2018, Former government road maintenance contract champion Protasco Bhd saw its share price plunge to RM0.255, perfectly matches Hong Leong Research report of RM0.25 price target. Compared to Melacca Securities euphoria price target of RM0.52, the former seems to be more socially responsible to small investors living in ignorant.

 

 

PTASU urge AG to charge Chong Ket Pen on fraud exposed.

 

Indonesia police and government is hunting for Chong Ket Pen on flying letters and malicious tempering with Indonesia officers using fake lawsuit and fabricated stories to avoid Chong Ket Pen from facing criminal proceeding. PT Anglo Slavic Utama  (PT ASU) under the Indonesia authority guidance filed criminal reports on Chong Ket Pen recently on top of another police PTASU did in Malaysia earlier. Indonesia authorities are seeking Chong Ket Pen and people linked to Chong and Protasco for criminal fraud and cheating investigation. Apparently Protasco share price factored in the long awaited probe, as per Hong Leong research anticipated. PT ASU seek Malaysia AG to charge Chong Ket Pen since evidence proven Chong Ket Pen is the mastermind behind the fall of Protasco Bhd after Chong was reported in Bursa Malaysia for racking personal profit in exceed of RM70 million publicly. Potentially privately siphoned unkowned, depends on MACC and IRB's probe.

 

https://nasional.kontan.co.id/news/anglo-slavic-laporkan-taipan-malaysia-ke-polda-metro

 

 

 

Chong Ket Pen's Money Quest at Protasco Bhd's Cost Uncovered

 

Protasco Bhd which saw its cash went missing on first quarter 2018, followed by the award of RM4.2 billion road maintenance contract from former government in April 2018, and celebrated the pro-Barisan Nasional success by putting its chairman Tan Sri' Hadenan Abdul Jalil on former Prime Minister's spoke person Ali Hamza's election campaign on May 2018, a week before general election.

 

4 May 2018, Tan Sri Hadenan Abdul Jalil, the controversial shareholder and managing director Dato Seri' Chong Ket Pen's loyalist nominee saw the celebration on stage to put a tie between Protasco Bhd and PDRM (Malaysia Police) some PPA1M public housing scheme with sole motive to ink the impression of Protasco Bhd being very close with PDRM. The stage show was witnessed by IGP Fuzi, cheerleader Ali Hamze, and of cause Hadenan Abdul Jalil, symboled the peak of kleptocracy in the country called Malaysia. 

 

Protasco Bhd's unfortunate faith started when Chong Ket Pen the civil servant turns co-founding partner of Protasco Bhd went to investors to buy him his control in Protasco Bhd on October 2012. Chong Ket Pen further deceived investors by signing a personal guarantee agreement on 3 November 2012 and induced an Indonesian oil company to sell an oil business to Protasco Bhd. The latter two were misled by Chong Ket Pen not knowing Chong sole objective is to use them to get what Chong wanted, which is to possess Protasco Bhd control and money, and later push them away using fraudulent misrepresented blames and excuses.

 

Chong Ket Pen which earned himself 15.5% shares of Protasco until he induced investors to take over Protasco Bhd's 27.11% majority controlling shares from the former owner, is today on surface owned 28% Protasco Bhd shares, a self-celebrated success at Protasco Bhd's stakeholders cost. Questionable cash flow where Bursa Malaysia public announcement shows during the year 2014-2018 where Chong Ket Pen took full control of Protasco Bhd, Chong had raised his own salary to RM4.2 million on year 2016, and rack in RM70 million cash for himself including artificial dividends, and Chong uses this ill-gotten money to purchase more Protasco Bhd shares, and the toxic money laundering cycle spun Chong's 28% shareholding of to date. 

 

At the same period, Protasco Bhd suffered strange profit margin in road maintenance contracts, as if Chong Ket Pen siphoned the cream outside of Protasco Bhd through contractors. Due to Chong's heist of Protasco Bhd, the company suffered huge cash drop from RM300 million cash before Chong Ket Pen heist to mere RM4 million cash as per quarter 3 2018, a bizarre money-spinning fiesta under Chong Ket Pen's dream team, count Tan Sri' Hadenan Abdul Jalil, Dato Seri Rashid bin Salleh, Tan Yee Boon, Tan Heng Kui, and Lim Yew Ting among the cheerleaders. Bursa Malaysia shows that these few parasites inside Protasco Bhd rack in RM10 million fees a year for delivering 2 loss-making quarters. 

 

In order to accelerate the cash stripping exercise, Chong Ket Pen made the public company Protasco Bhd his father and sons fun fair. 3 out of 4 of Chong Ket Pen's sons were planted in lost making business units taking high pay salaries, sports cars, and perks, mimic lavish lifestyle of famous 1MDB's cash raider Jho Low.

 

 

 

Protasco Bhd's Stakeholders Fooled and Angered, turns backfired

 

EPF is one of the largest victim not knowing Protasco's dividend is base on accounting engineering and its just part of Chong Ket Pen's money raiding plan to enrich himself. When EPF believed in Chong Ket Pen's misleading public information promoting Protasco's prospects in hope to manipulate the share price, and later found out the shows are part of Chong Ket Pen's public relation disguise to cover up Chong's wrongdoing. News published through Protasco Bhd is just to snap Chong's photos in the news to legitimize his illegal proceed from the heist, or so-called punch the "ownership" of Protasco Bhd in Chong's forehead. EPF went for a rush exit selling down Protasco shares to as low as RM0.28 recently, a far cry from above RM2.00 before the split. Minority shsreholders may urge the state owned investment house to take personal criminal proceedings against Chong Ket Pen, including insider trading, spreading mislesding information, and share price manipulation on the mastermind.

 

PT ASU, on the other hand, took Chong Ket Pen to a surface after 4 years in the hide behind Protasco Bhd. The cash-strapped Protasco Bhd which Chong turns into his Protasco's shares buying spree angered the Indonesian owned company. The state-owned asset was in ruin which may cost RM300 million oil income losses, on top o Chong Ket Pen's breach of contract in RM138 million. A half a billion Ringgit risk ahead of Protasco Bhd is not a small joke, compared to Protasco's "left overs" after 4 years of loot.

 

Global Capital representing the investors and stakeholders, held Chong Ket Pen's personal guaranteed agreement on 3 November 2012, took Chong Ket Pen to court for RM368 million law suit, which surfaced suspected criminal fraud and cheating did by Chong Ket Pen under Protasco's disguise.