Tag:《The Greed of Man》Replica - Chong Ket Pen and Sons buy RM6 million Luxury cars abuse Protasco Bhd's public money uncovered? More ugly signs reveal.

28 Dec 2018, Bursa Malaysia at 5 pm market closing, Protasco Bhd (5070) share price closed 21.5 cents, up 1.5 cents (7.5%). The share closed at 74% below 52 weeks high, and 84% below 5 years high of RM1.34 (split adjusted). Protasco bhd is listed in the year 2018 Malaysia's Losers "Who and Who" bottom 50 lists. Protasco Bhd's Chong Ket Pen version of 《The Greed of Man》bubble is officially busted.

Paper wrapped fire fails for a reason: First Sign of bubble bust uncovered by banks

On 18 December 2018, according to The Edge, CIMB Research latest research report is basically given their middle finger and vote of no confidence on Dato Sri' Chong Ket Pen, the so-called owner of Protasco Bhd through a suspected heist, cursing "liar, moron and bastard" on the crook who told the research house analyst to spread lies and misleading information, causing innocent retail investors suffer huge investment losses. CIMB Research given a 17 sen target price on Protasco Bhd share price, with a "sell" call. This awakening of CIMB Research signals the first signs of Protasco Fraud and Conspiracy fallacies.

Prior to CIMB, on 14 December 2018, Hong Leong Investment Bank Research already penalize Protasco Bhd senior management, especially the Group Managing Director and Vice Chairman Dato Sri' Chong Ket Pen, for concealing and abiding material information on failed SUKE contract, a 40:60 joint-venture between Protasco and Hatimuda. As usual, Chong Ket Pen through Protasco covers up the potential graft and scheme of transfer pricing by putting blame on the counterparts' delay.

The epic bubble bust signs ware earlier discovered by EPF during mid-year 2017 until pre-general election on May 2018, which found suspected fraud and abuse of power led by Chong Ket pen, including but not limited to unrealistic salaries paid to Chong Ket Pen, his sons, and senior management, inflated OPEX as evidence from ballooning hire purchase (buying luxury cars) and questionable claims and benefits paid towards Chong Ket Pen and sons, despite the father and sons having no contribution but total failures to Protasco bottom line. Chong Ket Pen after the heist of his questionable control on Protasco board on November 2014, immediately manipulated the board to raise his salaries from consensus RM600K a year to RM4.2 million a year (refers to Protasco 2016 annual report), a rip off which EPF has shown their anger by casting the vote of no confidence in Protasco's AGM, May 2018, pertaining to the senior management's fees. Share tanks.

Employees' Provident Fund (or EPF / KWSP) is a federal statutory body under the purview of the Ministry of Finance. It manages the compulsory savings plan and retirement planning for private sector workers in Malaysia.

During his second life in Protasco Bhd, through a heist, Chong Ket Pen had spread the false prospects of Protasco to investors, including EPF, with a questionable dividend policy which seems attractive, without knowing that the scheme is meant for Chong Ket Pen to take money from Protasco to pay off his Protasco shares buying spree.

The PPA1M project is a political showcase, having engineered to show profitability, is actually a non-performing public relation scheme to justify bank borrowing in order to pay cash dividend, and as a tool to cover up Chong Ket Pen's wrongdoing through a form of bribery to Kop Mantap (a Polis Diraja Malaysia retiree cooperation), in hope to conceal Chong Ket Pen's suspected fraud by making good and getting closer to police.

After knowing the facts, EPF without hesitating sold down Protasco Bhd shares and suffered tens of millions of Ringgit losses. Such losses are the bill the Malaysian had paid, through their savings in EPF, because of Protasco's redundant senior management.

Chong Ket Pen and sons "successful heist", a replica of "The Greed of Man" movie?

The awakening of banks and financial research houses have proven that their vote for Chong Ket Pen in Protasco's EGM on November 2014 back then was, in fact, a mistake, and they felt shame and cheated by Chong Ket Pen; while the results of their misinformation not only taken away the real governance from Protasco Bhd's true beneficial owners, their mistake had further resulted in current reckless looting and power abuse by Chong Ket Pen.

Through suspected self-gratification scheme, Chong Ket Pen colluded with the board and senior management, all of which under Chong Ket Pen payroll and controls, had colluded to skim and paid not less than RM70 million cash to Chong Ket Pen personally during the year 2014-2018, mostly paid to finance Chong Ket Pen's Protasco shares margin and further share purchases.

The Hong Kong epic movie "The Greed of Man" happens to shows the Ding's, a father and 4 sons "crooked family", where Chong's also came with a father and 4 sons team, both families happens to take control of an enterprise through an accidental heist, and happens to loot and self-gratify until the falls of the enterprise.

Worst of all, Chong Ket Pen's 3 out of 4 sons are planted inside Protasco to intensify the looting, by the arrangement of their (irresponsible) father, Chong Ket Pen himself. A bad lesson for a father to corrupt and spoil the kids at an early age pointing at the wrong direction.

What did the father of 4 shown to his sons? Questionable revision of existing road maintenance contracts through suspected transfer pricing with contractors to skim the cream out of people of Malaysia are proven from quarterly financial reports during Chong Ket Pen's sole power from the year 2014 - 2018. The Protasco income is mainly from JKR awarded road maintenance contracts paid by the money of all ordinary Malaysian. As per “where” did the net profit margin (or profits attributed to ordinary shareholders) goes is obviously an open secret similar to money laundering if not to the public shareholders. Protasco last 3 quarterly reports, even before general election, showing the missing profit margin and unrealistic "OPEX", count the "fees paid to Chong's and senior management", including the cost to repay "hire purchase" of expensive toys, are lesson 101 an ill-minded father would give to the next generation.

In other words, "your money" is paid for Chong Ket Pen and sons in the form of ill-gotten salaries, share dividends, luxury cars, and reckless OPEX spendings, including the cost of Chong Ket Pen's personal cover-up of his wrongdoings in the shameful Protasco heist, his ill-gotten power and shares purchased through recycle of his ill-gotten pay, and Chong Ket Pen's personal cost in his mismanagement in projects due to his own negligence paid through Protasco OPEX on legal, Public Relation, Investor Relation to white-wash Chong Ket Pen's shameful background.

Chong Ket Pen's performance check: Protasco's ballooning RM1 billion debt and liabilities

During Chong Ket Pen's sole control on the year 2014-2018, fees suspected paid on Chong Ket Pen's behalf by Protasco in covering-up and manufacturing of lies and blame has cost Protasco not less than RM250 million directly, with the indirect cost of liabilities suspected more than RM500 million when the bubble busted. The RM70 million paid to Chong Ket Pen alone is a suspect jaw-dropping fraud, on top of what he paid for his 3 sons, the outrageous luxury cars, his board of directors and senior management in covering up of his wrongdoings, total not less than RM40 million. The failed investments that Chong Ket Pen did on purpose to push away his personal obligations cost Protasco not less than RM150 million to date. While Chong Ket Pen and his cronies are still skimming Protasco's book, those costs are still counting at RM20 million a year, every year, no wonder Protasco can never make money for the ordinary shareholders. These are factual numbers derived from Protasco's annual report which spooked resourceful investors such as EPF.

This has not included Chong Ket Pen's total failure in his past 20 years in Protasco trying to prove himself that he can "made it on his own" besides being labeled a good civil servant (or caretaker for Protasco bosses). Exclude the road maintenance contracts inherited from Protasco's former true beneficial owners, anything Chong Ket Pen touches is a failure, a mess, and cost to Protasco Bhd. Count hundreds of millions of Ringgit of sunk cost sweep under Protasco's carpet on Chong Ket Pen's behalf, from Syria, Lybia, Africa, China Hainan, and of cause Indonesia. Chong Ket Pen scores zero and what Chong Ket Pen did well is "put blame on others" and wash himself white, of cause using Protasco as his cover-up.

Chong Ket Pen recently showed off his frenzy adventure in Cambodia and Sri Lanka and even brought the Kop Mantap representatives along his show-off trips to impress the former law enforcers as part of his own wrongdoing cover-up plan. These are potential new time bomb once again planted by Chong Ket Pen at Protasco's cost. In other words, the trip itself is a waste of money did for Chong Ket Pen's personal reasons, at "your cost".

In other words, Chong Ket Pen throughout his entire career, besides care-taking his former boss' road maintenance concession, everything Chong Ket Pen personal touch is a curse and GUARANTEED FAILURE. Combined the already burnt projects and incoming liabilities and obligations, Chong Ket Pen indeed achieved his personal dream to reach RM1 billion market capitalization - unfortunately in debt.

True enough, on 26 October 2018, Chong Ket Pen's sin has finally caught up with him when Global Capital sued Chong Ket Pen personally for RM368 million on the breach of personal guaranteed investment contract dated 3 November 2012. (source: https://www.thesundaily.my/archive/major-shareholder-global-capital-indonesia-sues-protasco-managing-director-claims-rm- ). Such claims would be tried by Chong Ket Pen to induce Protasco Bhd board to self-incriminating by swallowing his personal cost on his behalf.

The "Hire Purchase" numbers speak of truth revealed 2nd: Chong Ket Pen "JUSTICE" is a con

Numbers never lie. The numbers speak for the truth, and proven that "words" are poisonous, for example, the stories and lies coming out of Chong Ket Pen told during last 4 years and busted today. What kind of professions does Protasco Bhd need to hire Ferrari and Lamborghini for an employee's sons, perhaps to show off by riding private yacht or jet in order to "PATCH ROADS AND HOLES" under road maintenance work?

Furthermore, the road maintenance work is somehow no-brainers and already automated inherited from JKR even before Chong Ket Pen was selected to safeguard the privatization of such contracts.

These are "people of Malaysia"s money, taxed and paid through JKR to Protasco, which eventually ended up in the rats' car porch skimming every corner they could to fatten themselves, after pulling off an unfortunate corporate heist! 

This evidence further proved that Chong Ket Pen being an employee, having an employee mentality, would loot the public money once "got out of his cage" regardless of the consequences, be it bringing down Protasco as a whole. An employee would not have the heart of the enterprise owners which would even take no salary to save the business. The truth of abuses revealed from Protasco own annual reports suggest that Chong Ket Pen is indeed a desperate employee which took revenge on his own wicked faith to rack in personal profits whatever it takes as if there is no tomorrow, and his sleepless nights reminds him he could be losing everything anytime with the sense of no security sitting on his own lies.

The numbers also speaks on behalf of Protasco real beneficial owners, which spend recorded over one hundred million Ringgit to buy over Protasco Bhd by putting their trust on Chong Ket Pen, holding Chong Ket Pen's written contracts and personal guarantee on his debt to the owners, not knowing that a human being would sell his soul and dignity to bite the hands who feed, in order to feed his own "greed".

The stable record in "hire purchase" debt comparing the year 2014 and 2013 (which is RM1,738,000 vs RM1,722,000), proven that Protasco Bhd under former owners "GOVERNANCE", Chong Ket Pen hands are tight. Unfortunately, when November 2014 heist was successfully fooled everyone to believe in Chong Ket Pen's lie, Chong's father and sons mentality released the beast similar to a mini 1MDB's Jho Low style of spending spree, resulted in the year 2016 "hire purchase" balance debt of RM4,225,000, shy enough to cover up the shame, the fraud is speeding up in a "5 years repayment" scheme in hope to take the ill-gotten vehicles A.S.A.P before too late. Added up the down payment and "speedy installment" money paid, the estimated RM6 million self-gratification using taxpayers money is jaw-dropping. 

Chong Ket Pen's "mystery wealth" trace back to the year 2012

Protasco Bhd was started since the year 1991 and was only being successful to possess the road maintenance concessions when Chong Ket Pen and Hasnur, both "co-founders" of Protasco Bhd, were selected by Protasco beneficial owner to be caretaker of the privatization project. Both Chong Ket Pen and Hasnur were given 13.3% and 13% Protasco Bhd shares, being the "founding members" of the company.

Before the year 2012, nobody cares about who was Chong Ket pen and if there is any value of the founding shares Chong Ket Pen held. Protasco Bhd shares would be worthless without the entry of the former beneficial owner pulling the string to privatize road maintenance contracts from the government of Malaysia. On the year 2012 itself, Chong Ket Pen might have directly and indirectly (legally and suspiciously) possed RM30 million worth of personal wealth, including Protasco shares. Assume Chong Ket Pen feeds on air during his salaried time in Protasco, the cash savings obviously cannot buy himself the "control" of Protasco Bhd on his own. Chong Ket Pen is forever an employee with an ambitious dream.

On 26 June 2012, Protasco former beneficial owner appointed few directors into Protasco board, including few executive directors, to replace Chong Ket Pen's power. Chong Ket Pen selfishly felt unjust and request the former owner to grant himself until 31 December 2012 to find "buyer" for Protasco, in order to resume his power in Protasco Bhd. Chong Ket Pen had through Tan Heng Kui, induced and deceived Tan Heng Kui's brother-in-law, a Singapore banker, to hunt for a buyer, and Chong Ket Pen had deceived and induced investors to enter the deal on mid-October 2012. 

Chong Ket Pen had further convinced investors by signing a personally guaranteed investment agreement on 3 November 2012 with Global Capital, the business advisory firm which holds the inter-conditional guaranteed agreement between Chong Ket Pen and Protasco new investors, and deceived Global Capital to find an oil asset to fit investors preferred industries to further strengthen his commitment. It is this agreement that Global Capital had successfully arranged for investors to spend RM100 million to buy over Protasco Bhd shares from the former beneficial owner, and then got Chong Ket Pen's job and power back as the Managing Director of Protasco Bhd, when the newly appointed directors resigned following the buyout as evidence from Bursa Malaysia record.

During the year November 2012 until July 2014, unwilling to honor the deal, Chong Ket Pen true faces started to overtake his moral and dignity, and his true intention to rob the ownership of Protasco Bhd to feed his personal greed had caused the loss of Protasco investment in the Indonesia project, the cost of wrongful breach of business contract, the fraudulent misrepresentation and potential criminal activities which Chong Ket Pen hide himself behind Protasco, abusing Protasco money to cover up all his wrongdoings. 

The year 2014 showed that the sham lawsuit using forged evidence was proven a fraud when true evidence shown that Chong Ket Pen's allegations were indeed lies and excuses for him to push away the stakeholders whom he owes his debt personally, and to feed Chong Ket Pen's personal greed through the control of Protasco Bhd. The potential probe on lies and fraud might just catch up sooner than Chong Ket Pen thought.

In a short period of just 4 years from the year 2014 until 2018 today, Chong Ket Pen caused devastating damages to Protasco, loading up debts exceed RM600 million, and dried up cash from RM200 million to less than RM4 million as of quarter 3, 2018, on top of god knows how much liabilities and debts from potential lawsuits and breach of contract claims awaits Protasco. Sources close to Protasco management confirm that the suspected criminal activities and devastating self-gratification Chong Ket Pen drag his sons into the quicksand is heading straight to hell. Knowing Chong Ket Pens character and behavior, his own stubbornness and greed happen to simulate the Ding in "The Greed of Man", which is what exactly the market and the authorities needed to snap when the time comes.

Besides recovery from Chong Ket Pen and his cronies on their ill-gotten money, it would be unjust if Chongs and his cronies are merely put behind bar. Perhaps the story of Ding in the Hong Kong movie "The Greed of Man" happens to show the signs of where is Protasco heading, and what might happen to the "father and sons" who took everyone for a free ride. Until that confession comes clean, or another mini Jho Low on-the-run happens, Chong's faith might just fit exactly "The Greed of Man" may have predicted.

If you are Malaysian and had your money in EPF being "passively invested and lost" in Protasco Bhd shares, and your tax paid to the government of Malaysia ends up paying JKR and paid to these crooks personal pocket, including the luxury cars whom "you" paid for the bills, the Second and Third Signs of the Protasco fraud bubble bust might just be around the corner.

Grab your popcorn and soda and enjoy the coming episodes as you already "paid" for the ticket!

Original Story from Chinese Business Reports:

《大时代丁蟹父子》翻版：富达公司 Protasco Bhd 的张吉平父子小人得志后花马币6百万给自己买名车如何被揭穿！离谱高薪，派假股息，跑车酒色，挥霍无度，是《您》给它们买的单，你知道多少？如今泡沫破灭征兆已现，丁蟹效应来了？(https://klse.i3investor.com/blogs/protascoproblem/188179.jsp)

NOTE:

Truth spoken under "Hire Purchase" on Chong Ket Pen and Sons self-gratification

2014 vs 2013（RM1,738,000 vs  RM1,722,000) Before Chong Ket Pen heist

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=169681&name=EA_DS_ATTACHMENTS

2015 vs 2014（RM2,810,000 vs RM1,738,000) 

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=174967&name=EA_DS_ATTACHMENTS

2016 vs 2015 （RM4,225,000 vs RM3,721,000) 

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5411593