Hevea oh hevea
HEVEA - Highest Paid Man Don't Even Know the Companies Affair
Based on my previous article on a Hevea shareholder's email correspondences with Mr. Yoong Tein Seng @Tenson Yong, the Alternate Director to Mr. Yoong Hau Chun (Group MD), he denied that Heveapac Sdn Bhd has booked or bought 2 units of the latest Mercedes Benz S400 for two of Heveapac directors. He also denied about a Mercedes Benz E300 bought for the Financial Controller.
As per the email, he said that only two Mercedes E-class were bought for a subsidiary's directors 6 year ago.
Unless Heveapac has immediately cancelled the booking of the two Mercedes S400 after questions has been raised by the shareholder yesterday, I am very certain that the booking were made through Minsoon Credit Corporation (M) Sdn. Bhd, a Mercedes Benz authorised dealer in Seremban, Negeri Sembilan. (Tel : 06-7672323)
Now, here is the issue.
Let's not talk about the rationale and corporate protocol of letting the subsidiary's directors in using a Mercedes S400. The real issue is why Mr. Yoong Tein Seng @Tenson Yong, himself only an Alternate Director, is paid a yearly remuneration of between RM 1,450,001 to RM 1,500,000, as reported in Heveaboard Berhad's Annual Report 2014. His pay is the highest in the company.
It may be true that he was one of the founders of Heveaboard Berhad. But that reason alone does not accord him the 'special privilege' of getting this cool near-$1.5m yearly salary. More so if he is not even in the active operations and management of the companies within the group.
A business entity like Heveaboard should and ought to be run like a business entity, not a charitable or old folks home for the founders, even. In this respect, why shouldn't Dato Loo Swee Cheong and the rest of the Heveaboard founders be treated the same?
The court cases among the shareholders of Heveawood Industries Sdn Bhd may well be of this reason.
And now two ultra-luxurious Mercedes Benz S400 costing RM 600,000 each were ordered without the Highest Paid Man's knowledge !
More articles on Hevea oh hevea
HEVEA : Evidence To Show The Highest Paid Director (Tenson Yoong) Hiding Fact
Created by ganneeneh | Jan 17, 2016
Discussions
1 person likes this. Showing 33 of 33 comments
Mercedez benz also can be an issue ? These small money to a company is not a big deal la...
2016-01-12 12:36
My company is a small company.bought 3 Porsche Panamera for directors last year also small matter
2016-01-12 12:49
I bought a bicycle for my 6 year old. Maybe he can write 10 page report on it. Then he can file a complaint with bursa ... ka ka ka
2016-01-12 13:01
superb analysis G ! Leno cannot agree more. With decades of experience in Bursa, leno alredi see many companies that use company money to buy expensive over-paid car all go bancrupt or price crash. Every single one. Hevea showing sign of collapsing due to mismanagement.
2016-01-12 13:15
Meaning Icon8888 a newbie in Bursa despite writing so many blogs in i3?
mamatede there are better stocks to invest now than Hevea. Director selling is a bad signal. This article further support it.
2016-01-12 13:21
It's a bit funny when you see the remuneration of Non-Executive Director double of Managing Director. Gaji buta for Non-Exec ?
2016-01-12 13:30
People who say this is ok including ICon888 are of questionable character and ethic.
2016-01-12 13:35
Nothing wrong for the exec of a company enjoying perks like luxury cars so long as making good profit. It's up to the board decision. But exaggerate pay to Non Exec seems not so convincing. Nobody would make noise if the Exec Director drawing salary 1.5 million.
2016-01-12 13:42
I questioned the timing of this article. Posted just before session break
2016-01-12 13:46
Icon, thought today can go down more, hope to collect dead chicken, now instead run chicken already....
2016-01-12 14:13
The leaking started last week. not just today. Don't need to question. All writers must take their time to analyse before publishing.
2016-01-12 14:15
small investors always need lots of faith and some luck...finding then hold on to winners
Good luck everybody!
2016-01-12 14:21
This one will drop like a sag of potato once the real news comes out this few days
2016-01-12 14:23
Icon can even allowed directors to loot $4m, so long as it doesn't destroy the entire shareholders value, Lol so what are 2 Benz?
2016-01-12 14:23
About 85% small investors loss money in stock market. You want to add the probability for this stock?
2016-01-12 14:24
if i quit a counter i dont have so much time to attack it for earning nothing , the attacker just want to sapu at low cost , while people panic selling , they sallow all
2016-01-12 14:43
valueinvestor18 CIMB maintain ADD...
https://brokingrfs.cimb.com/E5JRX4r-aC5m2iQUWawnNjWgz0SfPnyUAtGkWg2o3BGcQ75zhBp_npQvV4TY5N9rSk-6oPyEJrqwqvs80.pdf
Credit to valueinvestor18
2016-01-12 14:48
Hevea boss only afford a brand old Mercedes?
I'm only driving BMW series 5
2016-01-12 15:03
Yesterday I' so sorry that my performance will further sink
Please tell Robert to write more because the last article didn't last long enough
2016-01-12 15:05
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Icon8888
The cannon ball getting smaller and smaller
Last time was RM4 mil
Now is mercedez cars....
Looked like hevea is quite clean, no matter how people dig dig dig also cannot uncover big skeletons
2016-01-12 12:29