18 September 2017 - Last week, the road maintenance and construction company Protasco Bhd' group managing director Chong Ket Pen personal salary & pay packages took RM40 million in just 3 years was revealed, and causing a shock wave and moral discussion among investment communities. The astonishing director & senior management fees ballooned to RM10 million per year, where Chong Ket Pen himself took RM4.2 million salary exclude his sons Chong Ther Nen and Chong Ther Vern pay cheques, which is 10 times ordinary government contract company pay packages, are regarded as swendling by general public. (refers to: https://klse.i3investor.com/blogs/truebackground/131967.jsp)

Such apparent robbery of public company, swindling and cheating using manipulated board control are deem "legal or not" by bending the law to the extreme, had raised question & its legitimacy. Malaysian authorities' legal knowledge and capacity to spot & take action against sophisticated wrongdoers is also being questioned.

Protasco bhd had seen continuous drop in revenue, profit and especially cash flows, from year 2014 - 2017 Quarter 2. The Cash and Cash Equivalent of the group had plunged to alarming RM6 million as of Q2'FY17, a far cry from RM280 million in year 2013 Such event took place when the company Group Managing Director Chong Ket Pen took control of Protasco Bhd from former substantial shareholders. The same period, MD Chong Ket Pen had seen his personal salary and pay package ballooned from RM1 million per year to whopping RM4 million per year, exclude his indirect related parties, count his sons, his share option schemes, and the bizarre bank-borrowed-dividend paid mostly to himself, plus dubious transactions between Protasco Bhd and third party contractors.

To compare how bizarre is the abuse, Chong Ket Pen was drawing RM350k per year when Protasco Bhd delivered RM40 million net profit under former owner supervision; while Protasco Bhd latest financial result for year 2016 made merely RM44 million net profit when Chong Ket Pen self-drawn RM4.2 million salary, an increase of 400% in 3 years paying to himself with "no extra performance", and 1,000% increase from his former "boss" pay package. During Chong Ket Pen's questionable power control over Protasco Bhd from year 2014-2017, RM40 million was reported paid to Chong himself (refers to evidence: https://klse.i3investor.com/blogs/truebackground/131967.jsp) . The motive and objective of Protasco Bhd drama manufactured by Chong Ket Pen to take control of Protasco is now apparent. The "governance issue" is a big question no authority seems to be able to answer for the public shareholders.

Chong Ket Pen's personal performance check - Africa to Sri Lanka

Comparing to Protasco Bhd year 2002 Revenue & Profit of RM480 million & RM40 million; vs year 2017 Revenue & Profit of RM1.08 billion & RM44 million, Protasco Bhd under Chong Ket Pen " sole control" since year 2014 had not performed better. Means Chong until today is still public servant feeding on government linked public services left over from Protasco Bhd former owner. However, the progress of Chong busy paying money from Protasco Bhd to himself & cronies, as evidence from public records on Bursa announcements did perform extremely well. Such ill gotten money was use by Chong Ket Pen to buy more Protasco Bhd shares.

As of 11 September 2017 latest Bursa Malaysia announcement, Chong Ket Pen bought another 100,000 Protasco Bhd Shares, total holding 108,727,039 shares or 25.63% enlarged capital. Not bad for a JKR public servant to use potential ill gotten money to buy himself Protasco control over short period of time.

According to officer from relevant authority, when Chong Ket Pen is desperate, he tried to proof himself more than just public servant had caused Protasco bhd shareholders a huge fortune. His personal track record which gambles "hundreds of millions of Ringgit" in South Africa, Libya, Syria, China, Cambodia and Indonesia proven nothing successful. Means total failure. The inducement of Koperasi Polis to share the ill gotten blood-money (which Chong took from Protasco) was also a disastrous. Such plan was exposed and potentially under relevant authority investigation for attempted "graft" to cover up Chong's ill gotten wealth. 

With such disastrous track record, Chong Ket Pen latest story venturing into Sri Lanka did not receive positively by the market. The 14 September 2017 announcement had seen Protasco bhd share price drop by 5% to close at RM1.04. What can this new "laundering machine" do for Protasco Bhd seems self-explained. Take a wild guess.

There are other sources of public information trace back to more detailed analysis of Protasco Bhd "real" performance under Chong Ket Pen sole control. Here is one good example pointed inside-out entire Protasco business segments and where Chongs father & sons stretched their tentacles inside Protasco : "Protasco Bhd 2014 RM280m vs Q2'17 RM6m left. Money gone where, EPF pays?-NYBN" (http://klse.i3investor.com/blogs/Crocsandtigers/131068.jsp)

Earlier article about "Protasco Bhd's Chong Ket Pen 25 June 2012 was Promoted or Demoted? Why matters? Bursa answered" (https://klse.i3investor.com/blogs/truebackground/128608.jsp) was also another example of the importance of real owners vs employees mentality, a classical example to indentify the real vs the fake in terms of "ownership" and "care" for company owner put money where his mouth is.

Public Servant salary & pay packages check (public questioned)

The public investors are questioning the governance issues of Protasco Bhd, where as Chong Ket Pen desperately tried to justify himself "not just another public servant" had cost too much to cover up his mistakes. Chong Ket Pen's track record from Africa to Indonesia, was total failure; so as Sri Lanka as his latest adventure did not received well by the market. Here is a quote from a Protasco Bhd shareholder summarized the potential "criminal element" of the Protasco swindling culprits:

Standard International benchmark for public servant summarized as follows: 

Public servant self justify and determine of salary & pay packages is basically the act of robber; 

Your salary & pay package higher than your "bosses" - the normal people of Malaysia, means you are greedy;

You done retirement plan yourself by manipulating public listed company for your fat retirement is the act of pirates; 

You did not disclose your ill gotten money to public means your are a thief. 

 

Protasco Bhd is public service company relied on government contracts and feed on Malaysian ordinary people's money. The board and management are public servants. 

 

Public servants consume on government and the owners (people of Malaysia) wealth, they do not create wealth, they have no productivity, where the "fat bonus" came from? 

 

Self declare and manipulated salaries and pay packages is crime, cheating & swindling. 

 

 

国外对公务员的最基本看法是： 

 

公务员，你自己给自己定工资标准，那就是匪； 

你的工资高于普通百姓的工资，那就是贪； 

你不交养老保险反而退休后的养老金比百姓还高，那就是盗； 

你不公示财产，那就是贼。 

 

Protasco是畸形变相国有私化吃老百姓的钱，国家的公职。基本就是公务员聘任制标准。 

 

公务员是政府职员，政府消耗社会财富，不会创造财富，不会产生利润，那他们哪来的奖金呢？一些单位发的莫名其妙的奖金，这钱是从哪里来的呢? 

 

自己开自己天价薪金和奖励，这是犯罪行为！这是诈骗罪!

If ordinary shareholders can find such apparent element of crime merely from Bursa Malaysia public announcements, the question is how lay back can Malaysia legal system be to even spot such abuse before the country is ripped off and melt down by these potential white collar criminals sucking government contract companies dry? 

Public servants of Protasco bhd took RM3 million Quarter 2'2017. What is in for you?

Protasco Bhd's board, Chong Ket Pen & sons Q2'2017 took RM3million salary vs RM7.8million profit is jaw dropping. The 3 months quarter, Chong Ket Pen himself took over RM1 million, where his sons and board of directors acting in concert, colluded took RM3 million salaries a quarter, while company left with just RM6 million Cash & Cash Equivalent, is open public robbery. Investors question "what is in for the investors" would never be answered.

How far can morality consume the religious strong country called Malaysia when Protasco Bhd board of directors holding Quran at one hand, while committing potential sinful collusion taking sinful blood-money from Chong Ket Pen to lie, cheat & rob, on the other? Count Hadenan bin Abdul Jalil, Muzaffar Shah bin Abd Rahman, Mohd Hanif bin Sher Mohamed, Suhaimi bin Badrul Jamil among the Muslim directors acting in concert covering up these potential white collar criminals. Perhaps when one of them is closer to the prophet, the confession will be answered, sooner or later. Until then, Protasco Bhd shareholders could only watch the swindling & robbery goes on right in front of their eyes. Welcome to invest in Bursa Malaysia - at your own risk.

Business Hedge News

References from Bursa Malaysia announcements, including Annual Reports, quarterly reports & AGM resolutions. Chong Ket Pen taken 'publicly" from Protasco Bhd FY12-FY16 total over RM40 million to himself. Same period, Protasco Bhd Cash & Cash Equivalent vanished from RM280 million to RM6 million Q2'2017. 

Refers to " Protasco new laundery machine from Sri Lanka" http://www.bursamalaysia.com/market/listed-companies/company-announcements/5543705

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