Posted by Abdul Rahim > 2014-11-24 06:37 | Report Abuse

Aiyoo...mcm mcm cerita sudah baca...emmm..

Posted by AliceTey > 2014-11-24 07:20 | Report Abuse

Technically Tey did not spend his own money to fund the Fiji's project because he merely channelled the money paid by Protasco...I believe the amount is US 35million, better known as: money laundry.

SC everywhere is not smart. Looks at SEC in the USA, the practically cannot do a shit to prevent or to mitigate the 2008 financial crisis, instead only looks in horror and awe.

My email address? Teyporyee@risingrich.com or ooikockaun@angloslavic.com

Posted by AliceTey > 2014-11-24 07:24 | Report Abuse

The one man who must be watching the whole boardroom tussle at Protasco (Read here ) must be Bill Ch’ng of Malaysia Pacific Corp Bhd.

You see earlier this year They and his nominees came in like a white knight to buy a stake in Bill Ch’ng’s vehicle.

MPCorp had been all sorts of financial distress and mired in all sorts of debts which I won’t bore you with here. And here came Tey Por Yee screaming like the old Mighty Mouse cartoon “Here I come to save the day”.

But even as TPY (as we shall refer to him now) rode in his so-called merry men had been huddled in Eastin Hotel PJ discussing in their own words “another Protasco.”

What is another Protasco? I shall go into more details soon but basically here’s how the game is played by the TPY syndicate:

1. Seek out either financially distressed companies and offer to buy a stake.

2. Pay for it by injecting some other unknown companies (usually from Indonesia).

3. Alternatively offer the financially distressed company a way out by introducing management to a sweetheart deal or option in a company secretly controlled by his people.

4. The catch is of course some of these deals don’t exist or are questionable in the first place.

5. Finally have the financially distressed company pay out large sums of money as deposits or downpayment for the deal. The deals eventually fall through but the money never comes back.

It is really one of the oldest games around because it preys on two human factors – desperation and greed.

There is little difference in what the TPY syndicate does and what the common common men does except these are big stakes.

This is what he did with Protasco. And I shall elaborate further on what he has done with other companies he has touched in the last few years in my next posts.

So Bill Ch’ng get out of this deal if you can. But I am sure you are so desperate you cannot bring yourself to do this. Portico has done the right thing by exposing this man for what he is. But is Bill Ch’ng blind to this?

Watch this space.

Posted by Abdul Rahim > 2014-11-24 07:32 | Report Abuse

Early morning started already.....why so fuss abt this ng...

Posted by AliceTey > 2014-11-24 07:33 | Report Abuse

For you who want to hold on nexgram should consider this:

1. The shares is overvalued because in the past Tey Por Yee and his cohorts always frying the value. The real value is 0,01

2. The BOD resigned following Protasco first lawsuit and up to now no replacement is brought in. Why? Cause no real manager want anything to do with this company.

3. The auditor found RM 90milion unexplained irregularity when preparing Nexgram's financial report.

4. Most of their projects is as good as dead.

5. All substantial shareholders offloading their shares to the market and their nominee.

6. TPY and his cohorts are most likely be guilty of: money laundering, contempt of court, perjury, and embezzlement.

Posted by chebicef > 2014-11-24 07:41 | Report Abuse

I question the motive of AliceTey for defaming Nexgram so much.



What's your agenda? kih kih kih

Posted by AliceTey > 2014-11-24 07:43 | Report Abuse

Revealing the truth and fact is not defaming. My agenda? Collecting as many good karma as I can.

Posted by AliceTey > 2014-11-24 07:46 | Report Abuse

Corporate Governance in Malaysia
A Blog about Corporate Governance issues in Malaysia and more in general about investing
Sunday, 28 September 2014

Protasco's Puzzling Purchase (7)
Three independent directors of Nexgram resigned according to announcements on the Bursa website (here, here and here).

The three directors were unanimous in their reason to resign:

"Because of the newspaper report on Protasco Berhad filing legal suit against a director of the Company."

Quite remarkable to give a development in another company as the reason for ones resignation.

The Star published an interesting article regarding this same matter: "More than meets the eye".


"The resignation of three Nexgram Holdings Bhd directors, following a suit by Protasco Bhd against Nexgram founder Tey Por Yee, has raised some eyebrows within industry circles. Observers are questioning the reasons for the directors resigning from Nexgram right away following the suit. The directors in question are Leou Thiam Lai, Ungku Razak Ungku Rahman and Yap Siok Teng. Nexgram, in announcing their resignations to Bursa Malaysia, said that they had resigned “because of the newspaper report on Protasco filing a legal suit against a director of the company”. It, however, did not elaborate. Questions are being raised as to whether there is something else brewing in Nexgram which caused this succession of events."


For the time being it seems Nexgram is "rather light" on independent directors. That however didn't stop the company (listed on the ACE market) from making another announcement, from The Star again:


"Nexgram, which started off as a mobile applications and platform provider, said the proposed acquisition would allow it to “participate in Fiji’s economic development and growth process, which is still currently in the early stages of development” and that the proposed deal would be financed by a combination of internal funds and/or bank borrowings."


I don't immediately see the synergy between a Malaysian based tech company and a Fiji based developer.

Regarding Protasco, an interesting situation seems to be that the company is not taking any steps to remove Tey Por Yee and Ooi Kock Aun as directors, despite filing a legal suit against them for "breach of their fiduciary and statutory duties including the duty to disclose their interest in the transaction, conspiracy to defraud Protasco and the making of secret profit".

Apparently, both Tey and Ooi are still welcome to stay on as directors of Protasco and to join board meetings.

There is quite an interesting web of connections between Protasco, Nexgram and PT Inovisi Infracom Tbk. To be continued.

M.A. Wind at 15:42
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1 comment:

Anonymous30 September 2014 07:41
From Nexgram's annual report, the 3 independent directors had been appointed directors from 2005 to 2008. After that long relationships, why the abrupt resignation.

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M.A. Wind
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Investor, Mathematician and Software Developer from The Netherlands. I lived with my Malaysian wife in Malaysia for 16 year, recently moved with my family to Singapore and started to shift my attention from the Malaysian market to the markets in Singapore and Hong Kong. I am involved in "angel" investing in start-up companies, mostly in Malaysia and Singapore.
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Posted by AliceTey > 2014-11-24 07:50 | Report Abuse

PETALING JAYA - Protasco Bhd has filed a second legal suit against director Ooi Kock Aun and PT Goldchild Integritas Abadi, to seek a refund of a US$5.16 million (RM17.28 million) deposit under a coal trading agreement, after discovering that Ooi had interest in PT Goldchild and that he had not declared the interest.

It also wants the coal trading agreement to be declared void and in breach of the Companies Act 1965.

"The company has discovered that both Ooi and another director Tey Por Yee have interests in PT Goldchild. These discoveries were made after Protasco filed its first legal suit against Ooi and Tey in September 2014," said the company.

According to Protasco, Ooi was a director of Protasco at the time the company entered into the coal-trading agreement with PT Goldchild, but did not disclose his interest in the transaction, although he was under obligation to do so.

Protasco said it has been advised that Ooi's failure to declare his personal interest contravenes Section 132E of the Companies Act, thus rendering the coal-trading agreement void.

"Ooi is also personally liable to account to the company for any direct or indirect gain made from the agreement and/or to indemnify the company for losses and/or damages suffered."

The suit was filed last Friday at the Shah Alam High Court.

Protasco said it had agreed to undertake coal trades with PT Goldchild under an agreement dated Feb 4, 2014 via Protasco Trading Sdn Bhd, and paid a US$5.16 million deposit to PT Goldchild. The deposit was to be deducted in stages against future coal trades.

The suit follows one filed against PT Anglo Slavic Utama (PT ASU) in September to recover US$27 million in monies paid for a deal, which has since been aborted. Tey and Ooi were also named in the suit for conspiracy to defraud, hiding their beneficial interests in PT ASU, making secret profits and breaching of their fiduciary and statutory duties.

"Protasco has also begun committal proceedings against Tey, Ooi and lawyer Gideon Tan for attempting to interfere with a key witness related to the first legal suit. These attempts to interfere by Tey, Ooi and Gideon Tan are attempts to pervert and/or obstruct the course of justice in respect of Protasco's suit in relation to PT ASU," it said.

The High Court has fixed Dec 8, 2014 to hear the committal proceedings where Tey, Ooi and Gideon Tan are expected to show cause as to why they should not be fined or committed to imprisonment for contempt of court. -Sundaily



Full article: http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=405302:protasco-files-2nd-legal-suit-against-director-ooi-for-alleged-vested-interests-in-coal-deal&Itemid=3#.VHJypmqlZxs#ixzz3JwGh7ZFe
Follow us: @MsiaChronicle on Twitter

Posted by AliceTey > 2014-11-24 07:56 | Report Abuse

PROTASCO BERHAD (“Protasco” / the “Company”) – ANNOUNCEMENT

The Company refers to the Press Release/Statements in the Star made on 31 October 2014 by Tey Por Yee and Ooi Kock Aun in particular to Tey Por Yee’s claim that “he had called for an emergency Board Meeting to present the facts and evidence of (Dato’ Sri Chong’s) wrongdoing” as well as Press Statements in The Edge Markets on 31 October 2014 and the Star online on 1 November 2014. The Company also refers to its Announcements made on 27 October 2014 and 31 October 2014 with regards to the Special Notice dated 27 October 2014 received from two (2) shareholders of the Company requisitioning for an Extraordinary General Meeting (“EGM”) to be held to remove Tey Por Yee and Ooi Kock Aun as directors of the Company.

The Company wishes to rebut the statements made by Tey Por Yee and Ooi Kock Aun as follows:-

(A) Emergency Board Meeting

The Company wishes to clarify that Tey Por Yee’s and Ooi Kock Aun’s original notice to call for a Board Meeting had been very generally worded as follows:-

“1. To discuss the matters relating the Sales and Purchase Agreement dated 28.12.2012 (“SPA No. 1”) and Sales and Purchase Agreement dated 29.1.2014 (“SPA No. 2”) which replaced SPA No. 1 between the Company and PT Anglo Slavic Utama (“PT ASU”).

2. To discuss the action brought by the Company against PT ASU, Mr. Tey Por Yee and Mr. Ooi Kock Aun ie Kuala Lumpur High Court Suit No. 22NCC-362-09/2014 (“Suit 362”).

3. To discuss all other matters relating to SPA No. 1, SPA No. 2 and/or Suit 362.”

Consequently the Chairman, Tan Sri Datuk Dr. Hadenan Bin A.Jalil vide his letter of 24 October 2014 requested that Tey Por Yee and Ooi Kock Aun provide more details of the matters to be discussed. Neither Tey Por Yee nor Ooi Kock Aun responded to the Chairman’s letter. The Chairman had postponed the Board Meeting by four (4) days so as to enable all Board members to attend. Tey Por Yee and Ooi Kock Aun have not provided any explanation as to why a four (4) day postponement was in any way detrimental or prejudicial to them or to the Company’s interest.

(B) Requisition for an EGM by Shareholders under Section 144 of the Companies Act, 1965

With regards to the Special Notice dated 27 October 2014 to remove Tey Por Yee and Ooi Kock Aun as directors of the Company, the Board has been legally advised that the requisition made by the 2 shareholders pursuant to Section 144 of the Companies Act, 1965 is in order and consequently, the Board had at its Board Meeting on 31 October 2014 RESOLVED to convene an EGM on Wednesday, 26 November 2014 to consider the Proposed Ordinary Resolutions as set out in the Special Notice, as it is required to do so by law.

For the record, the Special Notice dated 27 October 2014 to remove Tey Por Yee and Ooi Kock Aun was issued two (2) days before the Special Notice dated 29 October 2014 issued by Tey Por Yee’s nominee to remove Dato’ Sri Chong Ket Pen. Further the Board has also been advised that since the requisition from UOBM Nominees (Tempatan) Sdn Bhd and Tan Heng Kui was made pursuant to Section 144 of the Companies Act 1965, the law requires the Company to convene the EGM or bear the cost and expenses of the shareholders convening the EGM under Section 144(3) of the Companies Act 1965. In contradistinction, the requisition made by Tey Por Yee’s nominee was pursuant to Section 145 of the Companies Act 1965. Section 145 allows two or more shareholders to convene an EGM at their own cost and expenses.

The choice of which provision of the Companies Act 1965 each requisitionist wishes to invoke is up to them and the Company has no control over the shareholders’ action.





(C) Legal Action Against Tey Por Yee and Ooi Kock Aun

The Company wishes to state that the Board had taken legal action against Tey Por Yee and Ooi Kock Aun based on investigations undertaken in the past few months and all actions undertaken including the decision to sue Tey Por Yee and Ooi Kock Aun personally were made in the best interests of the Company. Investigations were undertaken on the SPA dated 29 January 2014 with PT ASU by the Investigation Committee of the Company. The decision to form an Investigation Committee was made in July 2014 and members of the Investigation Committee comprise of Independent Directors of the Company.

(D) Purported Wrongdoings by Dato’ Sri Chong Ket Pen

Although Tey Por Yee and Ooi Kock Aun claim to have evidence of alleged wrongdoings by Dato’ Sri Chong Ket Pen, they have not presented any evidence of Dato’ Sri Chong Ket Pen’s purported wrongdoings to the Board prior to instituting a derivative action on behalf of the Company on 28 October 2014. The Board did not suspend Dato’ Sri Chong Ket Pen and will only act after due consideration of all evidence.

The Board refutes any allegations of bias and will continue to act in the best interests of the Company as it has always done so.

Date: 5 November 2014

Posted by Marina > 2014-11-24 08:36 | Report Abuse

Oo

Posted by Marina > 2014-11-24 08:36 | Report Abuse

Sudah lah alice..u ni pyscho ke
Pening lah baca ..byk sangat u post

Posted by Marina > 2014-11-24 08:38 | Report Abuse

Under normal circumtances
People who got interest saja willing to do like what u do now

Posted by kakisaham > 2014-11-24 08:38 | Report Abuse

minta dia jadi cikgu sekolah je

Posted by travoltakeong > 2014-11-24 08:41 | Report Abuse

gua bo layan......

Posted by travoltakeong > 2014-11-24 08:41 | Report Abuse

ng bullish....

Posted by chebicef > 2014-11-24 08:42 | Report Abuse

I'm with Marina, it's obvious that you have some interests with Nexgram. meet

Posted by huntchua > 2014-11-24 08:45 | Report Abuse

thank you Alice for sharing. To Marina and kakisaham,
perhaps you have something better to share?
If not, i suggest you take your shit elsewher,

Posted by Ejsaham > 2014-11-24 08:47 | Report Abuse

peh...baru cuti dua hari.....nape jadi macam ni.......sudah jadi hot counter ke?

Posted by travoltakeong > 2014-11-24 08:49 | Report Abuse

Trending Now - Hot Stocks Today
Rank Company Score
1 NEXGRAM 1000
2 IFCAMSC 963
3 SKPETRO 890
4 AT 772
5 ARMADA 722
6 DSONIC 667
7 CIMB 628
8 GLOTEC 596
9 SUMATEC 568
10 KNM 525

Posted by ayam tua2 (beruang emas) > 2014-11-24 08:49 | Report Abuse

http://www.theedgemarkets.com/my/article/oil-around-81-china-rate-cut-possible-opec-move

Lu orang mau news? Paling terbaru?stock lain tiada tapi glotec ada..

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1801525
Regarding hydropower plant 21.11.14


http://www.bursamalaysia.com/market/listed-companies/company-announcements/1800065
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1800657

Extra more news.20.11.14


Glotec oil and gas no 1 top energy counter



confirm fly


Glotec top energy counter just wake up




Waiting list

Opec announcement expected to rise to 81 dollar
drill 2015
hydropower in progress
more shale and oil gas exploration
more oil and gas company acquire
solar in pedalaman or hutan(craptree choice)


Jangan naik kapal terbang tapi naik lah glotec sibab glotec akan terbang tinggi!

Posted by TuaHuat > 2014-11-24 08:57 | Report Abuse

Feel good la

Posted by Marina > 2014-11-24 09:04 | Report Abuse

Hunctua coming..fren of alice the wondeland

Posted by travoltakeong > 2014-11-24 09:05 | Report Abuse

Looking at the chart....I feel good too......UP

Posted by travoltakeong > 2014-11-24 09:08 | Report Abuse

WE MUST STAY POSITIVE ........GOOD LUCK TO ALL......POSITIVE RULES.....

Posted by dreamaker > 2014-11-24 09:12 | Report Abuse

Buy buy buy .... Nexgram

Posted by dreamaker > 2014-11-24 09:12 | Report Abuse

Emmm... Where is dr.warrant and gao ?

Posted by Fam Jenny > 2014-11-24 09:22 | Report Abuse

Alice Tey and TPY are very close friends from her e-mail,TPY has sold Nexgram last few weeks.Alice Tey paints a doom future for it with purpose to press down the price and buys it back.She won't be sued bcos they are good friends so don't panic bcos we have other major shareholders beside them.One or two go others will come,Nexgram has good fundamentals,why destroy itS?Selfish individuals are eying at it for that simply reasons.

Posted by travoltakeong > 2014-11-24 09:27 | Report Abuse

Fam Jenny.... Alice Tey and TPY........SAME SURNAME....TEY!!!!!!!.......LOL

Posted by AliceTey > 2014-11-24 09:32 | Report Abuse

@marina, only have your interest at heart...don't to see another victims of lehman, enron, fannie mae etc, with cooked financial report, overvalued shares price and crooked management.

@fam, nexgram is indeed doom to fails.

Posted by Fam Jenny > 2014-11-24 09:50 | Report Abuse

Alice The,pls make a police report if you have enough evidences for white collar crime and to sc if you are sincere to help us instead of barking here.
Like CSL,they downgrade its integrity but up to today it cannot provide evidences and lodge any police report.

Posted by AliceTey > 2014-11-24 09:57 | Report Abuse

@Fam, don't worry, Tey and his cohorts won't be able to escape their fate and bad karma.

Speaking of which, Rising Rich is Tey's company specialising in the incorporation of offshore company...so, Tey actually are able to incorporate nominee and proxy companies more faster than you and I growing bean sprout...

Posted by Fam Jenny > 2014-11-24 09:57 | Report Abuse

Alice Teh,if it is false account it won't own a piece of valuable land in Cyberjaya which can elevate the value of NTA.For IT company its technology is far more important than NTA and it is oprating its buniness for many years.
The police actually should lookout for those who manipulate on the shares to charge in court.

Posted by AliceTey > 2014-11-24 09:58 | Report Abuse

Don't take my word for it, open the website for yourselves: www.risingrich.com

Posted by Fam Jenny > 2014-11-24 10:03 | Report Abuse

I am not interested how they make their money off shore but interested that the police catch those who spread rumours to destroy our country economy by damaging the reputation of good company.

Posted by travoltakeong > 2014-11-24 10:09 | Report Abuse

I have a funny feeling someone is doing an acid test......

Posted by travoltakeong > 2014-11-24 10:12 | Report Abuse

If this is an acid test...NG has pass with Flying colours.....0.09...is a BUY call...Interesting...

Posted by AliceTey > 2014-11-24 10:12 | Report Abuse

1st: Nexgram is not a good company.

2nd: Nexgram's reputation already ruins ever since Tey and Ooi use it as their vehicle to deceit another company.

3rd: The aforementioned is not rumour but facts.

4th: The police will catch Tey and his cohorts for the following crimes: perjury, embezzelment, money laundering and contempt of court.

Posted by travoltakeong > 2014-11-24 10:14 | Report Abuse

:-)

Posted by Fam Jenny > 2014-11-24 10:17 | Report Abuse

Then other good investors can come in as they are backed with cash and asstes of land.Since Tey is so rich there is no problem of reimbursement if your allegation is true.

Posted by travoltakeong > 2014-11-24 10:21 | Report Abuse

Just ignore any negative comments.....It is an acid test.....

Posted by AliceTey > 2014-11-24 10:21 | Report Abuse

No one want to touch nexgram...it's merely a shell company with no assets, or any real projects.

Posted by travoltakeong > 2014-11-24 10:23 | Report Abuse

:-)

Posted by Tinojuan > 2014-11-24 10:24 | Report Abuse

Ng now kicking at 0.085 downstream

Posted by bing > 2014-11-24 10:25 | Report Abuse

Buy Nexgram!

Posted by bing > 2014-11-24 10:25 | Report Abuse

Good morning Alice! Sudah makan ubat?

Posted by travoltakeong > 2014-11-24 10:25 | Report Abuse

;-)

Posted by bing > 2014-11-24 10:28 | Report Abuse

You can have yr medical advice from drwarrant here!

Posted by Tinojuan > 2014-11-24 10:29 | Report Abuse

Ng project is the director selling their own shares

Posted by travoltakeong > 2014-11-24 10:31 | Report Abuse

:-)