Posted by mr x > 2016-01-16 16:55 | Report Abuse

its acquiring transeaway and into logistic business to cater for one of the latest news, china are shifting many of their sme to kuantan, its good news kikikikiki

Posted by Ejsaham > 2016-01-16 17:32 | Report Abuse

tp 10 sen la...12 sen la..20senla...kiki

Posted by sg999 > 2016-01-16 19:03 | Report Abuse

TPY resigned from NEXGRAM! AND BURSA WAN TI INVESTIGATE NEXGRAM! GONE CASE

Posted by Cheater > 2016-01-16 19:28 | Report Abuse

C2pid chong crook. Tpy left with good succession plan, so ckp crook plan fails. SC he induce not surprising, typical dirty trick. Company solid ask till tired lor no problem. Brave businessman save public interest and take hit himself. Lets see how dirty chong ket pen can twist. Ungrateful dog.

Posted by DreamCommander > 2016-01-16 19:31 | Report Abuse

yah kah

Posted by mr x > 2016-01-16 23:16 | Report Abuse

i believe tpy resign for the sake of ng avoiding legal matter, they is nothing wrong with ng and tpy on paper he is out but as far as i am concern he is all over ng kikikikiki

Posted by DRwarrant > 2016-01-16 23:48 | Report Abuse

## VERY KESIAN SG999 ..so pondan liao..>> .LIKE A HEADLESS CHICKEN

MONDAY >>24 hours DOOM SG999 to be aditted again into HAPPY HOSP ( bahagia hosp) TANJONG RAMBUT when NEXGRAM HIT 12 SEN , SONS Nexgram-WA-WC hit 6 SEN , WB 4 SEN !!

Posted by alicetey > 2016-01-17 17:30 | Report Abuse

I did told you a couple month back that nexgram is heading to 0 valuation.. LOL...enjoy..

Nexgram co-founder Tey quits company

Posted on 15 January 2016 - 05:40am

sunbiz@thesundaily.com

PETALING JAYA: Nexgram Holdings Bhd announced that Datuk Tey Por Yee has resigned from the company that he co-founded effective yesterday to "pursue his personal interests and goals".

In a stock exchange filing yesterday, Nexgram said Tey has resigned as its executive director as well as CEO and managing director.

Tey co-founded Nexgram, formerly Nextnation Communication Bhd, and has been its CEO and managing director since May 5, 2005.

In a separate announcement, Nexgram said How Han Lum, 39, will be its new CEO.

In another announcement, Nexgram said it is buying 51,000 RM1 shares for a 51% stake in logistics company Transeaways Shipping Sdn Bhd (TSSB) from Hopscoth Invest & Trade Inc for RM41.2 million.

Nexgram said the logistics sector in Kuantan, Pahang, where TSSB operates its business, has witnessed encouraging growth for the past few years and continues to be promising.

"Nexgram's telecommunication, media and technology division could complement the TSSB's operational flow by providing mobile tracking technology on top of its existing tracking and monitoring system," it said.

Posted by alicetey > 2016-01-17 17:32 | Report Abuse

The Securities Commission raises red flag over Nexgram Holdings' conduct


By Chester Tay / theedgemarkets.com | January 15, 2016 : 7:38 PM MYT

KUALA LUMPUR (Jan 15): The Securities Commission Malaysia (SC) has raised a red flag over the conduct of Nexgram Holdings Bhd ( Valuation: 1.10, Fundamental: 1.15) in disposing of three of its subsidiaries.

In a statement today, the SC said it has come to the regulator's attention that Nexgram Holdings, which is making a voluntary takeover offer for the securities of Ire-Tex Corp Bhd ( Valuation: 0.90, Fundamental: 0.35), had entered into agreements this month, to dispose of three of its subsidiaries.

This came after the SC had cleared the takeover offer document on Dec 10, 2015, which was despatched to the holders of Ire-Tex securities on Dec 11, 2015. Nexgram Holdings had on Nov 20, 2015 made the take-over bid for Ire-Tex securities.

The three subsidiaries are Nexgram Resources Sdn Bhd, Godynamic Investments Ltd and PT Semesta Tirta Antara Raya (Indonesia).

The SC also pointed out that Bursa Malaysia is in the process of seeking verification from Nexgram Holdings on the existence of certain assets belonging to these subsidiaries.

"The disposals were announced by Nexgram Holdings on Jan 11 and 12 respectively. These subsidiaries are also subject to an on-going enquiry, conducted by the SC in relation to the accuracy of information disclosed in the offer document," it added.

The SC said the conduct of Nexgram Holdings in disposing the subsidiaries, delays and obstructs the on-going enquiries by the SC and Bursa Malaysia.

"The outcome of these enquiries may have a material impact on the value of Nexgram Holdings shares, which holders of Ire-Tex securities are to receive in exchange for accepting the voluntary offer," it warned.

Under the takeover bid, Nexgram is proposing to acquire Ire-Tex securities via an equity swap arrangement at an offer price of 40 sen per share.

It is also offering to acquire all its outstanding warrants and irredeemable convertible unsecured loan stock (ICULS) at one sen per outstanding warrant, and 5 sen per ICULS.

The offer price shall be satisfied through the issuance of new shares in Nexgram Holdings at an issue price of 10 sen each. Currently, it does not own any stake in Ire-Tex.

Hence, each holder of Ire-Tex shares will get four Nexgram Holdings shares for every one Ire-Tex share surrendered, one Nexgram Holdings share for every 10 warrants surrendered, and one Nexgram Holdings share for every two ICULS surrendered.

Earlier today, Nexgram Holdings’ founder Datuk Tey Por Yee was charged at the Ampang Sessions Court for a case that may involve RM68 million fraud, and false declaration.

It was reported that Tey, who is also the former chief executive of Nexgram Holdings, claimed trial to both charges.

Tey pleaded not guilty to both charges, which involved misleading board members of Protasco Bhd ( Valuation: 1.40, Fundamental: 1.40) in acquiring PT Anglo Slavic Utama Indonesia for US$22 million (RM68 million then).

Anglo Slavic is an oil and gas company, which Tey has vested interest.

The second charge alleged Tey to have made false statutory declaration before Wern Li Morsingh, a Commissioner of Oaths, that he had no interest in Anglo Slavic.

At the Session Court today, Judge Rushan Lutfi Mohamed set bail at RM1 million and ordered Tey to surrender his passport. The court also fixed Feb 24 for mention.

Nexgram Holdings shares fell half sen or 5.56% to 8.5 sen today, emerging as the second most actively-traded counter, with some 48.90 million shares done. Its market capitalisation stood at RM169.3 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

Posted by alicetey > 2016-01-17 17:36 | Report Abuse

Abandon ship....sell sell sell.... LOL LOL LOL....

Posted by alicetey > 2016-01-17 17:40 | Report Abuse

Wait, what this http://utama.seruu.com/read/2016/01/13/269096/tidak-sampai-laporan-keuangan-lima-emiten-dapat-sanksi-denda ? Nexgram's Indonesian subsidiary and TPY-OKA's flagship company failed to submit finance report to the Indonesian SC?

Jakarta, Seruu.com - Lima emiten yang belum memenuhi kewajiban menyampaikan laporan keuangan per Maret, Juni dan September 2015 diberikan peringatan tertulis III dan sanksi denda sebesar Rp150 juta oleh PT Bursa Efek Indonesia (BEI).

Berdasarkan Data yang dihimpun dari StockWatch Kelima perusahaan tersebut adalah PT Borneo Lumbung Energi & Metal Tbk (BORN), PT Berau Coal Energy Tbk (BRAU), PT Buana Listya Tama Tbk (BULL), PT Inovisi Infracom Tbk (INVS) dan PT Permata Prima Sakti (TKGA).

Pelaksana Harian Kepala Penilaian Perusahaan I PT Bursa Efek Indonesia (BEI), Nunik Gigih Ujiani dalam keterangan tertulis, Rabu (13/1), menyebutkan, PT Bursa Efek Indonesia (BEI) juga memberikan sanksi peringatan tertulis I kepada satu perusahaan yang belum memenuhi kewajiban penyampaian laporan per September 2015, yaitu PT Sierad Produce Tbk (SIPD).

------

Abandon ship....Nexgram is sinking fast and it is doomed....

Posted by alicetey > 2016-01-17 17:46 | Report Abuse

Nexgram! I’ve got one recommendation! Ready? Ready? ‘Sell, sell, sell’. Abandon ship!” Does the Hindenburg ring any bells!? LOL LOL LOL LOL

Posted by monde > 2016-01-17 19:18 | Report Abuse

Sendiri cakap, sendiri song... Syok sendiri

Posted by HoChunFat > 2016-01-17 19:56 | Report Abuse

Chong ket pen spam lies again. Alice chong how come know ckp boss dirty work so much? Indonesia also you know, you are ho chun fat play boy kenny chong is it?

Posted by HoChunFat > 2016-01-17 19:57 | Report Abuse

Chong lies cannot lie forever. Tpy take hit himself. Ckp leh? Cheap crook hide behind tpy company protasco that he stolen. Shame

Posted by HoChunFat > 2016-01-17 20:00 | Report Abuse

Ho chun fat the japanese running dog a shame. See what a strong leader did. Taken good care of company nexgram then leave on good management team and take hit himself for enemy sham report and allegation. Bursa or SC boys got spam with lies and bribe, cant see how strong a leader is protection investors. Taking inducement from ckp is as good as criminals.

Posted by HoChunFat > 2016-01-17 20:04 | Report Abuse

Here is what ckp did.

1983bubble Very good. How much chong ket pen paid to grt his maid rape ar?

Derrickchongketpen http://klse.i3investor.com/blogs/bursagovernanceleak/89802.jsp
Chong ket pen spend black money just to get a malicious charge. Whole world also know la. You can charge him also for raping his maid. True or not dont care. Dirty trick. Past.
15/01/2016 15:29
17/01/2016 09:04

Posted by Jacatez > 2016-01-17 20:05 | Report Abuse

Alice again? Haiz....xian....zzzzzzzz.

Posted by HoChunFat > 2016-01-17 20:06 | Report Abuse

Tpy help made nexgram steady and strong and he go take hit by chong ket pen. Ho chun fat is innocent under ckp instruction. So when shot just shot ckp not him.

Posted by HoChunFat > 2016-01-17 20:06 | Report Abuse

No monkey to play. Play spam. Cheap

Posted by HoChunFat > 2016-01-17 20:07 | Report Abuse

Alice chong ther nen mah you dono my boss son meh?

Posted by alicetey > 2016-01-17 20:58 | Report Abuse

Proof that tpy and oka's business empire is crumbling:

- they were subject to 10 different litigations in malaysia, including the one brought by the brother of sultan who bestowed them with datoship.

- their employee tipped their enemy of incoming money from bank so their enemy could rob from in day light. The robbers left with the following warninng: tell your boss not to mess with us.

http://m.themalaymailonline.com/malaysia/article/robbers-escape-with-rm1.45m-in-phileo-damansara-heist

- tpy is now a subject of criminal proceeding in malaysia.

- tpy has resigned from nexgram.

- tpy and oka are being investigated by indonesian authorities on the allegation of frad and forging signatures. One of the reporting party is herman koswara; the owner of the infamous oil and gas project.

- tpy and oka has failed to honor thei settlement agreement with benny tjokro for another foiled business venture on allegation of fraud.

- the flagship indonesian company of tpy and oka: pt inovisi infracom tbk is refrained from trading it shares by the indonesian sc.

- the management of inovisi is now in hiding after they closed down the company without notifying their employees. Now a search warrant is issued by indonesian authorities against them.

- a red notice will be issued by the interpol on the request of indonesian police because tpy and oka refused to come after repeatedly summoned by the police.

Still dare to say tpy and oka are innocent and free of any wrong doing?

In short: abandon ship and cut loss before you loss all your hard-earned money. Don't cry to me later when nexgram's shares is valued at zero.

Lol

Posted by KennyChongSpoted > 2016-01-17 23:48 | Report Abuse

Wow! what an evidence of crime by chong ket pen his some Alice Chong evidence his father's criminal creation.

How he knows TPY ever being rob? Chong Ket Pen send robber, that is why he knows.

Any other man created problems to TPY is true, how Alice Chong knows? Because his father did so.

Why she keep telling lies and accidentally leak out all his insider father's crime, if true? So his father advisor though TPY businesses may suffer.

People put in strong business and team, one Alice Chong Ther Nah can made all the small investors suffer losses? World market also drop lah. C2pid.

Posted by KennyChongSpoted > 2016-01-17 23:51 | Report Abuse

hahaha. kenny Chong Alice, you just drop your pants showing that "your father CKP" made all the crime sabotage TPY or his investments. So you made up impression say people no good. Cheap trick. You just reveal your criminal trail! Take photo!

Posted by KennyChongSpoted > 2016-01-17 23:53 | Report Abuse

Let me help your Ho Chun Fuat redeem his guilt. These are Bursa real real facts if pay attention. Careful your father heart attack.

HoChunFat Here is what ckp did.

1983bubble Very good. How much chong ket pen paid to grt his maid rape ar?

Derrickchongketpen http://klse.i3investor.com/blogs/bursagovernanceleak/89802.jsp
Chong ket pen spend black money just to get a malicious charge. Whole world also know la. You can charge him also for raping his maid. True or not dont care. Dirty trick. Past.

Posted by KennyChongSpoted > 2016-01-17 23:55 | Report Abuse

TPY companies solid then anything else. Well diversified. Not government mercy reliance. High margin foreign customers earn US Dollar. Weak holders sell, buy lor. Not many chance later especially when TPY put good team and business, then we scarify himself protect all investors, staff, customers etc. Learn a bit from this hero.

Posted by KennyChongSpoted > 2016-01-17 23:57 | Report Abuse

hehehe. "Dont cry to Alice Chong bla bla". HAHAHAHA. A joke. TPY, you have your hardcore supporter here. World market drop, if ever drop more, smart investors will see what nexgram has prepared. A recession persistence diversified business. Rely on government jobs, die die jump over cliff or in recession. Who gives you jobs.

Posted by alicetey > 2016-01-18 00:08 | Report Abuse

LOL, regarding robbery; open the link above and stop crying like a baby.

To make you cry harder, I set out below the list of litigation againts tpy and oka in Indonesia. All involving allegation of fraud and cheat committed by tpy and oka:

1. Koperasi Sejahtera Bersama (plaintiff) against pt green pine (tpy and oka, company), jerry djajasaputra (tpy and oka's nominee), pt equator securities and pt inovisi (oka and tpy flagship company).

2. PT Dayasakti Putradharma against PT Anglo Slavic Indonesia. In this case, tpy and oka failed to honor the settlement agreement to pay PT Dayasakti in the amount of Rp. 180,000,000,000.00 (what a crook).

3. Criminal complaint filed by one Herman Koswara against tpy and his nominees on the allegation of fraud and forging his and Benny Tjokro's signatures.

4. Investigation by the Indonesian SC over the irregularities of pt inovisi's business transaction.

5. Criminal complaint filed by the former employees of pt inovisi over the unpaid severance payment.

6. Investigation by the indonesian tax authorities on pt asu, pt green pine and pt inovisi.

7. Investigation by the indonesian commission for thr eradication of corruption over pt asu transaction,

To name a few LOL.

Next: malaysian proceeding, civil and criminal against tpy and oka.

Stay tune. LOL

Posted by HoChunFat > 2016-01-18 00:20 | Report Abuse

Hahaha. Who called my name? Chong strip show he made all these crime happens. The cause of crime is criminal. Good job for a sabotage.

Posted by HoChunFat > 2016-01-18 00:27 | Report Abuse

So now chong you show its true you made all these happen to make perception on your investors tey and ooi. And tried to cover up your father own wrong doing by inflating the scapegoat perception building. Cheap devil. What business people do, also not big enough than your father's money siphoning in protasco lah. Turn devil also think of sin you did, be it a drug dealer saved your father from total lost of protasco. It saved you. Wake up sinster!

Posted by alicetey > 2016-01-18 00:45 | Report Abuse

A parting gift. Please bear in mind that tpy and oka is so crooked that even they were fired by their lawyers five time, the first being Gideon Tan who abandoned and refused to work on their case any longer....LOL...

The next time we meet, I will list down the people cheated by tpy and oka in malaysia as well as the subsequent litigations.

Cherrio...in the mean time, abandon ship LOL LOL LOL

Posted by KennyChongSpoted > 2016-01-18 01:26 | Report Abuse

perception building on people, means chong wants to cover up his mistakes lor. so simple. Kenny you so free, this about the sin your father did. He is being save by crooks and he do this to them. He is worst than crook my child. Lawyers just wants his money, leave him with a crook name he carries to grave. When you are old enough you will know. Sleep well.

Posted by KennyChongSpoted > 2016-01-18 01:43 | Report Abuse

Kenny chong. Your father was saved by crooks. He use company money to kill his own saviours. he can sleep in peace? Use dirty lawyer to kill people's lawyer, etc. The blood money chong ket pen use, doesn't haunt him? Don't talk about ethic, have problem ask and discuss. Bites the partners hand, and kill innocent investors and hundreds of people with kids and family. This is not crook, what else? Young man, by telling people the person who pull you up from river is a drug dealer, gay, smuggler etc, doesn't mean you can write off the fact that the crook lend you his hand. innocent people with kids and families got killed by bunch of no blood lawyers, they care? You and your father are the ones taking all the sin. Make your victims looks more crook doesn't mean you didn't got sin. Talk to people, save your own sin.

Posted by Ejsaham > 2016-01-18 06:59 | Report Abuse

popcorn

Posted by alicetey > 2016-01-18 07:13 | Report Abuse

I'm back....let's recap....

Tpy and oka changed their lawyers like oka changed his indon mistress(es). I'm quite sure the reason is because the former lawyers were somehow cheated by them or at least found that they were the guilty party, just like the nextgram directors whose resigned following protasco's legal suit against them LOL LOL LOL
Open the link:

http://www.thestar.com.my/business/business-news/2014/09/25/nexgram-directors-resign-following-legal-suit-by-protasco/

Can anyone here dare to tell me that you know tpy and oka better than the former directors of nexgram? LOL LOL LOL

To be continued. In the mean time: abandon sinking ship LOL LOL LOL

Posted by alicetey > 2016-01-18 07:17 | Report Abuse

Thursday, 25 September 2014 | MYT 10:06 PM
Nexgram directors resign following legal suit by Protasco


PETALING JAYA: Three Nexgram Holdings Bhd directors have resigned following a legal suit against the company’s founder, Tey Por Yee, filed by Protasco Bhd.

Protasco had on Monday said it was launching a legal suit against Tey, a substantial shareholder of Protasco, as well as another Protasco director Ooi Kock Aun and Indonesian-based PT Anglo Slavic Utama (PT ASU).

Nexgram told Bursa Malaysia yesterday that three of its directors − Leou Thiam Lai, Ungku Razak Ungku Rahman and Yap Siok Teng − had resigned “because of the newspaper report on Protasco filing legal suit against a director of the company.” It did not elaborate further.

In May, Nexgram revealed to the bourse it was engaged in preliminary discussions with Protasco on a mixed development project in Cyberjaya.

In the suit by Protasco, PT ASU is the first defendant, while Tey and Ooi were named the second and third defendants respectively.

In the Monday announcement, Protasco said it was claiming US$22mil (RM72mil) in damages against the first defendant for the alleged breach to a sale and purchase agreement (SPA), as well as pre and post interest rates of 5% per annum on the sum it is claiming.

Protasco also said it was claiming US$27mil (RM88mil) in damages for fraud and conspiracy as well as aggravated and exemplary general damages against the second and third defendants.

The company is also claiming pre and post interest rates of 5% per annum on the sum it is claiming against the second and third defendants.

Protasco is claiming for a refund of the purchase price paid under the restated SPA dated Jan 28 from PT ASU and/or damages – and/or for damages – arising from the breach of contract.

Its claim against Tey and Ooi is premised on the 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 profits.

According to earlier announcements, Protasco had entered into an SPA with PT ASU in late-2012 to acquire a 76% equity interest in PT Anglo Slavic Indonesia (PT ASI) for US$55mil (RM181.3mil). However, after undertaking a due diligence, the terms of the SPA were revised.

Subsequently, on Jan 29, Protasco entered into an amended SPA with PT ASU for the acquisition of a 63% stake in PT ASI for a total purchase consideration of US$22mil. This came with a profit guarantee of US$22mil spread over four years.

The proposed deal lapsed as conditions to the restated SPA were not fulfilled by the vendor and the security provider within the stipulated timeframe.

Protasco said the legal proceedings it had initiated had no significant immediate adverse impact on the current financial position of the company, adding that it would make an impairment on the purchase price if necessary, in consultation with its auditors.

Nexgram, formerly known as Nextnation Communication Bhd, is essentially a mobile applications and platform provider. Tey emerged as the second largest shareholder in Protasco in late-2012.

------

If tpy and oka are innocent then why the directors of their flagship company resigned by citing protasco suit as the reason? LOL LOL

Posted by bomohmalaysia > 2016-01-18 07:33 | Report Abuse

alice is a dumbass

Posted by HoChunFat > 2016-01-18 08:05 | Report Abuse

Alice chong is cong ket pen son. His dad that threaten and link stories to made up perception. Like his son is doing now. Dirty tricks.

Posted by HoChunFat > 2016-01-18 08:05 | Report Abuse

Ss is not dum, the one carrying the ss is.

Posted by HoChunFat > 2016-01-18 08:07 | Report Abuse

Chong Ket Pen grand scam to cheat police to work for him under duress busted
Draft Report
Case Study 12 June 2015. Updated NY, 30 September 2015

Chong Ket Pen Inducement on the Police Retiree Business Scam Busted - the Real Reasons behind reveal


Who is Chong Ket Pen (Chong, Dato' Sri)?


Chong Ket Pen according media conclusion, could be summarized in 2 sentences:
Ungrateful
Bites the hand who feed him

(Media summary could be found at: 忘恩负义 张吉平 - Con Man Chong Ket Pen : How he stolen Protasco. ref: http://protasco.blogspot.com/ )

The International case study of modern commercial and criminal law, would count this small company (Protasco) senior officer's attempted crime as an important text book material. One Chong Ket Pen, male, public servant, where Malaysian business community calls him con man of the year (2014), bankers name him scammer of all time, or police forces crown him "Crook", is a joke to this young country legal system, yet a good material for International case studies. Chong reportedly involves in criminal scam similar to ponzi scheme, as he repeatedly induced and cheated his business partners over the last 30 years.

Notable investors / bosses Chong have cheated includes:
Dato' Hasnur Rabiain Bin Ismail (Played out, Resigned & Left on 13.June.2012)
Tun Daim bin Zainuddin (Played out, Sold and Left December 2012)
Dato' Tey Por Yee & Dato' Ooi Kock Aun (Played out & Left November 2014)

http://protascopolicescam.blogspot.com/?m=1

Posted by HoChunFat > 2016-01-18 08:11 | Report Abuse

Thats what my boss did. Made up and create perception.

Posted by HoChunFat > 2016-01-18 08:16 | Report Abuse

Wednesday, 29 October 2014

Protasco directors in legal tussle over the recovery of RM10mil

BY WONG WEI-SHEN


PETALING JAYA: In a turn of events, Protasco Bhd independent director Tey Por Yee (pic left) has filed a derivative action at the Kuala Lumpur High Court against the company’s managing director Datuk Seri Chong Ket Pen (pic right) and six others for the recovery of RM10mil.

Tey, through his private vehicle Kingdom Seekers Ventures Sdn Bhd, is suing the defendants for and on behalf of Protasco to recover the money which Chong had allegedly benefitted from via a private company RS Maha Niaga Sdn Bhd.

In a statement late yesterday, Chong denied the allegations, claiming that the derivative action by Tey was completely devoid of merit and appeared to have been actuated by malice.

He said the proceedings amounted to nothing more than an attempt to smear and tarnish his reputation, apart from seeking to divert attention away from the ongoing legal proceedings filed by Protasco against Tey and others.

“I am confident that the truth is on my side and will emerge in the fullness of time. I have appointed solicitors to vigorously defend the said derivative action. I will be lodging a police report in respect of the allegations made against me,” Chong said in a statement.

In the suit filed by Kingdom Seekers Ventures, apart from Chong, the others named as defendants were Kenny Chong Ther Nen (Chong’s son), Low Kian Seng, Edward Khoo Mong Wei, Lim Yew Ting and RS Maha Niaga. Also named as a defendant was Protasco by virtue of it being the representative of the claim.

Together with his counsel Gideon Tan, Tey claimed to have uncovered a money trail involving monies paid out by Protasco through two layers of companies, which eventually led to an RM10mil cheque being drawn and paid to Maha Niaga.

Tey alleged that an Indonesian oil and gas company, PT Anglo Slavic Utama (PT ASU), through its lawyers, had informed him that the RM10mil was Chong’s financial gain from two contracts.

The two contracts were the oil deal with PT ASU, and bitumen and coal trading with Indonesian company PT Goldchild Integritas Abadi.

According to Tey, in February 2013, Protasco via its subsidiaries has paid RM16mil in total to Goldchild Integritas for bitumen and coal trading with Indonesia. Of this RM16mil, RM10mil was channelled back to Maha Niaga.

The suit, which was filed yesterday, came a day after Protasco announced that two shareholders holding 10.51% collectively were seeking to convene an EGM to remove both Tey and Ooi Kock Aun, a non-executive director.

Speaking to reporters at a briefing yesterday, Tey claimed that the two shareholders seeking his removal were linked to Chong.

“Now, I know the real reason for the lawsuit – it is really just a boardroom fight and they want to remove me, who have invested close to RM100mil in Protasco. I am a substantial shareholder and a threat to Datuk Seri Chong.”

Kingdom Seekers Ventures is seeking a declaration from the defendants that they had allegedly breached their fiduciary duties by benefiting RM10mil at the expense of Protasco.

Tey is also seeking an order that the defendants account for the RM10mil, and return it to Protasco within 14 days from the court order or time stipulated by the court.

Tey contended that according to records with the Companies Commission of Malaysia, shareholders of Maha Niaga are Protasco project director of property development Edward Khoo Mong Wei and corporate adviser Lim Yew Ting.

Khoo is also a director of Maha Niaga, together with Protasco Trading Sdn Bhd (a Protasco subsidiary) general manager Low Kian Seng. Khor Hooi Ling is the company secretary for both Protasco and Maha Niaga.

Both companies have the same correspondence address and telephone numbers.

Tey, who has an 18% stake in Protasco, said he would call for an EGM to present the facts to the shareholders and to ask for the removal of Chong. “I anticipate the EGM to be held by end-November or early December, as soon as possible,” he said.

The corporate battle between Chong and Tey came to light on Sept 22 this year when Protasco filed a suit against Tey, Ooi and PT ASU in relation to the proposed acquisition in late 2012 of a 76% stake in PT Anglo Slavic Indonesia (PT ASI) for US$55mil (RM181.3mil).

On Jan 29, Protasco entered into an amended SPA with PT ASU for the acquisition of a 63% stake in PT ASI for US$22mil that came with a profit guarantee of US$22mil spread over four years.

However, the deal fell through, as conditions under the amended SPA were not fulfilled within the stipulated timeframe.

Protasco, in its suit, claimed that Tey and Ooi breached their fiduciary and statutory duties, including the duty to disclose their interest in the transaction, conspiracy to defraud the company and the making of secret profits. Tey denied the allegations and contended that neither he nor Ooi are directors.

Posted by HoChunFat > 2016-01-18 08:19 | Report Abuse

Also can spam like my boss chong ket pen lah.

Saturday, 1 November 2014
Tey alleges foul play in Protasco case


PETALING JAYA: Protasco Bhd non-executive director Tey Por Yee claims that the board is “protecting” managing director Datuk Seri Chong Ket Pen by refusing the latter to defend himself on the allegations of the RM10mil personal gain.

The resolution to suspend Chong until disciplinary action could be taken was also not allowed to be tabled, he alleged.

“The board of directors of Protasco is no longer independent. It is, in fact, using Protasco’s resources and money for Chong’s personal agenda to remove me.

“This EGM that they have called is deliberately scheduled ahead of ours and will be paid by Protasco. They are trying to prevent shareholders from knowing the truth,” Tey alleged in a statement yesterday.

The EGM that Tey has called and funded by himself, will be held at 10am on Nov 28.

Its purpose is to present the facts and evidence of Chong’s alleged wrongdoing directly to the shareholders and to ask for the removal of Chong.

However Protasco is holding an EGM on Nov 26 to remove Tey and another director. This EGM came about after it was proposed by two shareholders namely, UOBM Nominees (Tempatan) Sdn Bhd and Tan Heng Kui.

UOBM Nominees is the pledged securities account of Penmacorp Sdn Bhd, an investment holding company whose shareholders are Chong, his wife Datin Seri Hoo Chit Neo and their sons Chong Ther Nen, Chong Ther Zern, Chong Ther Shern and Chong Ther Vern.

Posted by HoChunFat > 2016-01-18 08:20 | Report Abuse

So anyone wants to follow chong ket pen modus operandi, also made up abd copy paste like his son lor

Posted by HoChunFat > 2016-01-18 08:27 | Report Abuse

Because of lawyer being good. Chong ket pen dirty lawyer set up and play gidion and made him pissed. Then chong cook story on lawyer just like he cook story on unrelated directors. Any of his victim maid retired went back, he also can cook story master torture maid maid ran. This is the type of crook my boss chong ket pen is. Psycho as u can imagine. Fly kite.

Posted by HoChunFat > 2016-01-18 08:30 | Report Abuse

Watch chong ket pen son spam. Copy and paste old stories. Where is drwarrant and his friends? Need hospital DR catch psycho!

Posted by alicetey > 2016-01-18 08:45 | Report Abuse

LOL....sorry but nobody believe that vexatious and baseless suits as evident by the fact that tpy and oka got booted by 90% of protasco's shareholders and their motion to dismiss Dato Chong got rejected by a similar margin LOL....and now not even Gideon Tan the lawyer who did the drafting for the kingdom seekers suit believe it had merits, that's why his firm refused themselves from representing tpy and oka LOL LOL

Blogspot? If you want to kick start media campaign then don't use free hosting mah, make you look like a poor man gobbels LOL....i'm no chongs nor affiliated with them or their company, but i thank the God that i did not birth to the crooked low life and shameful to all chinese people: teys and oois LOL

Posted by alicetey > 2016-01-18 08:49 | Report Abuse

KUALA LUMPUR, Nov 28 — Infrastructure developer Protasco Bhd’s managing director Datuk Seri Chong Ket Pen has won a contentious boardroom tussle for control of the company after shareholders voted at an extraordinary general meeting (EGM) today in his favour.

According to Protasco’s announcement on Bursa Malaysia, 89 per cent of company shareholders voted to reject the proposed resolution moved by director Tey Por Yee and Kingdom Seekers Ventures Sdn Bhd to remove Chong as director.

“We thank all the shareholders for this vote of confidence in the company and in the management,” Chong said in an emailed statement to Malay Mail Online.

“We are now focusing on getting back to business, and ensuring we deliver the strong performance that our shareholders have come to expect from us,” he added.

The EGM called by Kingdom Seekers Ventures and Tey today followed another EGM yesterday that saw Tey being sacked from the board of directors after 95 per cent of shareholders backed a resolution for his and Ooi Kock Aun’s removal.

Yesterday’s EGM was held after it was postponed from Wednesday when Tey and Ooi reportedly walked out during the meeting, claiming that the EGM was illegal.


Protasco’s main business operations are in the construction sector and has, to date, a 700 million orderbook. The company was first listed in 2003.

- See more at: http://m.themalaymailonline.com/money/article/chong-wins-battle-for-control-of-protasco-as-tey-por-yee-ousted#sthash.nfPrh5qc.dpuf

----

Wow, i was wrong, tpy and oka got the boot from 95% shareholders and i thought they owned 20% stakes in protasco. Does this mean they kick themselves in the ass? LOL LOL LOL

Posted by alicetey > 2016-01-18 08:56 | Report Abuse

Saturday, 4 July 2015
A pattern of turbulence

BY ERROL OH . . . OPTIMISTICALLY CAUTIOUS

Why does Larry Tey invest in companies that diversify and then hit instability?

A STRANGE thing happened at Ire-Tex Corp Bhd on Monday, when it had an annual general meeting (AGM) in Penang. The manufacturer of packaging materials surprisingly announced that co-founder and group managing director Datuk Donald Yap Tatt Keat had stepped down. Ire-Tex said he had retired by rotation at the AGM and had not sought re-election.

.....

http://www.thestar.com.my/business/business-news/2015/07/04/a-pattern-of-turbulence/

------

Indeed why does larry tey invest in companies and these companies hit instability? Tpy got no midas touch, he got the touch of lucifer LOL LOL

Posted by HoChunFat > 2016-01-18 08:58 | Report Abuse

C2pid alice chong. Tey abd ooi "gave up their vote" as protest of no confidence on dirty chong tricks. So manipulate his own votes 100% also can lah. Another joke my boss chong ket pen syok sendiri about. Funny crook.