Posted by TeyPuki > 2016-03-29 10:02 | Report Abuse

Investigations to proceed despite the company withdrawing Ire-Tex offer

ALTHOUGH the takeover offer Nexgram Holdings Bhd made on Ire-Tex Corp Bhd is now off the table, it has not stopped regulators from pursuing their investigations on the former’s past dealings.

On Thursday, Nexgram turned things around by announcing its intention to withdraw its takeover offer on one-stop packaging service provider Ire-Tex. This came a day after it said it would take steps to bring in a special auditor to determine the veracity of some of its assets.

Yesterday, Nexgram also announced that its due diligence committee had taken heed of concerns made by regulators and followed up with a visit to Indonesia, where some of the questionable transactions are said to have transpired.

“The Nexgram board had formed the view that such observations appear to potentially point to inconsistencies with regards to details of certain assets with the Nexgram group,” the statement said.

Following this, Nexgram said it had formed a special committee comprising of four directors of which two are independent, to take necessary steps to address the matter, which include the appointment of a special auditor.

Still, if any evidence suggests Nexgram has not carried out its responsibilities towards shareholders, the company could face sanctions from the regulators, and depending on the severity, it could face criminal prosecutions, insiders say.

The Nexgram saga started after it launched a takeover offer on Ire-Tex last November, which was to be satisfied through issuance of new Nexgram shares.

According to its website, Nexgram says it is a multinational conglomerate involved in the telco, security and surveillance, software development, property development, industries, business advisories and investment activities sectors.

Its rationale to take over Ire-Tex was so it could continue its diversification by tapping into manufacturing and industrial segments.

StarBizWeek earlier reported that regulators had concerns over the takeover due to the veracity of certain assets in Nexgram.

However, it had insufficient grounds to disrupt the offer and continued to follow up on its leads.

Following this, Nexgram posted its offer document on Dec 11, 2015.

It is understood that both the Securities Commission and Bursa Malaysia met with the advisors and a representative of Nexgram’s board to request the verification of certain alleged bank balances by an independent accountant.

However, soon after, through Jan 11 and Jan 12, Nexgram announced that it had earlier entered into agreements to dispose of some of its subsidiaries, which according to the SC, were the subject of enquiry.

At the same time, Nexgram made some more changes in the company.

On Jan 14, the company announced that its co-founder Datuk Tey Por Yee (pic) had resigned as executive director to “pursue his personal interest and goals”.

Since his resignation, Nexgram has six directors left sitting on its board.

Interestingly, Tey has not sold off his stake in Nexgram. According to Bursa filings, Tey’s stake stands at 23.4%.

This led to the SC choosing to invoke its powers under the Capital Markets Securities Act (CMSA) under Section 217 to issue a public statement on its concerns relating to those assets, a first for the SC.

This course of action is seen as a rarity even in other countries, says a source.

The SC had issued the public statement on Jan 15, stating that Nexgram’s disposal of certain assets “delays and obstructs the ongoing enquiries by the SC and Bursa Malaysia”.

Since Nexgram was seen as being “uncooperative” in bringing in a special auditor to independently verify the value of its assets, Bursa had all this while held back on the greenlight for Nexgram’s circular to its shareholders related to the Ire-Tex deal.

This meant that Nexgram had not been able to call for an EGM to vote on the takeover proposal, which in turn could have led to the offer lapsing.

On Jan 11 and Jan 12, Nexgram announced that it had earlier entered into agreements to dispose of its subsidiaries – Nexgram Resources Sdn Bhd, Godynamic Investments Ltd and PT Semesta Tirta Antara Raya (through Godynamic) – which are believed to be the subject of the regulators’ enquiries.

Although it is not too clear which assets showed some red flags, it is worth taking a look at Nexgram’s balance sheet.

In its financial statements for the year ended April 30, 2014, the company had RM84.5mil in cash balances. However in the following year, a majority of that cash seemed to be reflected in as inventories. Its inventories moved from zero to RM89.8mil in the following financial year while its cash balances fell to RM31.1mil.

Sources say enquiries by the regulators are focused on the paper and cash trail of how those inventories were built up.

Posted by TeyPuki > 2016-03-29 10:03 | Report Abuse

Here is the lesson from warren buffet to help you choose the company to invest in.

Never trust the financial report. It can be cooked. Like nexgram's financial report, it was cooked til burnt and can't even be eaten.

Never trust the number in the counter. It can be over valued because it was cooked. Like nexgram's counter.

So what to do?

You have to scrutinize the company that you invest your money or planned to invest to. And if you look into nexgram, then you will see the signal to cut loss:

- nexgram got it big break from inovisi and depended on inovisi and other overseas subsidiaries for source of revenue. Now, inovisi and the companies are bankrupt.

- nexgram was used by tey and ooi in their scheme to cheat others.

- nexgram attempted to hide it subsidiaries' owners (pt star, gold dynamic etc) by claiming they don't have information (what????).

- the owners of the said subsidiaries are tey and ooi as indicated by the fact that dedi francis was and is the director in both companies.

- three out of nexgram's directors quit nexgram citing protasco's suit against tey and ooi as the reason.

- tey was ousted from nexgram.

Etc.

Posted by TeyPuki > 2016-03-29 10:04 | Report Abuse

KUALA LUMPUR: A proposed joint-venture (JV) mixed development project in Sepang involving Nexgram Holdings Bhd and Asdion Bhd has failed to receive the land development order (DO) from the Sepang Municipal Council.

In a filing with Bursa Malaysia, the software developer said following the council’s rejection, the land vendor Hijrah Murni (M) Sdn Bhd had sent to Top Valley Properties Sdn Bhd - which was to be the project’s joint developer with Nexgram Land - a notice terminating the sale and purchase agreement.

“Nevertheless, the company was informed that Top Valley is in the on-going process of re-negotiating terms and timelines for new DO submission,” added Asdion, which plans to diversify into property development via a JV arrangement with Top Valley.

In December 2014 Top Valley signed an off take agreement cum sale and purchase agreement (SPA) with software developer Nexgram Holdings Bhd’ unit Nexgram Land Sdn Bhd whereby they would develop and sell to MyAngkasa Bina Sdn Bhd the entire mixed property development project on 2.154ha. Meanwhile, Top Valley entered into the land SPA with Hijrah Murni.

The project, to be undertaken on a piece of agricultural leasehold Malay reserved land, was to comprise three tower blocks comprising a total of 659 units of serviced apartments and 10 units of commercial/retail shops with a gross development value of RM297.39mil.

Top Valley’s entitlement from the project was estimated to be RM13.4mil, and Asdion was to have a participation right in Top Valley’s entitlement and to share the project benefits (80% share or RM11.9mil).

Bursa Malaysia Securities considered it a related party transaction as Datuk Tey Por Yee was a common major shareholder of both Nexgram and Asdion, and See Poh Yee was a common director of both.

In the latest statement On Monday, Asdion said it was informed that for the purpose of the offtake agreement cum SPA with Nexgram Land and MyAngkasa which was still subsisting, Top Valley was currently exploring all possible viable options, including sourcing for an alternative suitable land and continue negotiating with the land owner for resubmission of the DO.

“The board had discussed the letter in a board meeting held on March 14 and requested the management to provide further information for deliberation before making any decision,” it

Posted by TeyPuki > 2016-03-29 10:06 | Report Abuse

One of reality distortion field that clouded tey and ooi's judgment.

They think that they have deep connection that will protect them when their crime is exposed. For example: ooi kock aun filed complaint to macc and not entertained. Well, macc's chairman is the board chairman at protasco and protasco is a company under the protection of Tun Daim.

Another example, tey and ooi think they could used their indonesian nominee as a scape goat for their crime. Little that they know, the said indonesian nominee have deep connection to indonesian politician and conglomerate. For example, his brother is a senior director in one of the largest conglomerate in indonesia (top 5). So in attempt to deter this nominee from telling the truth, tey and ooi instructed their other nominee to filed police report against this rogue nominee. Not only the case is stalled eventhough tey and ooi hired a dirty lawyer to pay corrupt cop in the amount of idr 2billion to carry out the attack, but upon the counter attack of this nominee, pt inovisi's office was raided by the indonesian police to the shock and horror of tey and ooi.

Tey and ooi's enemy in singapore also has cooperate with the immigration office to supervise tey and ooi activity in singapore. Because of this it is found out that recently tey met with dedi francis, his most loyal nominee in singapore to discuss the strategy. Dedi used to work at frank & co, pt suka permai santosa and pt go dynamic who made many communication with tey and his malaysian cohort. For example he communicate with adolf chien fay lie, a director of hytex integrated bhd in number 628196789. Hytex shareholders are owned by tey por yee, nutox ltd (which director is adolf) and pt nusantara rising rich.

If you read this, yes tey por yee and ooi kock aun, we monitor all your activities and you will not escape from your crimes. It time to pay the piper LOL LOL LOL

Posted by diuckpmak > 2016-03-29 10:07 | Report Abuse

kena tax dan sprm curi tahi. Khe khe khe

Sejak umur 3 kenny chong sudah jilat tahi bapaknya. Yang bapak dia makan wang di mulut, kenny chong ther nen makan tahi di belakang. Bapak dan anak geng jenayah cocok sekali. Umur 12 kenny chong sudah tahu curi makan tahi jirannya. Sampai satu kampung hilang tahi misteri hilang. Bila kenny chong masuk sekolah dia curi jenguk tandas perempuan cari cari tahi. Cikgu dia jadi saksi kenny chong ther nen curi lihat punggung murid perempuan, report polis ada banyal record, jadi dimasuk pusat pemulihan minda cacat.

Bila kenny chong di penjara, bapaknya chong ket pen makan lebih wang dan beri rasuah supaya kenny chong keluar dalam masa 5 tahun. Bila umur 18 kenny chong dimasuk geng jenayah bapaknya, jadi curi tahi seluruh jalan lawan indah water punya kontrak tetapi kalah.

Selepas di latih bapaknya jadi penjenayah kenny di masuk ke protasco untuk curi wang protasco. Properti yang kenny masuk campur semua tahi di makan, sampai papan tandas pun dia telan. Komplain pembeli sudah banyak report polis penipuan jual rumah rosak dan paling penting tahi hilang.

Protasco sudah jadi rosak sebab penjenayah bapak dan anak chong beri rasuah dan makan wang tidak di kawal. Sudah ada polis yang mahu masuk itu kenny sekali lagi，hanya tunggu tahi hilang lagi.

Posted by diuckpmak > 2016-03-29 10:08 | Report Abuse

Do chong ket pen mak.

Posted by TeyPuki > 2016-03-29 10:09 | Report Abuse

One of reality distortion field that clouded tey and ooi's judgment.

They think that they have deep connection that will protect them when their crime is exposed. For example: ooi kock aun filed complaint to macc and not entertained. Well, macc's chairman is the board chairman at protasco and protasco is a company under the protection of Tun Daim.

Another example, tey and ooi think they could used their indonesian nominee as a scape goat for their crime. Little that they know, the said indonesian nominee have deep connection to indonesian politician and conglomerate. For example, his brother is a senior director in one of the largest conglomerate in indonesia (top 5). So in attempt to deter this nominee from telling the truth, tey and ooi instructed their other nominee to filed police report against this rogue nominee. Not only the case is stalled eventhough tey and ooi hired a dirty lawyer to pay corrupt cop in the amount of idr 2billion to carry out the attack, but upon the counter attack of this nominee, pt inovisi's office was raided by the indonesian police to the shock and horror of tey and ooi.

Tey and ooi's enemy in singapore also has cooperate with the immigration office to supervise tey and ooi activity in singapore. Because of this it is found out that recently tey met with dedi francis, his most loyal nominee in singapore to discuss the strategy. Dedi used to work at frank & co, pt suka permai santosa and pt go dynamic who made many communication with tey and his malaysian cohort. For example he communicate with adolf chien fay lie, a director of hytex integrated bhd in number 628196789. Hytex shareholders are owned by tey por yee, nutox ltd (which director is adolf) and pt nusantara rising rich.

If you read this, yes tey por yee and ooi kock aun, we monitor all your activities and you will not escape from your crimes. It time to pay the piper LOL LOL LOL

Posted by TeyPuki > 2016-03-29 10:09 | Report Abuse

I already repeatedly asked Tey on the identity of the consultant, client, etc but he failed to answer. So we can assume that these are just another lies concocted by Tey and Ooi.

Basically, Tey and Ooi's defense (which can be found in numerous blogs set up by them) are as follows:

1. Tey and Ooi are consultants for Indonesian clients who are looking for investors.

Facts: according to the term's sheet signed by Tey and Herman, they are business partners that will develops the oil field in aceh province.

2. Tey and Ooi introduced PT ASU, indonesian vendors, to Protasco.

Facts: PT ASU was established after the fact by Tey and Ooi. It director and commisioner are nominees of Tey and Ooi.

3. Tey and Ooi are brokers whom main business is introduction projects for profits.

Facts: the deal between globalcap/Tey and Ooi's company and Herman Koswara, as well with Dato Chong/Protasco were to co-develop the oil and gas project in kuala simpang and not a brokerage deal.

4. Tey and Ooi obtained the oil and gas project before they were appointed as Protasco's director so there is no fiduciary duty to disclose full information on the deal.

Facts: the statutory duties and fiduciaries duties existed since the first day Tey and Ooi accepted their appointment. So, instead of offering Protasco RM 176million to buy the stake of PT FAS, they should have offered the IDR 31million with Herman Koswara and Benny Tjokro.

5. Tey and Ooi found trails of money that proof Dato Chong received bribe to facilitate the oil and gas deal.

Facts: the so called trails actually series of money transfers between companies owned by Tey Por Yee and Ooi Kock Aun, i.e. PT ASU and PT Nusantara Rising Rich etc. The money is part of repayment of a loan by Dato Chong so Tey could finalize the acquisition of Tun Daim's protasco stakes.

6. Tey and Ooi are saviours to Dato Chong.

Facts: can you really call yourself savior if from day one you already devised a plan to cheat the person you supposed to save?

7. Dato Chong failed to inform the board on the existence of investment agreement with Tey Por Yee as well as the project.

Facts: Protasco's IC already confirmed that they are aware of the existence of such agreement and the reason Tey and Ooi agreed to buy Tun Daim's stakes. Further the board unanimously adopted the agreement by way of circular resolution.

8. Tey and Ooi are innocence and were framed by Dato Chong.

Facts: tey and ooi crimes includes, inter alia, extortion, forging documents, perjury (lying in statutory documents), fraud, embezzlement, false statements to the sc, obstruction of justice, bribery, cheat, contempt of court, libel, slander, etc.

Posted by TeyPuki > 2016-03-29 10:10 | Report Abuse

Before it demise, the following happens to PT Inovisi Infracom Tbk:

- the police raided the office of Inovisi.
- it shares dropped 70% in a matter of days.
- it sell it assets to an obscure chinese company, fortune phoenix.
- it founders, one Adrian Ooi Kock Aun resigned from the board.
- it was probed by the sc over irregularities in many corporate actions.

Let see if Nexgram share the same conditions:

- police raided it office? Check
- it shares dropped 40% in a matter of month? Check
- it sell it asset to an obscure company (vast wealth management)? Check
- it founders, Larry Tey Por Yee resigned from the board? Check
- it was probed by the sc over irregularities in their corporate action? Check

A quote from Albert Einstein: insanity is doing the same thing over and over again and expecting different results.

Do you think nexgram would be able to escape the fate of inovisi when adrian ooi kock aun and larry tey por yee does the same things in nexgram and in jnovisi? LOL LOL LOL

Posted by diuckpmak > 2016-03-29 10:10 | Report Abuse

Wow big big bribe

Posted by TeyPuki > 2016-03-29 10:10 | Report Abuse

Nexgram’s change of auditors raises a lot of questions

WHO says minority shareholders are a helpless lot? How can that be true when a person with a minuscule number of shares in a listed company became the only one to nominate the new external auditors for the company? And he didn’t even have to explain why he did so.

He just threw out the name of the accounting firm and came up with a proposed resolution to be tabled at an extraordinary general meeting.

It was then up to the board of directors to assess the suitability of the firm. The board decided that the appointment of the new auditors was in the best interest of the company and its shareholders, and thus recommended that shareholders at the EGM vote for the proposed change of auditors. The shareholders did as advised.

Take a bow, Ko Boon Leong of Setapak, Kuala Lumpur. If there were such a thing as the Tiny-but-Mighty Corporate Player of the Year Award, you’d likely be a top candidate for 2015.

Then again, an accolade like that shouldn’t be given away cheaply. There should be diligent scrutiny. Let’s go over the story and raise questions when necessary.

But first, the reason this has come up is because the auditors appointed last year now wants to step down, after less than six months in that role. Accounting firm CHI-LLTC explained that its workforce had shrunk recently and it therefore couldn’t handle the increasing work arising from the listed company’s “recent expansion plan”.

The listed company is Nexgram Holdings Bhd, which has been in the news lately after the Securities Commission had issued a public statement on Jan 15 regarding the company’s offer to buy all the securities of Ire-Tex Corp Bhd. It was revealed that three subsidiaries of Nexgram are the focus of ongoing enquiries by the SC and Bursa Malaysia. On Thursday, Nexgram applied for consent from the SC to withdraw the offer for the Ire-Tex securities.

Back to the replacement of auditors last year. On July 8, Ko sent a letter to Nexgram to nominate CHI-LLTC as the new auditors, taking over from SJ Grant Thornton. He also offered a draft resolution for the proposed change.

According to the letter, Ko had 1,333 Nexgram shares. That’s almost nothing compared with the company’s 1.88 billion issued shares. Nevertheless, as a shareholder, he’s entitled to nominate the auditors, according to the Companies Act.

But why him? And why make the nomination at that point, when there had been no disclosure regarding a need to change auditors?

Based on announcements made through the stock exchange, the first time the investing public had any idea Nexgram was switching auditors was on July 20, when the company issued a notice of the EGM to consider the proposed change of auditors. The notice mentioned the resignation of SJ Grant Thornton, and yet, Nexgram hadn’t announced that development.

The relevant details only emerged the next day with the release of the circular to shareholders. Some of the fresh information certainly deserves greater attention.

In late June, SJ Grant Thornton told the Nexgram board that the fee for the 2015 audit would be increased from RM200,000 to RM500,000. The accounting firm said the hike was because it classified the 2015 audit as high-risk and would therefore need to use more resources for the job.

The high-risk classification is the result of “significant changes in the level of activities in the Nexgram group” and the Audit Oversight Board’s review of Nexgram’s 2014 audit files, which led to the requirement for additional work to be performed during the 2015 audit.

The board met on July 8 and agreed to reject the fee revision, describing it “not sensible and totally unreasonable”. On the same day, the board received Ko’s letter nominating CHI-LLTC as the new auditors and alluding to SJ Grant Thornton’s resignation.

But Nexgram received SJ Grant Thornton’s letter of resignation only on July 15, after the board had written to the firm on July 10 to say it wouldn’t accept the new audit fee.

In its circular to shareholders, Nexgram says it received Ko’s notice of nomination in “anticipation of the outcome of the negotiation with SJ Grant Thornton”.

That bit of pretzel logic can only trigger questions. How did Ko know about the directors’ stand on the higher audit fee? In fact, how is he — a person with merely 1,333 Nexgram shares — even aware of the fee revision? How and why has he chosen CHI-LLTC as the standby auditors out of the more than 50 other accounting firms in Malaysia that are registered as auditors of listed companies?

And why didn’t the nomination come from somebody else, say, Datuk Tey Por Yee, who was then Nexgram’s CEO and MD, and also a substantial shareholders?

http://www.thestar.com.my/business/business-news/2016/01/23/the-tiny-but-mighty-shareholder/

Smell like something fishy is going on LOL LOL LOL

Posted by diuckpmak > 2016-03-29 10:10 | Report Abuse

Ckp jail he goesd

Posted by diuckpmak > 2016-03-29 10:11 | Report Abuse

syeok

Kalau protasco memang cuci bersih, chong ket pen yang bapak penipuan ini tipu protasco bila sign contract dan tidak beritahu lembaga director protasco.
Chong tipu lagi sign SD dan sumpah palsu.
Chong lagi report palsu beri rasuah untuk tutup lubang besar yang di buat dia sendiri
Chong adalah jenayah bapak sampah masyarakat. Bukti bukti sudah cukup masukkan dia ke penjara

Posted by TeyPuki > 2016-03-29 10:11 | Report Abuse

If I were Tey and Ooi, this what I would do:

1. I would sign an non-disclosure settlement agreement with Protasco and agreed to return the USD 22million with cost and damage.

2. Since no one in Protasco like me anyway, me being Tey and Ooi, then I will sell all stakes in Protasco and use the money as a payment for the above settlement agreement.

3. I will also do the above with Herman Koswara and Benny Tjokro as well as to the people I cheated in the past.

4. After all dust is cleared, I will repent and promise myself to never be a crook ever again.

Posted by TeyPuki > 2016-03-29 10:12 | 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.IJabMnRD.dpuf

Posted by TeyPuki > 2016-03-29 10:12 | Report Abuse

If the members of nexgram's special committee really are independent, then they will report back the following:

- pt star owned by tey por yee and ooi kock aun.
- dedi francis used to work in pt star and report directly to tey por yee.
- gold dynamic owned by tey por yee and ooi kock aun.
- dedi francis is a director at pt gold dynamic, the subsidiary of gold dynamic.
- dedi francis is a commisioner of pt anglo slavic utama.
- dedi francis is a nominee of tey por yee and ooi kock aun.

LOL LOL LOL

Posted by TeyPuki > 2016-03-29 10:13 | Report Abuse

By Meena Lakshana / theedgemarkets.com | March 15, 2016 : 4:05 PM MYT

KUALA LUMPUR (March 15): Nexgram Holdings Bhd confirmed today that its joint venture with Asdion Bhd with regard to a mixed development project has hit a snag, because the Sepang Municipal Council (MPS) has rejected the development order (DO) for the project.

To recap, Asdion had inked a joint venture agreement with Top Valley Properties Sdn Bhd on Feb 12, 2015 to participate in the development of the project known as Selangor Project.

Asdion paid RM6 million to Top Valley to be used solely towards settlement of the purchase consideration of the parcel of leasehold agricultural Malay reserve land, and will entitle the company to share expected economic benefits and profits arising from the development and sale of the Selangor Project with Top Valley.

On Dec 22 2014, Top Valley had entered into an off-take agreement with Nexgram Land Sdn Bhd and MyAngkasa Bina Sdn Bhd, whereby MyAngaksa would buy the project from Top Valley and Nexgram Land (as developer) for RM297.4 million.

In a filing with Bursa Malaysia today, Nexgram said it had received a letter from Top Valley on March 8, disclosing that MPS had rejected the DO.

"Nexgram Land was informed that in view of the failure in obtaining the DO on time, the landowner of the Selangor Project has terminated the sales and purchase agreement with Top Valley," the filig read.

"Top Valley is currently in the midst of exploring all possible viable options, including sourcing of an alternative suitable land, while continuing negotiation with the land owner for resubmission of the DO.

"The company will make the necessary announcement on further development of the matter, in due course," it added.

Yesterday, Asdion also announced via a filing to Bursa Malaysia that based on a letter received from Top Valley on March 8 as well, Top Valley is in the process of re-negotiating terms and timelines for new DO submission.

The Selangor Project, comprising three tower blocks with a total of 659 units of service apartments and 10 units of commercial and retails hops, was to be developed on a 2.154ha piece of agricultural leasehold Malay reserve land in Kg. Limau Manis, Dengkil in the Sepang district, with the lease period expiring on Feb 3, 2104.

Asdion had said it was venturing into the project as a means to diversify its earnings base and reduce its dependence on its existing business of software development, as well as information communication technology and related services.

The deal is a related party transaction, as Tey Por Yee is a common major shareholder of both Nexgram and Asdion (with direct interests of 11.52% and 22.01% respectively), while See Poh Yee is a common director of both companies.

Posted by TeyPuki > 2016-03-29 10:13 | Report Abuse

Datuk Tey Por Yee, 40, claimed trial to both charges. On the first charge, he is accused of concealing information from the company’s board of directors and officers that he had a vested interest in a company, PT Anglo Slavic Utama in Indonesia.

In so doing, he allegedly misled the victims into entering into an oil and gas investment agreement with PT Anglo Slavic Utama through the purchase of 63 per cent of PT Anglo Slavic’s shares in Indonesia worth US$22 million (RM68,393,170).

The payment for the shares was allegedly channelled in stages to two CIMB PT ASU accounts.

Tey is accused of committing the offence at Protasco Bhd’s office at Corporate Building Unipark Suria, Jalan Ikram-Uniten, Kajang here, between November 2012 and January30, 2014.

On the second charge, he allegedly made a sworn false statement before Wern Li Morsingh, a Commissioner of Oaths that he did not have any vested interests in PT Anglo Slavic Utama, whether as a director or shareholder. He is accused of committing the offence in the company’s conference room at the same place on July 25, 2014.

Judge Rushan Lutfi Mohamed set bail at RM1 million with one surety and February24 for re-mention.

Tey was also ordered to surrender his passport to the court and to refrain from harassing the prosecution’s witnesses.

Deputy public prosecutor Datin Nurshuhaida Zainal Azahar acted for the prosecution while counsel Datuk K.Kumaraendran and Mak Lin Kum represented the accused. — Bernama

- See more at: http://m.themalaymailonline.com/malaysia/article/ex-company-director-charged-with-rm68m-fraud#sthash.8ohRAlMG.dpuf

Posted by TeyPuki > 2016-03-29 10:14 | Report Abuse

Lookie, lookie....ooi kock aun was handcuffed. I have to compliment him. At least he did not hide his face like tey por yee LOL LOL LPL

http://www.hmetro.com.my/node/112179

https://m.youtube.com/watch?v=MFukVxP8Nks

Now, let wait if anyone here could get me picture or video of the chongs and handcuff LOL LOL LOL LOL

Anyone with a half of brain also know tey and ooi's companies are their alter ego mah...are you brain dead or what? LOL LOL LOL

Posted by TeyPuki > 2016-03-29 10:14 | Report Abuse

So much anger....how to achieve transcendental awareness and happiness?

Let me assist you in understanding Godynamic Investment Ltd- GIL a BVI (British Virgin Islands) an offshore company.

As rightly pointed out GIL is and has always been an integral part of Nexgram (51% owned) since inception and perhaps packaged in for Nexnation's listing on Mesdaq back in 2004.To all effects and purposes TPY is the CEO and/or COO.GIL is also the vehicle for most of TPY's forays in Indon.

So the question that goes a begging is any transaction between GIL and/or Nexgram are Related party Transactions that TPY should NOT forget to mention.

The accounts for GIL be it at company or group should be very clear to TPY;he cannot be excused from making such elementary mistakes OR now he is laying blame on the auditor,CFO or accountant.So the statements to Bursa for one to be true the other has to be false.
That is a facepalm and contemptuous to Bursa.

When GIL makes such purchases or sales,are the monies equitably apportioned(51% cost and profits)

Those are questions shareholders should pose to TPY

hmmm ...why rant when I am assisting you???

DRwarrant: you are right FD would actually yield a better rate of return,whether taken from 2004 or 2014.

bye!!, gotta play wei chi with Kong Ming ......

Posted by TeyPuki > 2016-03-29 10:15 | Report Abuse

At age seven, tey por hee was already showing signs of what he was destined to be: a thief and a liar. Ten sen, twenty sen, fifty sen…all would disappear “mysteriously” from his families drawers, savings and piggy banks. Later, bigger sums would go missing, from his father’s wallet to his mother’s purse. Tey would be placed at the scene of the crime but he always had an excuse or story to wriggle his way out of the situation.

For a while his parents believed him. Until he got caught red-handed one day. Then, his father had no choice but to punish him. If we hoped that would beat some sense and decency into him, we were sadly mistaken.

He took his bad habits with him to school. Already skilled at telling lies and manipulating people, he began cheating his classmates. The sums ranged from a few ringgit to hundreds of ringgit. The figures may seem small to some, but for a young schoolboy, the sum is enormous. As usual, his long-suffering father had to clear his debts and try to redress the damage done to his victims.

At age sixteen, Tey por yee had to audacity to go to his uncle’s house to borrow money. He said he needed RM2,000.00 because his father was sick and desperately needed the money for an operation. Believing his lies totally, the uncle gave it to him. His family never lived down the humiliation when the truth came out.

Since young, he has always been obsessed with money. Even when he had a lot of it, it was never enough. He wanted more and more. Never mind if it was obtained in a deceitful manner, just as long as he got what he wanted. It only goes to show that he is not only a pathological liar, but a pathological thief as well. With hundreds of millions already stashed away in private bank accounts, more than he can ever spend in ten lifetimes, he still remains greedy for more. So greedy that he is willing to lie, cheat and steal to achieve his end.

Posted by TeyPuki > 2016-03-29 10:15 | Report Abuse

Tey Por Yee and Ooi Kock Aun were also notorious for not paying their rentals, to the point that their landlords had to threaten legal action and resort to cutting off the utilities to get what was owed to them.

Worse off were their suppliers, of whom many had to suffer the bitterness of bankruptcy because tey and ooi refused to pay them their dues. Tragically, one of them even committed suicide because of bad debts, courtesy of Dato’ Tey Por Yee and Dato' Ooi Kock Aun.

This was not the only blood on his hands. He used a friend, Dedi Francis from Indonesia, to stand as a nominee for Tey and Ooi. When the loyal Dedi pressed for payment on company debts to incurred by Tey and Ooi's manipulative schemes, he was given the runaround. Time finally ran out for Dedi. Desperate, with his back to the wall and creditors all around him, Dedi almost took his own life but was able to be brought to hospital by his family on time.

Posted by TeyPuki > 2016-03-29 10:15 | Report Abuse

KUALA LUMPUR: A proposed joint-venture (JV) mixed development project in Sepang involving Nexgram Holdings Bhd and Asdion Bhd has failed to receive the land development order (DO) from the Sepang Municipal Council.

In a filing with Bursa Malaysia, the software developer said following the council’s rejection, the land vendor Hijrah Murni (M) Sdn Bhd had sent to Top Valley Properties Sdn Bhd - which was to be the project’s joint developer with Nexgram Land - a notice terminating the sale and purchase agreement.

“Nevertheless, the company was informed that Top Valley is in the on-going process of re-negotiating terms and timelines for new DO submission,” added Asdion, which plans to diversify into property development via a JV arrangement with Top Valley.

In December 2014 Top Valley signed an off take agreement cum sale and purchase agreement (SPA) with software developer Nexgram Holdings Bhd’ unit Nexgram Land Sdn Bhd whereby they would develop and sell to MyAngkasa Bina Sdn Bhd the entire mixed property development project on 2.154ha. Meanwhile, Top Valley entered into the land SPA with Hijrah Murni.

The project, to be undertaken on a piece of agricultural leasehold Malay reserved land, was to comprise three tower blocks comprising a total of 659 units of serviced apartments and 10 units of commercial/retail shops with a gross development value of RM297.39mil.

Top Valley’s entitlement from the project was estimated to be RM13.4mil, and Asdion was to have a participation right in Top Valley’s entitlement and to share the project benefits (80% share or RM11.9mil).

Bursa Malaysia Securities considered it a related party transaction as Datuk Tey Por Yee was a common major shareholder of both Nexgram and Asdion, and See Poh Yee was a common director of both.

In the latest statement On Monday, Asdion said it was informed that for the purpose of the offtake agreement cum SPA with Nexgram Land and MyAngkasa which was still subsisting, Top Valley was currently exploring all possible viable options, including sourcing for an alternative suitable land and continue negotiating with the land owner for resubmission of the DO.

“The board had discussed the letter in a board meeting held on March 14 and requested the management to provide further information for deliberation before making any decision,” it said.
25/03/2016 10:26

Posted by TeyPuki > 2016-03-29 10:18 | Report Abuse

Business News
Home > Business > Business News
Wednesday, 20 January 2016 | MYT 7:54 PM
Nexgram’s external auditor Resign.

KUALA LUMPUR: Nexgram Holdings Bhd’s external auditor CHI-LLTC has resigned, citing Nexgram’s recent expansion plan and the “unavailability” of its recently-reduced workforce to handle the increasing work.

The IT services provider told Bursa Malaysia that CHI’s resignation would be effective only after new auditors had been appointed.

It said new auditors for the financial year ending April 30, 2016 would be appointed at an EGM to be convened.

“The board also wishes to inform that the company is not aware of any other matters that need to be brought to the attention of the shareholders of the company with regards to CHI’s resignation,” it said.

Earlier on Wednesday, Nexgram announced it was taking steps to identify an independent qualified accounting firm to undertake the role of special auditor.

This was in response to Bursa Malaysia Securities’ letter saying it was unable to proceed with the processing of the listing application and draft circular in relation to the takeover offer for Ire-Tex Corp Bhd until the exchange’s enquiries had been satisfactorily addressed.

Bursa Securities also requested that Nexgram make known the steps that the Nexgram board was taking to address its enquiries and the implication on the take-over offer.

Nexgram shares closed unchanged on Wednesday at 6.5 sen, with 51.546 million shares being traded.

Posted by market_trader > 2016-03-29 11:44 | Report Abuse

u are the great, TeyPuki

Posted by diuckpmak > 2016-03-29 14:09 | Report Abuse

syeok

Kalau protasco memang cuci bersih, chong ket pen yang bapak penipuan ini tipu protasco bila sign contract dan tidak beritahu lembaga director protasco.
Chong tipu lagi sign SD dan sumpah palsu.
Chong lagi report palsu beri rasuah untuk tutup lubang besar yang di buat dia sendiri
Chong adalah jenayah bapak sampah masyarakat. Bukti bukti sudah cukup masukkan dia ke penjara

Posted by diuckpmak > 2016-03-29 14:14 | Report Abuse

Lol lol lol. Kenny chong ther nen the great. His father chong ket pen the bribery criminal told him billion dollar bribery is ok and good, put blame and abuse protasco money set up his bosses other small business is ok. As hole father teaching as hole son. Lol lol lol

Posted by diuckpmak > 2016-03-29 14:55 | Report Abuse

Wash wash kenny

Posted by diuckpmak > 2016-03-29 14:56 | Report Abuse

Wash his dad chong ket pen bribery in protasco.

Posted by diuckpmak > 2016-03-29 14:56 | Report Abuse

How much? Billion dollars. Lelong protasco also cannot repay. Chong ket pen goes to jail.

Posted by diuckpmak > 2016-03-29 14:57 | Report Abuse

Who sends him in? His son kenny chong ther nen who dug his father grave. Lol lol lol

Posted by diuckpmak > 2016-03-29 14:58 | Report Abuse

Chong ket pen and kenny chong ther nen father and son criminals, cannot answer billion dollar bribery goes. Wash himself by putting blame on others. His own bribery is so huge, is an elephant in the room. Lol lol lol

Posted by diuckpmak > 2016-03-29 14:59 | Report Abuse

Juicy mak chong ket pen. Kenny call his father staff grand pa. A gardener! Lol lol lol

Posted by diuckpmak > 2016-03-29 15:00 | Report Abuse

Opps.

Posted by diuckpmak > 2016-03-29 15:01 | Report Abuse

Bonus:

Sejak umur 3 kenny chong sudah jilat tahi bapaknya. Yang bapak dia makan wang di mulut, kenny chong ther nen makan tahi di belakang. Bapak dan anak geng jenayah cocok sekali. Umur 12 kenny chong sudah tahu curi makan tahi jirannya. Sampai satu kampung hilang tahi misteri hilang. Bila kenny chong masuk sekolah dia curi jenguk tandas perempuan cari cari tahi. Cikgu dia jadi saksi kenny chong ther nen curi lihat punggung murid perempuan, report polis ada banyal record, jadi dimasuk pusat pemulihan minda cacat.

Bila kenny chong di penjara, bapaknya chong ket pen makan lebih wang dan beri rasuah supaya kenny chong keluar dalam masa 5 tahun. Bila umur 18 kenny chong dimasuk geng jenayah bapaknya, jadi curi tahi seluruh jalan lawan indah water punya kontrak tetapi kalah.

Selepas di latih bapaknya jadi penjenayah kenny di masuk ke protasco untuk curi wang protasco. Properti yang kenny masuk campur semua tahi di makan, sampai papan tandas pun dia telan. Komplain pembeli sudah banyak report polis penipuan jual rumah rosak dan paling penting tahi hilang.

Protasco sudah jadi rosak sebab penjenayah bapak dan anak chong beri rasuah dan makan wang tidak di kawal. Sudah ada polis yang mahu masuk itu kenny sekali lagi，hanya tunggu tahi hilang lagi.

Posted by rong93 > 2016-03-29 15:07 | Report Abuse

quarter result!!!!!

Posted by Ejsaham > 2016-03-29 19:07 | Report Abuse

soon.......explode

Posted by Jacatez > 2016-03-29 19:10 | Report Abuse

Result out....best result ever.

Posted by kingsaham > 2016-03-29 19:23 | Report Abuse

wau....roket flight....teypuki is over

Posted by Monde > 2016-03-29 19:44 | Report Abuse

Super result

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5043785

Posted by kser > 2016-03-29 20:07 | Report Abuse

Do ppl actually read the report? Quarter profit from operation was pretty bad. 195k profit only, compared to 8mil qoq. The disposal of subsidiary company making it impressive.

Posted by Ejsaham > 2016-03-29 20:10 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5043261

Posted by Ejsaham > 2016-03-29 20:11 | Report Abuse

bad??....but nexgram start buy back share....positive....very positive...

Posted by Ejsaham > 2016-03-29 20:15 | Report Abuse

maybe because of this

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5006965

Posted by Jacatez > 2016-03-29 20:16 | Report Abuse

M’sia-China Kuantan Industrial Park attracts RM13.5b investment
By Chen Shaua Fui / theedgemarkets.com | March 23, 2016 : 6:34 PM MYT


KUALA LUMPUR (March 23): Malaysia-China Kuantan Industrial Park (MCKIP), whose shareholders include IJM Land Bhd and Sime Darby Property Bhd, has attracted investments totalling RM13.5 billion as at January 2016, the Dewan Rakyat was told today.

Deputy Minister in the Prime Minister's Department Datuk Razali Ibrahim said this included RM3 billion for the upgrading of Kuantan Port, RM2.5 billion for infrastructure construction by developer MCKIP Sdn Bhd, and RM8 billion in the form of investments from the manufacturing sector.

"The upgrading of the Kuantan Port is expected to be completed by 2018. The activities involving the RM8 billion investments, part of it was completed, but part of it is still in the process.

"As for the infrastructure, the developer is waiting to sign the sale and purchase agreement. We have scheduled it to be signed by next month," said Razali.

He said the investments in MCKIP could generate 16,015 jobs in the surrounding areas.

Razali said MCKIP has gone through two phases. The phase one, involving 710 acres of land, has been fully taken up by investors, while phase two, involving 550 acres of land, has mostly been offered to interested investors.

"MCKIP is planning [on] rais[ing] an additional 1,000 acres of land in the national industrial park for the next phase," he said.

The deputy minister was responding to Sungai Petani MP Datuk Johari Abdul, who had asked the prime minister to state the amount of investments attracted by MCKIP and whether the land for the development is owned by the federal government, state government or privately owned.

Razali said the industrial lots were sold to the interested investor, with a land tenure of 99 years.

MCKIP is a joint venture between Malaysian and China consortiums. The Malaysian consortium, Kuantan Pahang Holdings Bhd, holds 51% of the equity.

The Malaysian consortium is jointly owned by IJM Land Bhd (40%), Sime Darby Property Bhd (30%) and the Pahang state government (30%).

Meanwhile, the Chinese consortium is led by state-owned company Guanxi Beibu Gulf International Port Group (95%) and Qinzhou Investment Company (5%).

MCKIP is also a sister park of the China-Malaysia Qinzhou Industrial Park (CMQIP) in Nanning China.

Posted by Ejsaham > 2016-03-29 20:18 | Report Abuse

please read entire report :P.............diamond company in the making...

Posted by Jacatez > 2016-03-29 20:18 | Report Abuse

That's why Nexgram have to diversify into property and shipping sectors.

Acquisition of 51% equity interest in Transeaways Shipping Sdn. Bhd.
(“TSSB”)
On 13 January 2016, the Company entered into a Conditional Share Sale Agreement
(“SSA”) to acquire 51,000 ordinary shares of RM1 each in TSSB with Hopscoth
Invest & Trade Inc. for a total consideration of RM41,200,000.
On 23 February 2016, the Company announced that the SSA entered between the
Company and Hopscoth Invest & Trade Inc. is completed.

Posted by Ejsaham > 2016-03-29 20:19 | Report Abuse

jangan gadoh2 ok......buy....keep....reward.....

Posted by Ejsaham > 2016-03-29 20:24 | Report Abuse

nak kaya sabar sikitla.......tengok DR warrant,...sudah hold 2 tahun...haha

Posted by kingsaham > 2016-03-29 20:39 | Report Abuse

kita tgok esok...xsabar nak tgok roket ni...hahaha