Posted by EmergeOsTiger > 2014-10-28 07:55 | Report Abuse

As press member this is getting interesting. The investors of that problem potasco is the MD himself and his friend cum director. Not surprising at all so hurry because have guilt or something to hide cannot let the two to reveal. Public is waiting so do a good show.

Posted by Oldstory > 2014-10-28 08:16 | Report Abuse

Ceong is in a rush to stop the mouths because if two of his board members talk people will read his intention. Maybe Chong will be removed who knows? I hope price will go up soon when things are clearer we can all sell higher!

Posted by joerakmo > 2014-10-28 09:28 | Report Abuse

What a load of rubbish!!!....dont even read who moved for the EGM

Posted by potong > 2014-10-28 09:47 | Report Abuse

Why stock price not moving? Either side buy enough already? Small small guys not yet sell don't stop!

Posted by potong > 2014-10-28 09:49 | Report Abuse

EGM good, remove all the directors especially Dr Chong. Rubbish correct. Made all lost money. Phuit Phuit Phuit!

Posted by nich0las > 2014-10-28 11:03 | Report Abuse

Should Hold or Sell? =.='' headache

Posted by Oldstory > 2014-10-28 12:45 | Report Abuse

Why no volume today? One side finish buying majority already? Any insider news??? Have not reach my TP yet.

Posted by Song Lim > 2014-10-28 15:42 | Report Abuse

KUALA LUMPUR (Oct 28): Protasco Bhd ( Financial Dashboard) non-executive director and substantial shareholder Tey Por Yee has launched legal proceedings against six board members of RS Maha Niaga Sdn Bhd, to recover RM10 million to Protasco.

He has listed Datuk Seri Chong Ket Pen, Kenny Chong Ther Nen, Low Kian Seng, Edward Khoo Mong Wei and RS Maha Niaga as six of seven defendents named in the suit, while Protasco is listed as the seventh defendant.

In a press conference this morning, Tey said Maha Niaga is a company owned by Protasco's senior management.

Tey also said he had discovered evidence of money trail where money paid to Protasco was flowed through layers of companies before a RM 10 million cheque was drawn and paid for the benefit of Maha Niaga's account with United Overseas Bank (Malaysia) Bhd.

Tey claimed that PT Anglo Slavic Utama (PT ASU) vide their lawyers have informed him that the money was Protasco managing director Datuk Seri Chong Ket Pen's financial gain from two contracts.

The two contracts comprised an oil deal with PT ASU, and bitumen and coal trading with another Indonesian companies.

On an earlier lawsuit Protasco had brought against PT ASU, Tey and another non-executive director Ooi Kock Aun, Tey stressed that he is not holding any shares in PT ASU and PT Anglo Slavic Indonesia (PT ASI).

"Neither me nor Ooi Kock Aun are directors in PT ASU and PT ASI," he said.

http://www.theedgemarkets.com/my/article/tey-por-yee-sues-protasco%E2%80%99s-top-brass-recover-rm10m

Getting interesting...

Posted by nich0las > 2014-10-28 16:21 | Report Abuse

This news is good or bad leh?

Posted by Joel > 2014-10-28 16:41 | Report Abuse

good, 出卖者的后果！

Posted by sam5941 > 2014-10-28 17:12 | Report Abuse

SELL!!!!!!!!!!

Posted by joerakmo > 2014-10-28 17:19 | Report Abuse

Another twist...most intriguing!!! this means it is going to be long drawn...."best vote with the feet"

Posted by ykloh > 2014-10-28 17:23 | Report Abuse

Its getting very interesting and also ugly. Expect more defamation suits.

Posted by Oldstory > 2014-10-28 17:52 | Report Abuse

Chong keep telling story but never explain why the two scapegoat "buy out his x investor" is a bail out help. Face lah. He never thank and never want the world to know especially his directors! Face again or worst with intention! Then he keep on do not honor his promise (why investors pay so much help him buy out his enemy? Santa claus? Think!). Then after they help he poisons and hide his saviour from public and say all bad things. What kind of no blood snake is this? The original motive is the reason and after kill his x enemy now kill the two saviour. Now truth is open. Use brain and think. Guilt and god should gave answer.

Posted by Oldstory > 2014-10-28 18:05 | Report Abuse

Now small investors lost money. Because of board room fight. Fire the snake help investors!

Posted by nich0las > 2014-10-28 18:21 | Report Abuse

Hold or Buy?

Posted by Oldstory > 2014-10-28 18:55 | Report Abuse

Wait egm 51% side will kick asses unless either party buy out each other. Small investors may wait longer no choice.

Posted by sosfinance > 2014-10-28 20:23 | Report Abuse

We have seen so many of these especially in the smaller caps stocks. It seems to be a culture of the "more powerful" cheats the "less powerful" or the small investors. Sigh…..

Posted by joerakmo > 2014-10-28 20:50 | Report Abuse

Some very emo fellas here. Whatever is put worth here means fark all in either suit.Best venue is the EGM....me wont be there coz I voted with my feet!!!
Damn shame because there will be one less good company to invest but not now with all this controversy.
Below net assets maybe....

Posted by joerakmo > 2014-10-28 20:54 | Report Abuse

put forth...typo

Posted by sl3ge > 2014-10-28 22:10 | Report Abuse

in the end who is the real culprit?

Posted by ykgykg > 2014-10-28 22:47 | Report Abuse

The real culprits will be unveil in the court. I think the two culprits should be sentenced with heavy fined and black list under CTOS and company act 1965.Let the law takes its course. These will serve as a deterrent lesson for those aspire to follow suits.

Posted by EmergeOsTiger > 2014-10-29 04:59 | Report Abuse

The press sees it obviously. Culprit? There is only 1 Executive Director in this company.

Posted by Hanif > 2014-10-29 08:49 | Report Abuse

Dato sri chong ket pen. How can you do this to your staff, your directors and your partners and your son? Media friend shows that the entire Indonesia company is proven 100% belongs to Indonesian with Indonesian bank showing evidence. The anglo petro is 100% owned by Indonesian, to cut your last piece of lie right out dead. Bang your head to the wall and read "seratus peratus pemegang saham dan direktur warga Indonesia, bukti dari bank Indonesia, faham"? You ask your staff, my friend to cover you up. He/she is just salary person. You dare to dot his to your partners, those that help you buy back your company. What for staff? You lie and hide for cover never mind, why you ask everyone cover for you and die for you? You angry want to do things to your partner never mind, why tell part of story to your directors withhout telling them you ask for the partners to help you and you traded the oil for yourself interest? On surface although everyone has doubt, respect you as an elder person and good at doing work. Thank you for your salary and bonus. But bottom of our heart your soft talk to my friends and many other people as if you are not part of it is gettingg disgusting. I am sorry, i have to quit and tell my feelings. My friends shall not cover for you, sorry. You do your own covering. Good luck to those still listening to his story. Good cry, good act, truth speaks infront of polis and judge.

Posted by Oldstory > 2014-10-29 10:37 | Report Abuse

Heard chong promise his investors and try not to honour. How much he told everybody is up to him. All we know he cheated everyone by divert attention. Share going no where. We all suffer. Thank you very much for your board fight. Cheap skate.

Posted by nich0las > 2014-10-29 10:55 | Report Abuse

is Small share holder can ask ccd@protasco.com.my to solve problem ASAP? lol. i think next year end also cannot finish for this case. main main duit kita je.

Posted by halopanda > 2014-10-29 11:27 | Report Abuse

Joerakmo what did I tell you a few months ago...

Posted by nich0las > 2014-10-29 11:44 | Report Abuse

Dam, should follow cold eye sold all. Tis time fxxk lor, all share up, only protasco drop.

Posted by Oldstory > 2014-10-29 12:45 | Report Abuse

Sad sad news. If we all lost too much go vote remove the Chong fella. All started by him for self interest. Not just money but face and control, we paid for him!

Posted by Oldstory > 2014-10-29 12:48 | Report Abuse

Unless chong do a GO buy out everyone then everyone sell to him let him do whatever he wants. Else no end and drag long long time. Small investors stuck with him exactly what he wanted. Alternatively some big investor buy him out please. We are stuck!!!!

Posted by nich0las > 2014-10-29 12:55 | Report Abuse

BUT why nexgram director need to design bcos of Protasco Berhad filing legal suit against a director of the Company. Apa macam, itu 3 orang takut apa? lolx. since tey so powerfull.

Posted by nich0las > 2014-10-29 12:58 | Report Abuse

不做亏心事，何必辞职呢？ 其原因还是跟这公司有关，谁都会起怀疑心！

Posted by lcng123 > 2014-10-29 13:22 | Report Abuse

we cannot trust directors of protasco anymore. they all running company's business for own interests only.

Posted by nich0las > 2014-10-29 13:34 | Report Abuse

hope prtasco can go back 1.6x or 1.7. then cutlose.

Posted by humanmask > 2014-10-29 13:56 | Report Abuse

Let me keh poh answer Nicholes. There are many type of people. Some kiasi some kiasu, some boh kiasi some boh kiasu, some mix. So kiasi and kiasu also many type of people confuse enough.

So the kiasi people saw shadow, they ran far far away without even knowing what is right or wrong, true or not true. These type of people its a blessing to let them go faster! Very classical examples. School children is most pure and natural you can see from their reaction. When 1 student being bully, some funny students may join in bully for the trill. When someone look at sky for long time said saw "something", some keh poh people also start watching sky suddenly like UFO flying all over. When one guy shout "run Alien coming to catch us", some people also run without knowing what is going on! Like that lor.

So some bad people know human weakness, if got balls they fight enemy face to face lor. Why bad talk people in newspaper, scare other people and do many back side bad mouth.That is the purpose and motive of some bad people trying to scare other people so divert attention mah. When thief shouted "thief is there!" What most people do? People watch at the thief's finger pointed direction lor. Some hero even walk over beat that innocent target few punch before he can talk! You never watch moview meh? Learn lor dirty tricks.But don't use lor. Lame.

Sometime more experienced boxer will take punches first, until the mad person has nothing else to hit, then only show his colors. History will record the events and facts as final judgement. The strong will stand up and grow, the evil will fade away in peace or end up miserable. Why rush into conclusion?

公道自在人心,邪不胜正,让上天惩罚黑心肠的恶魔,何必凭表里提早下定论? 如果公司有问题,可以卖了您的股票,股市是公平的平台,不需要硬撤有心人硬加的指责.未免太过粗俗阉?

Posted by nich0las > 2014-10-29 14:10 | Report Abuse

mask, thx for yr advice. hehe.. im new in this investment things. still learnings.

Posted by Oldstory > 2014-10-29 15:04 | Report Abuse

As expected big opinion move. Better sit tight watch the people crack. Not too late to refresh opinion. Actual truth will tell the true story and justice will be served. Small investors still got hope!

Posted by potong > 2014-10-29 16:03 | Report Abuse

Even if true motive of Chong is told to newspaper, still have many questions Chong needs to answer. Cannot let him keep using Protasco for his personal board room fight. Protasco belongs to all shareholders, not his personal toy. Annual report shows even the UOB shares is actually Chong's own company, and Tan Hum Kuai is Chong's crony on the board, both not ordinary shareholders like us. What kind of rubbish is this? What kind of abuse is this? Any law can regulate directors of listed company from abusing? Our money and company image keep on being spoil by Chong and crony like this, finish! Phuit!

Posted by joerakmo > 2014-10-29 16:04 | Report Abuse

Halopanda: thanks...I cannot remember what it was but it doesnt matter anymore.....cest la vie

Posted by TAGS80 > 2014-10-29 16:06 | Report Abuse

foresee another long court case. both side digging each other. end up.. undertable settlement agreement between both party with the two executive directors resigned. end of story. lol

Posted by humanmask > 2014-10-29 16:28 | Report Abuse

不做愧心事,为何怕人言? 三番五次阻止对手说话,非君子也.

Posted by ykloh > 2014-10-29 16:33 | Report Abuse

Some observations from the newspaper reports on the press con given by tpy :
1) No mention was made by tpy at the press con of the allegations of receiving secret commission made in the action by Ptsco against him although he had denied them earlier on.
2) KSV's action is also for and on behalf of Ptsco but the among the defendants is Ptsco ! In a way, it is Ptsco suing Ptsco.
3) Some serious allegations of misconduct have been made by both sides. There is a criminal element in the misconduct but both parties had not made any police report.

It seems that there is a bunch of vultures feeding on the company.

Posted by potong > 2014-10-29 17:00 | Report Abuse

ykloh:
Check from one of the news reporter with full document and report, said:
1. TPY is not director or shareholder of any of the accusation companies. Black and white shows the fact. All the false accusation falls apart already. Past the crude intention.
2. KSV is taking action for and behalf of TPY, not Protasco. So TPY is not abusing his listed company like the Chong did. KSV is suing Chong and his cronies, not Protasco. So TPY which according to reporter invested RM100million feels pain when Chong keep abusing Protasco money and resource to fight him. Now we look at it, it is truly crude motives!
3. According to reporter, Indonesian provided the black and white evidence, not allegations. This is for not only TPY anger, but all small investors shock and betrayal! It makes sense now since 2 years has past, Chong now only says he know nothing and everything is TPY. Funny why TPY only becomes Independent Director in April 2014 (2 years later, stupid fella). If he went in earlier to jaga his investment, maybe abuse won't be so bad.

It seems that Chong intention is not about the money but his own board room fight to out TPY. Bursa record shows that TPY buy out Chong's x shareholder then short while oil deal happens. Now Chong wants him out. Later will want all small investors out. Scary crude intention! Phuit! Phuit! Phuit!

Posted by Noordin > 2014-10-29 22:21 | Report Abuse

I am fake user here. Give two words to all fake people, Chong and few staff, the fake board dato dato whatever, and all investors here including the two careless fake fellas. JAHAT and JAHANAM! Go fight on the field. There are families and kids in company to feed. Shame to be with these fake people.

Posted by wannabeinvestor > 2014-10-30 10:25 | Report Abuse

Sorry, I don't understand how this legal matter will affect the company current running business and hence affected the staff in the company and also their future growth..can someone explain to me coz I sincerely don't get it. Chong wants to kick Tey out, Tey filed defense and file another case to sue Chong but not Protasco, that shows he still want to be on the board. So, there will be either party accumulating shares (by taking this advantage of current sell off due to negative comments) to be strong enough to kick out or strong enough to stay. Therefore, I hope retail investors don't freak out, instead voice out your concern during AGM, at the same time we wait the court decision. Protasco won't go to PN17 then bankrupt because of this issue due to strong fundamental, but business may go wrong at times. I hope all retail investors strong enough to hold on, and we might see the price rise.

Posted by ykloh > 2014-10-30 11:28 | Report Abuse

potong : my earlier comments are based on the news report. My stand is that those who have allegations hurled openly against them should answer and those who made illegal gains must pay back and face full force of the law, regardless who they are. I have shares in this company and I want my investment to be protected from vultures.

Posted by Oldstory > 2014-10-30 13:52 | Report Abuse

Ykloh, 100% agree.

Posted by Kukuman > 2014-10-30 13:56 | Report Abuse

another company embroil in financial scandal

Posted by Amao Mao > 2014-10-30 15:08 | Report Abuse

Current businesses like road maintenance contracts, LC housings and De Centrum still intact.

Posted by Amao Mao > 2014-10-30 15:12 | Report Abuse

Ahem, okay, I sold half to realise profit + minimise impact :P