ykoh, I also agree totally. Heard from reporter, clearly important information which benefit to company was hidden and was not told to shareholders! The reporter shows that even though Protasco illegally terminate them and already took the asset, the Indonesia government still suggested solution to ask for permission letter to sell the asset and return money in goodwill. They could have forfeit the money and sue Protasco. Obviously according to report it's the MD Chong who rush to terminate and rejected such recovery opportunity. it was very strange at first and scares the market with dozen questions???. Now the asset is inside Protasco, if not sell out, how to recover? Why not go recover but sue people instead??? Puzzle!!!
Now with the black and white evidence and clear story of board room fight motive, those money is not so much what he cares, he use it to divert attention and real motive is kicking out his board room threat!! Those investors who has hundreds of millions and Indonesia government in oil business in billions, I think they want their asset back in proper manner, recovery is very hopeful. They are stuck with Protasco because asset is in Protasco and MD Chong is reckless abusing Protasco for his own purpose! See?! Now we are clear already. We are all fooled by Chong. He is good in doing work, but cannot play fool of shareholders. Including us the small people. Innocent money stuck because of these big fights. Phuit! Phuit! Phuit!
Sory bosses... I sold my shares already..... and no more with here..... Read the news. Now i know... When i still there during the protasco bosses change few times everyone question where the boss gets money buying out big boss. Why keep so secret when big boss actually changed? Now we understand..... Some investors came in but nobody knows, only now we know..... Why fight? Some promise must have been done.... Cannot keep promise then just change boss again lah why so bad do things to people? Name so bad now how? Shame to say i was there. Sad lah ini macam....
Wow!!!!! His board of directors approve this type of abuse? That proves again they are all his gang allowing this? SHAMEFUL!!!!! This shows what animal face is this abusing investors resources!!!
I think it's unlikely both of them will want to sell their shares... Instead both of them will fight to accumulate to be the biggest stake. Will see... I m accumulating as well..
Don't need to rush, either one side may sell their shares. Or maybe settled before even finish EGM. who knows? If bought high earlier, cover some, if goes up, sell lor.
Nicholas, it would not have Chong if TPY did not help him, then no share price, you may not even looking at this shares.
The story starts with Chong started to ask investors TPY to buy out his old shareholder. Then only TPY came in invested RM100mil and both Chong and TPY traded off Chong rescue with oil project. Then has oil story, share price goes up. That's the origin of everything.
Study original of sin, this is the original of sin. Unless you did not like share price goes up, else you should know what is the origin of the problem started by who and when. If TPY is bad, then you would not be here since share price would not be up, Chong would have been dead 2 years ago.
That's the conclusion of media so far. We were misleaded earlier, no clear already. Still don't get it?
This Chong & gang of directors are too much. Chong pretend to be public shareholder and use Protasco money AGAIN for EGM? What is this bullsh!T?
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.
Motives: In summary, many questions remain puzzle. True "complete picture" would only be prevail if put on together. Truth is truth, there is no need for story telling. Justice with the blessing of mother nature, humanity and guilt shall haunt the sinful. Almighty shall do his work.
The origin of sin. When it started and why: 1st, why investors spent RM100mil in year 2012 to bail out Chong's rival shareholder before oil project? 2nd, why Chong announce oil project short while after investors came in, before end 2012? Was there an invisible pressure or "deadline" given to Chong by his "old rival shareholder"? 3rd, why investors who paid such big investment were prevented from joining Protasco as Executive Director? Intentionally so existing board members couldn't hear the "truth" and see "full picture" and fooled by Chong for this saga to happen? Or along the way, it lead to such? 4th, natural law of justice, a fair trade, the vendor uses their trade money for whatever they wish, where as Chong gained his freedom and profit for his existence and position today. Twist the fact after took his prize, Chong frame and blame his trade. Disgusting! Pieces of puzzle reveal intention beyond selective accusation, as if Chong knew everything. Or really he knows only 2 years later, that Satan saved him 2 years ago?
No matters the outcome, guilt shall play its part to haunt the sinful. It's matter of time. Sad.
Aiyo...bz venture turn sour....dunno who is right and who is wrong....wait for final verdict from the court lor.......two titan are clashing....who suffer leh.....minorities lor.....all my assumptions in the past all masuk longkang liao....thought young chap will take over the captain post from the old captain.....ha ha...mana tau...mau settle in court baru tau the outcome......aiyoyo...boardroom tussle will not end like that only....until one of them sold all their shares......aiyoyo.....then who is running the bz leh......ha ha ha
If investors can talk until share price up, we will do.
Heard from reporter, clearly important information which benefit to company was hidden and was not told to shareholders! Why not go recover money but sue people instead??? Puzzle!!!
Now with the black and white evidence and clear story of board room fight motive, those money is not so much what he cares, he use it to divert attention and real motive is kicking out his board room threat!! The Indonesia government in oil business in billion dollars, I think they want their asset back in proper manner, recovery is very hopeful. They are stuck with Protasco because asset is held by Protasco and MD Chong is reckless abusing Protasco for his own purpose! See?! Now we are clear already. We are all fooled by Chong. He is good in doing road work, but cannot play fool of shareholders. Including us the small people.
Friday news of some board chairman tan sri, Chong's staff and lawyer were involved covering up Chong and abuse Protasco money (AGAIN!!) for Chong cover up. Phuit!!! Construction is not rocket science, fire Chong and the board, put in professionals, else investors money all gone. Share price also gone. No hope with these cold blood animals on board. Phuit phuit phuit!!!!
The majority shareholders will vote out,but the there are no strong majority holder at the moment,any substantial shareholders can form a majority shareholders.quite mind boggling.
Siphoning through illegal means. But one side might profiteering more than other that cause the whole company to crumple. Now is the time not to find the witch hunt but to mediate and reconcile in order to move forward. Time is precious. There must be a strong leader with high integrity to run the company.
TPY should sell to Chong, so Chong can leaves him in peace. He has plenty of time and so much to do in his other listed companies. Else if Chong sell to TPY, so TPY leaves him in peace. Chong has enough money to enjoy life & what he had achieved. Either win or loose, credibility will kill company, unless third party totally new and capable comes in. Until then stays out even if have to cut lost. Either two wins, nobody wants them. I cannot see future here.
Something not right... Chong told press himself, sorry, Protasco loan to Indonesia partner, and few days later Indonesia partner repay loan to him, sorry, to Protasco. Wait.. repay to Chong's staff company Maha, wait, to Chong... puzzled!!! Something not right here!? Wait! Chong's directors pamper by his story and working in concert as per media report last week will find him good excuse to cover up. Wait..! Too late, all being reported and waiting for investigation of covering up!? Who are the directors names covering up for Chong? Any media people here knows?
By the look of it, there is a battle for control going on. About 800k change hands at 1.71 and 1.70. this morning. It may not boil down to who is right but who has the resources to buy more to outvote the other.
Shit they stop buying already. Cant sell high. Anyone sold today?
Post a Comment
People who like this
New Topic
You should check in on some of those fields below.
Title
Category
Comment
Confirmation
Click Confirm to delete this Forum Thread and all the associated comments.
Report Abuse
Please Sign In to report this post as abuse.
Market Buzz
No result.
Featured Posts
MQ Trader
Introducing MY's First IPO Fund for Sophisticated Investors!
MQ Chat
New Update. Discover investment communities that resonate with your ideas
MQ Trader
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
0:17
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
MQ Trader 102 views | 8 h ago
0:17
New IPO: An enterprise IT solutions provider that provides implementation services, maintenance, support and professional services, Vetece Holdings Bhd aims to list on the Ace Market!
MQ Trader 376 views | 4 d ago
0:17
New IPO: A manufacturing and trading of biomass fuel products, particularly PKS and wood pellets company, Elridge Energy Holdings Bhd aims to list on the Ace Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
force
1,418 posts
Posted by force > 2014-10-30 15:57 | Report Abuse
I sell a lot today as well