Posted by AliceTey > 2014-11-23 17:04 | Report Abuse

Tey Por Yee and his magical arms length deal with Protasco
As the countdown to next week’s Protasco EGM continues, here are some interesting points to ponder for shareholders who may want to consider why Tey Por Yee should be kicked out from Protasco’s board.

Actually all those who have dealings with the Tey Por Yee syndicate and also the public at large should take note of this cautionary tale.

Just to go back a little Tey Por Yee had in 2012 brought to the attention of Protasco a deal to invest in an oil and gas venture in Indonesian concern PT Anglo Slavic Indonesia (PT ASI).

As part of the deal some RM50 million was paid upfront, and as collateral shares in a seemingly unrelated Indonesian company PT Inovisi was pledged as collateral to Protasco.

It should be noted that all this while the Protasco board (the innocent members of the board that is) thought they were dealing with Indonesian companies and businessmen.

Tey Por Yee was allegedly arms length away from the deal. His only interest or so he was to lead the board to believe was with Protasco benefiting from the deal.

Now back to the PT Inovisi shares pledged for the deal. These shares were in the name of Acclaim Investments, a company registered in the BVI with a paid up capital of US$100.

It has now emerged that Acclaim Investments was set up in 2009 with just two shareholders. Guess who? Tey Por Yee with 85 shares and his sidekick Ooi Kok Aun with 15 shares.

(As for February 6, 2014 these two men now no longer own any shares in Acclaim. It is now 100 per cent held by one Lim Sue Fern)

Plus the fact that Tey Por Yee and Ooi Kok Aun also own or have beneficial interests in the various companies with interests in the PT Slavic deal one can now see this tangled web that the two men spun to entangle Protasco and ultimately receive US$27 million in a deal which has just fallen apart.

So not bad lah this magician. He has got the US$27 million, Protasco has lost the money and there’s no deal on the table any more.

You can draw your own conclusion as to who got cheated and who was the victim of what can only be called a giant scam.

So who do you think you would vote out of Protasco’s board?

Posted by AliceTey > 2014-11-23 17:16 | Report Abuse

Tey Por Yee’s Nexgram, a fate which Protasco may have avoided?
Don’t just take my word for it ok? It is a matter of public record that Tey Por Yee has been chucking his shares in Nexgram like the certificates could give him Ebola.

Why you may ask?

Well of course its auditors had found an unexplained hole there of RM90 million. And again it involves Indonesian companies which Tey and his partner have interests in.

To make the audit palatable the story is that moneys invested in Indonesia by Nexgram was eventually returned.

Not sure if all this  true but you have to say it is suspiciously like the Protasco scandal yes?

Please read the facts of the case in Protasco’s suit against Tey and Ooi Kok Aun and you will find striking similarities in the modus operandi of investments.

Well today Nexgram is trading around the NINE sen mark.

So you tell me now – is this a white knight who has been a victim of the Protasco board?

Posted by Cockcroach > 2014-11-23 17:33 | Report Abuse

Truth will prevail.
Chong - true blue businessman
Tpy- some corn man using pennies stock as a veil

Lets watch the show and outcome.
AKAN DATANG

Posted by AliceTey > 2014-11-23 17:33 | Report Abuse

I only want to ask one question. Do victims intimidate or tamper with witnesses?

I am not calling anyone a gangster ok? But this below in today’s Sun:

Protasco says found evidence of witness tampering
Posted on 20 November 2014 – 02:06pm
sunbiz@thesundaily.com

Print
PETALING JAYA: Protasco Bhd has filed committal proceedings against Tey Por Yee, Ooi Kock Aun and their lawyer Gideon Tan for interfering with the evidence of a key witness involved in its suit against PT Anglo Slavic Utama (PT ASU) and the two directors.

Protasco said it came to have knowledge that Tey, Ooi and Tan “had attempted to pervert and or obstruct the course of justice by interfering with the evidence of a key witness of the company” in respect of the suit.

It said it has obtained the statutory declarations of the key witness and “his” Indonesian lawyers relating to the interference.

Protasco said it had on Tuesday obtained leave of court to initiate committal proceedings against Tey, Ooi and Tan, and to show cause as to why they should not be fined and or be committed to imprisonment for contempt of court “for attempting to pervert and or obstruct the course of justice by interfering with the evidence of a key witness of the company”.

The High Court has fixed Dec 8, 2014 to hear the committal proceedings.

Protasco, embroiled in a boardroom tussle, is suing PT ASU, Tey and Ooi for conspiracy to defraud Protasco and making secret profit after its attempt to buy a 63% stake in oil and gas outfit PT Anglo Slavic Indonesia collapsed.

Posted by Cockcroach > 2014-11-23 17:36 | Report Abuse

@alicetey

Thats a desperate attempt to do whatever it takes, by hook or by crook

Posted by AliceTey > 2014-11-23 17:37 | Report Abuse

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Watch this space.

Posted by Cockcroach > 2014-11-23 17:44 | Report Abuse

Interesting lol

Posted by calvintaneng > 2014-11-23 17:53 | Report Abuse

AliceTey (related to TEY Por Yee?)

Bill Ch'ng is too smart for TPY. The stake that Bill sold to TPY (55 cents) already garnered 50% profit for Bill (Bill got his shares around 35 cents through Top Lander.)

Now that MP Corp has sold 17 acres Nusa Damai lands at RM35.80 psf MP Corp's Value has already emerged finally. MP Corp's Nusa Damai lands have a book value of RM8.50 psf only.

As such MP Corp will still pull through with or without TPY. How?

Total Value of MP Corp's Lands in Nusa Damai is around RM950 Millions.
They value Wisma MPI at RM320 Millions. If No takers at RM320 Mil Just Sell It Off At RM200 Millions.

And RM200 Millions will settle all the debts of MP Corp easily

Then Sell of All MP Corp' Nusa Damai Lands at RM35.80 psf (Fire sale price - should worth as much as RM100 psf)

Then HEY PRESTO!

MP Corp would have RM3.58 a share. At 33.5 cents Every One Would Get A RM3.00 windfall per share.

Investing Is Really So Easy At Its Core.

See MP CORP - THE AMAZING UNDERVALUE PROPERTY STOCK IN ISKANDAR at www.jbhouseforsale.com

Posted by Lierchong > 2014-11-23 19:42 | Report Abuse

Nuke!
Crash all lies. Still lying. Never wake up. Sad.

Ya hor. You make so much asumption hor. Show SSM record lor to show you know so much to proof slightly a proof pf any company you sabotage.

Ya hor ignorant hor. Show lor full detail o fthe 3rd November 2012 Chong agreement.
http://anotherbrickinwall.blogspot.com/2014/11/boardroom-tussle-to-blogsite-hustle.html

Ya hor Chong old and forgot hor? Why keep spam ignore the 3rd Nov 2012 agreement? Why lie more hah? His soul zoombie met and sign with consultant? His body say no?
http://www.thesundaily.my/news/1227235

Ya hor good street lawyer hor? They did not tell chong more he talk more faster he die. He gets double or more if ever any victim gets trouble. Talk lor.
23/11/2014 14:33

Posted by AliceTey > 2014-11-23 21:03 | Report Abuse

Repeating a debunked arguments.....your boss is toasted then, unless they could conjure up a better argument.

Posted by moonblog > 2014-11-23 23:49 | Report Abuse

Sick people work for sick boss.

Posted by moonblog > 2014-11-23 23:50 | Report Abuse

No wonder so many sick name post by same Chong. Send to mad house before too late.

Posted by moonblog > 2014-11-23 23:56 | Report Abuse

Read all the rubbish. Use all defamation to build arguments is mental illness. That shows how ill minded is this old man. Eaten cockroaches too much brain masuk cacing ke?

Posted by Lierchong > 2014-11-24 07:00 | Report Abuse

Crazy.

Posted by AliceTey > 2014-11-24 07:10 | Report Abuse

Indeed...Tey and Ooi use of defamation to build up arguments is mental illness. They don't have the truth on their side so they resorts to libelling their enemy.

Posted by AliceTey > 2014-11-24 07:58 | Report Abuse

Example of Tey and Ooi's mental illness:

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

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

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

(A) Emergency Board Meeting

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

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

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

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

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

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

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

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

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





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

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

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

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

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

Posted by travoltakeong > 2014-11-24 08:54 | Report Abuse

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


NEXGRAM......BUY CALL!!!!!!!!

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

X
Lierchong Nuke!
Crash all lies. Still lying. Never wake up. Sad.

Ya hor. You make so much asumption hor. Show SSM record lor to show you know so much to proof slightly a proof pf any company you sabotage.

Ya hor ignorant hor. Show lor full detail o fthe 3rd November 2012 Chong agreement.
http://anotherbrickinwall.blogspot.com/2014/11/boardroom-tussle-to-blogsite-hustle.html

Ya hor Chong old and forgot hor? Why keep spam ignore the 3rd Nov 2012 agreement? Why lie more hah? His soul zoombie met and sign with consultant? His body say no?
http://www.thesundaily.my/news/1227235

Ya hor good street lawyer hor? They did not tell chong more he talk more faster he die. He gets double or more if ever any victim gets trouble. Talk lor.
23/11/2014 14:33
23/11/2014 19:42

Posted by AliceTey > 2014-11-24 09:35 | Report Abuse

@liartey....that really is your boss best defense eh? Better looking for new opportunity because you are doomed...

Posted by 86868 > 2014-11-24 11:56 | Report Abuse

Nov 23, 2014 07:59 PM | Report Abuse

I was right....panic at Protasco......

read this:

http://klse.i3investor.com/blogs/kianweiaritcles/64709.jsp

Last Friday.....Protasco traded on a very low volume.......Is it down trend......Let's see what will happen to Protasco shares for the next 30 days.....

Nexgram......so far so good ....Didn't hear anything negative .....so far good volume ...Price maintain at 0.09 since 11/11/2014 to 21/11/2014.......Interesting.....

Posted by 86868 > 2014-11-24 11:59 | Report Abuse

Pity the Protasco minorities - M.A. Wind
Author: Tan KW | Publish date: Sun, 23 Nov 19:34

Sunday, 23 November 2014


Good article from Errol Oh in The Star: "Pity the Protasco minorities, 2 EGMs in 3 days", some snippets (emphasis mine):


This column has argued against the requisitionists’ opacity, and has pointed out that transparency and willingness to engage with minority shareholders will earn goodwill.

The recent developments at Protasco, which calls itself an infrastructure development provider, take us to the other extreme, and it’s equally troubling and frustrating. Here, the problem is not that the principal players are not saying anything. On the contrary, a lot of information is flowing out from both sides, directly and openly or otherwise, but there are so many allegations and counter-allegations of wrongdoings that the minority shareholders can’t be expected to make confident conclusions as to whom they should back.

Lawsuits have been initiated and the saga will probably drag on for many months at least. The EGMs are by no means the final battles, but they’re important because a board seat is a valuable vantage point.

The EGMs are lawful as long as they’re convened and conducted according to the Companies Act’s provisions and the company rules. However, there’s more happening now than those meetings. The brawl has spilled over into the media and the blogosphere, and one wonders how much of this fits the requirement for “full, accurate and timely disclosure”.

Also, there’s little indication that the regulators are at hand to prevent things from going too far. Bursa Malaysia and the Securities Commission may prefer the quiet and subtle way of delivering warnings and gathering facts, but they should also recognise that the unusual events at Protasco offer them a unique opportunity to draw the line between disclosure and negative campaigning. When there’s plenty of mudslinging going on, nobody walks away spotless.


I think this is one of those moments that the regulators and the independent directors of Protasco should step up their game. Sometimes working behind the scene is possible (and may be even preferable), but not in the above case. I think actually a lot of the problems could have been avoided if regulators and/or independent directors had been more active in the first quarter of 2013, almost two years ago. If they had asked the right questions and done independent research then a lot of information would have been gathered.

Please use Google and the keywords "protasco board tussle" to find the many blogs about this case.


"Executive editor Errol Oh is only sure that Chong and Tey can’t both be right."


Correct, and I don't even exclude the possibility that both sides are (at least to some extent) wrong.

The proposed acquisition was always announced as a "non related party transaction" even as recent as August 5, 2014 :





I strongly doubt that was the case.

http://cgmalaysia.blogspot.com/2014/11/pity-protasco-minorities.html


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Posted by AliceTey > 2014-11-24 12:35 | Report Abuse

@86, that's old news...no one is buying it...

Posted by Singkalingam > 2014-11-24 12:44 | Report Abuse

aiyo ... whatever la...this week will know for this coming 2 meetings .... God Bless PROTASCO BHD

Posted by AliceTey > 2014-11-24 12:45 | Report Abuse

This is the recent news....you should move forward to the future ya know?

While two sets of directors prepare for twin meetings to eject each other this week, engineering and construction firm Protasco Berhad says it remains confident of business particularly property development.

The company, listed in 2003, is expected to announce its third quarter results on Wednesday, which is expected to ride further on its first half results which saw a 37% jump in profit to RM36.9 million on "significant earnings growth from our property development and construction divisions".

"We are confident of maintaining Protasco’s growth momentum for 2014.

"We anticipate 2014 to be the best year since listing. Protasco has continuously been profitable yearly since listing in 2003, and our dividend payout has averaged between 7 and 10 sen every year," the Protasco managament said in a statement to The Malaysian Insider.

Protasco founder and managing director Datuk Seri Chong Ket Pen and several other board members are caught in a tussle with two other directors, Tey Por Yee and Adrian Ooi Kock Aun, with each side trading accusations of breach of fiduciary duties.

Chong has called for an extraordinary general meeting (EGM) on November 26 while Tey and Ooi have called for one on November 28. Both sides have also lodged police reports and filed suits against each other.

Despite that , the management led by Chong say, "it is business as usual for Protasco Berhad despite the legal matter which is currently in court. "

They pointed out that since listing in 2003, "Protasco has had an unbroken profit record, and has built strong reserves over the years. Protasco has healthy cash flows and low debt levels, with roughly RM180 million in retained profit (as at the first quarter ended March 31, 2014)."

Protasco’s order book has grown to more than RM700 million, the management said, adding there was strong long term prospects for the De Centrum property development in Kajang to developed over a 10-year period with a gross development value of RM10 billion.

"Earlier this year, we set in motion our five-year Business Plan, aiming to grow 15 to 20% in earnings per share a year, and to join Bursa Malaysia's billion ringgit market capitalisation club in five years' time," it added

"We acquired this land in the mid-1990s and without borrowing. We have not even revalued the land in our books. So we are very comfortable with our plans for the property division.

"Long-term growth will continue in the southern corridor of the Greater Klang Valley so De Centrum’s location in Kajang is very strategic, no matter what happens in the short-term," it added.

The De Centrum project contributed to improved revenue in the second quarter of 2014, which grew almost five times to RM21.7 million from RM3.8 million previously, the company said.

It noted that the De Centrum Phase 1 was fully sold, as was Unipark Phase 2A, Blocks A and B that was launched in June 2014. Block C launched early this month has seen 50% of the units being sold, it said.

Apart from construction and property development, Protasco has an education unit under Infrastructure University Kuala Lumpur (IUKL) with some 4,200 students, adding to its bottom line.

"Protasco is optimistic in achieving at least 15% growth in earnings per share. For first half of 2014, earnings per share rose to 8.10 sen from 6.48 sen previously," it added. – November 24, 2014.

- See more at: http://www.themalaysianinsider.com/business/article/protasco-says-future-rosy-despite-boardroom-tussle#sthash.SNICKvI4.dpuf

Posted by Lierchong > 2014-11-24 13:05 | Report Abuse

X
This lier spam is too much. 2 sentences tell it all.
Crash all lies. Still lying. Never wake up. Sad.

Ya hor. You make so much asumption hor. Show SSM record lor to show you know so much to proof slightly a proof pf any company you sabotage.

Ya hor ignorant hor. Show lor full detail o fthe 3rd November 2012 Chong agreement.
http://anotherbrickinwall.blogspot.com/2014/11/boardroom-tussle-to-blogsite-hustle.html

Ya hor Chong old and forgot hor? Why keep spam ignore the 3rd Nov 2012 agreement? Why lie more hah? His soul zoombie met and sign with consultant? His body say no?
http://www.thesundaily.my/news/1227235

Ya hor good street lawyer hor? They did not tell chong more he talk more faster he die. He gets double or more if ever any victim gets trouble. Talk lor.

Posted by Lierchong > 2014-11-24 13:06 | Report Abuse

These chong staff only know spam lie and spam.

Posted by AliceTey > 2014-11-24 13:11 | Report Abuse

The following link evident that Tey Por Yee and Ooi Kock Aun are a liar:

http://klse.i3investor.com/blogs/kianweiaritcles/62726.jsp

It shows the supposedly the method used by Dato Chong to layers his kick back money from the transaction with PT Anglo Slavic Utama, Fast Global and PT Goldchild Integritas Abadi.

Go check the owners of the following website:

www.risingrich.com
www.angloslavic.com
www.globalcapventure.com
www.inovisi.com

For example, try email larry@risingrich.com and see who is the recepient.

Posted by Lierchong > 2014-11-24 13:29 | Report Abuse

This lier chong made all these allegations to cover up his crime in breach of contract, fails in fulfilling his fiduciaries duty, mislead and bribe staff, link unrelated companies to divert attention. And spam his lies. Fact still is did crime.

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

Seeing how desperate you are in defending your boss' loss caused make me almost felt sorry for you LOL..

Add another website's owned by Tey and his cohorts: www.goldchild.com

Posted by joerakmo > 2014-11-24 14:46 | Report Abuse

Errol Oh of the Star erred.The 2nd EGM was invoked under section 145;which means NOT at Protasco's cost.

Posted by klseklse > 2014-11-24 15:09 | Report Abuse

PETALING JAYA - Protasco Bhd has filed a second legal suit against director Ooi Kock Aun and PT Goldchild Integritas Abadi, to seek a refund of a US$5.16 million (RM17.28 million) deposit under a coal trading agreement, after discovering that Ooi had interest in PT Goldchild and that he had not declared the interest.
It also wants the coal trading agreement to be declared void and in breach of the Companies Act 1965.
"The company has discovered that both Ooi and another director Tey Por Yee have interests in PT Goldchild. These discoveries were made after Protasco filed its first legal suit against Ooi and Tey in September 2014," said the company.
According to Protasco, Ooi was a director of Protasco at the time the company entered into the coal-trading agreement with PT Goldchild, but did not disclose his interest in the transaction, although he was under obligation to do so.
Protasco said it has been advised that Ooi's failure to declare his personal interest contravenes Section 132E of the Companies Act, thus rendering the coal-trading agreement void.
"Ooi is also personally liable to account to the company for any direct or indirect gain made from the agreement and/or to indemnify the company for losses and/or damages suffered."
The suit was filed last Friday at the Shah Alam High Court.
Protasco said it had agreed to undertake coal trades with PT Goldchild under an agreement dated Feb 4, 2014 via Protasco Trading Sdn Bhd, and paid a US$5.16 million deposit to PT Goldchild. The deposit was to be deducted in stages against future coal trades.
The suit follows one filed against PT Anglo Slavic Utama (PT ASU) in September to recover US$27 million in monies paid for a deal, which has since been aborted. Tey and Ooi were also named in the suit for conspiracy to defraud, hiding their beneficial interests in PT ASU, making secret profits and breaching of their fiduciary and statutory duties.
"Protasco has also begun committal proceedings against Tey, Ooi and lawyer Gideon Tan for attempting to interfere with a key witness related to the first legal suit. These attempts to interfere by Tey, Ooi and Gideon Tan are attempts to pervert and/or obstruct the course of justice in respect of Protasco's suit in relation to PT ASU," it said.
The High Court has fixed Dec 8, 2014 to hear the committal proceedings where Tey, Ooi and Gideon Tan are expected to show cause as to why they should not be fined or committed to imprisonment for contempt of court. -Sundaily


Full article: http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=405302:protasco-files-2nd-legal-suit-against-director-ooi-for-alleged-vested-interests-in-coal-deal&Itemid=3#ixzz3Jy2z1KGT
Follow us: @MsiaChronicle on Twitter

Posted by joerakmo > 2014-11-24 15:33 | Report Abuse

To show what slimeballs TPY and OKA were:
On the 24th July Protasco's board deliberated on the PT. ASU purchase.Either TPY/OKA and or the vendor asked for another week to furnish certain information. 5 August announcement of the termination of the deal as conditions not met.Meanwhile starting on the 21st July up until 5th August both OKA and TPY dumped their shares.They either knew or had no intent of fulfilling the terms of the PT ASU acquisition.
This is INSIDER TRADING as well.Blame them for the sell down.

Posted by Lierchong > 2014-11-24 17:48 | Report Abuse

Lier chong only knows manipulate lawyer and spam media. All with word and no documents to proof. Lame lier.

Posted by Lierchong > 2014-11-24 17:51 | Report Abuse

Lier lier.

Ya hor. You make so much asumption hor. Show SSM record lor to show you know so much to proof slightly a proof pf any company you sabotage.

Ya hor ignorant hor. Show lor full detail o fthe 3rd November 2012 Chong agreement.
http://anotherbrickinwall.blogspot.com/2014/11/boardroom-tussle-to-blogsite-hustle.html

Ya hor Chong old and forgot hor? Why keep spam ignore the 3rd Nov 2012 agreement? Why lie more hah? His soul zoombie met and sign with consultant? His body say no?
http://www.thesundaily.my/news/1227235

Ya hor good street lawyer hor? They did not tell chong more he talk more faster he die. He gets double or more if ever any victim gets trouble. Talk lor.

Posted by AliceTey > 2014-11-24 18:34 | Report Abuse

*yawn....it seem Tey and Ooi don't have any defense...so the legal battle would be very quick...it's too boring.

Posted by joerakmo > 2014-11-24 18:46 | Report Abuse

Ha who spam first!
Nextnation started spamming and scamming kids with their ringtones.
Then his goons started spamming here.They also have no documents to prove nor could they show or quote any public documents to state their case.

Kudos to Alice Tey Well written.

Suits notwitstanding SC and Bursa should prosecute TPY and OKA for insider trading and remove all his directorships and save Protasco the trouble.

Posted by joerakmo > 2014-11-24 18:52 | Report Abuse

BTW OKA was supposed to securitize the US20M...What happen to the security??

Posted by connect1 > 2014-11-24 18:57 | Report Abuse

nice to read the lawsuits by prtasco

if the lawsuits are quick, will you think both will pay the amount claimed or declared bankrupt?

Posted by Lierchong > 2014-11-24 19:04 | Report Abuse

Hahahha. Lier lier.

Posted by Lierchong > 2014-11-24 19:06 | Report Abuse

Oh lier chong cannot cover anymore. Go to jail lor for scam insider trading, master of all lies.

Copy paste.

Ya hor. You make so much asumption hor. Show SSM record lor to show you know so much to proof slightly a proof pf any company you sabotage.

Ya hor ignorant hor. Show lor full detail o fthe 3rd November 2012 Chong agreement.
http://anotherbrickinwall.blogspot.com/2014/11/boardroom-tussle-to-blogsite-hustle.html

Ya hor Chong old and forgot hor? Why keep spam ignore the 3rd Nov 2012 agreement? Why lie more hah? His soul zoombie met and sign with consultant? His body say no?
http://www.thesundaily.my/news/1227235

Ya hor good street lawyer hor? They did not tell chong more he talk more faster he die. He gets double or more if ever any victim gets trouble. Talk lor.

Posted by AliceTey > 2014-11-24 19:37 | Report Abuse

This is the proof that Protasco's second lawsuit is not just lawful but also substantiated by facts. PT Goldchild Integritas Abadi (the Defendant) indeed is a subsidiary of nexgram where Ooi and Tey are the directors and shareholders.

Posted by AliceTey > 2014-11-24 19:37 | Report Abuse

http://m.bisnis.com/market/read/20131213/192/192334/invs-ubah-status-gold-child-jadi-usaha-asing

Posted by Lierchong > 2014-11-24 21:46 | Report Abuse

Nuke!
Ya hor. You make so much asumption hor. Show SSM record lor to show you know so much to proof slightly a proof pf any company you sabotage.

Ya hor ignorant hor. Show lor full detail o fthe 3rd November 2012 Chong agreement.
http://anotherbrickinwall.blogspot.com/2014/11/boardroom-tussle-to-blogsite-hustle.html

Ya hor Chong old and forgot hor? Why keep spam ignore the 3rd Nov 2012 agreement? Why lie more hah? His soul zoombie met and sign with consultant? His body say no?
http://www.thesundaily.my/news/1227235

Posted by Congsohai > 2014-11-25 00:19 | Report Abuse

More so hai here. Few people read, just 2 person talk. Desperate or what no more balls go here. Read some book lah low educated ppl.
http://klse.i3investor.com/blogs/kianweiaritcles/64695.jsp

Posted by AliceTey > 2014-11-25 05:05 | Report Abuse

Yawn....bored.....skip.....

Posted by nich0las > 2014-11-25 09:00 | Report Abuse

Now sue pt goldchild + ooi. Tey put aside bcos Tey is more powerful person. Haha.

Posted by AliceTey > 2014-11-25 09:03 | Report Abuse

Actually not, because in the said transaction it was Ooi Kock Aun who cheated on his wife with an Indon lady that is more active while Tey Por Yee more involved in the Anglo Slavic's transaction.

Posted by buffet88 > 2014-11-25 09:47 | Report Abuse

where is tomorrow's EGM held

Posted by Razali Daud > 2014-11-25 10:32 | Report Abuse

Who told the truth here...the Vice Chairman cum Group MD or the two independent directors. Who is trying to shortchange the shareholders in particular the small investors whom are trying to make extra money in view of the escalating cost of living expenses. No worry my investors frens...the truth will prevail and those with 'mala fide' intention will surely get punished for being dishonest only for the sake of accumulating wealth....

Posted by AliceTey > 2014-11-25 10:50 | Report Abuse

The truth is with Dato Chong and his friends. Can you trust someone like the gay tey por yee and a person who cheated on his wife like ooi kock aun?