2 June 2018, Malaysia - Pro-Barisan Nasional (BN) former government companies are probed by relevant authorities within the country and abroad, questioning about business practices with potential "graft and dirty ways" as part of "former government business norm" rooted in Malaysian corporations linked to (former) top government officers.
AirAsia's Tan Sri Tony Fernandes, Datuk Seri Stanley Thai of Supermax Bhd, and Protasco Bhd's Dato Seri Ir. Chong Ket Pen were the 3 public listed companies which purposely funded a massive political publicity campaign to promote their "godfather" ex-Prime Minister Dato Seri Najib bin Razak and his Barisan Nasional government pre-election (GE-14). (source from http://klse.i3investor.com/blogs/refreshcountry/156512.jsp )
However, with the growing Internet Age younger generation which forms the majority of Malaysian voters taking the truth and justice to the street, with well informed and naked social media exposure which reveals the truth to differentiate lies & propaganda from facts & figures obtained from the public domain, the ruthless "cronyism" and media-controlled politic doesn't work anymore.
Here are 3 weeks post GE-14, and how the 3 hardcore PLCs supporters are doing.
AirAsia's Tony Fernandes "Dirty way" Probe?
= Now Everyone Can Play Dirty
According to MSN News, 2 June 2018, former AirAsia India boss Mittu Chandilya is among those questioned in India over claims of aviation violations by the budget airline. A US$1 million (RM3.98 million) bribe is at the heart of a separate Indian probe involving AirAsia, as the country’s financial crimes authority investigates an alleged violation by the budget airline in seeking flying permits.
Malaysia-based AirAsia Group CEO Tony Fernandes had instructed his team in India to play 'dirty' to get permits for international routes. Business Today is in possession of an audio conversation where former CEO of AirAsia India Mittu Chandliya is giving a presentation to his boss Tony Fernandes in the presence of lobbyist Rajender Dubey.
Tony Fernandes (L) with Mitu Chandilya during a press conference in 2013.
Source from https://klse.i3investor.com/blogs/kianweiaritcles/159308.jsp
Protasco Bhd's Chong Ket Pen "Fraud" Probe?
= Profit & Cash Went Missing, "MO1" Fat Salary remains, Share Tanks.
Reference was made when insiders in the know told research houses that Protasco Bhd's accounting practice is dubious, and management lead by Executive Director cum Deputy Chairman Dato Seri Chong Ket Pan (aka MO1 of Protasco) could be covering up potential fraud and graft activities he and his team did within the company over the years under the former government. True enough, Protasco Bhd bundled the company 1st Quarter 2018 results within same day after company Annual General Meeting and given public shareholders a shocking loss-making result (Note-A).
Protasco Bhd made RM2.1 million loss on a jaw-dropping RM157 million revenue, mostly derived from controversial "high-margin" road maintenance contracts, as opposed to RM3 million profit last year, and far cry from over RM13 million profit the year earlier. The "profit margin" seems to be missing over time despite business fundamental remain the same. The research houses were slapped in the face over the last 4 years of high valuation review based on Protasco management's "positive promises", riding on JKR road maintenance renewal and PPA1M public servant low-cost housing projects.
The company director Dato' Mohd Hanif "retires" the same day on the company AGM and before the release of the quarterly report. Cash position plunge 66% to RM49.3 mil, from RM111.5 mil YtoY quarter. Investors seem shocked and not happy with the performance and worry about the whereabouts of contract profit-margin and cash.
(Note-A: Protasco Bhd "operating cost", especially the "MO1" of Protasco Bhd, alleged the controversial "accidental owner" Chong Ket Pen as per Protasco Bhd annual report, took RM4 million per year personal fees, up over 400%. Compared to Protasco Bhd performance years ago, this cost eats up all profit margin (from public road contracts) which belongs to people of Malaysia. The potential self-gratification activities raise serious corporate governance issues by concerned investors with relevant authorities being toyed looking at wrong direction while the leakage continues to loot Protasco Bhd. The dubious financial engineered dividend was paid mostly to MO1, and this money was used to purchase Protasco Bhd shares, resulting in the recycling of ill-gotten money taking more and more stakes in Protasco (the money machine)- using public money. The modus operandi is coincidentally similar to some common practices of "former" government officers currently under probe. source: https://klse.i3investor.com/blogs/truebackground/131967.jsp )
"MO1 buddy MO1". Chong Ket Pen (MO1 Protasco) (R) with Najib Razak (MO1 BN) (L) during the Ex-Prime Minister's PPA1M political publicity project event organized by Protasco Bhd.
(Source from https://klse.i3investor.com/blogs/refreshcountry/158676.jsp "Protasco Bhd - Will frog politics save the "MO1 and cronies" milking the company from Malaysian? - CroniBizNews" )
Protasco tak ada beri mana boleh dapat kontrak dari najib? sudah dapat mesti mahu tunjuk sokongan sebelum PRU-14. Betul atau salah tunggu laporan SPRM. Kalau Polis ambil bermakna kongsi sama Chong Ket Pen dan Najib lah. Kalau tidak ambil, pergi cari Chong dan Najib, jangan kacau Polis.
2018-06-04 12:23
protasco shareholder and staff can report polis or sprm on the money trail. how come same revenue and profit all gone. someone must have approved and someone must have took it. not you and me then who?
2018-06-08 12:04
relaks
India punya korupsi indek ke berapa Dunia ya? Lebih baik dr Msia ka?
2018-06-03 19:40