14 December 2018, Kajang, Selangor, Malaysia - Protasco Bhd, a living dinosaur from the old government under the Pakatan Harapan fraud and graft probe radar, received the first termination of dubious road maintenance and construction contract, and this is just the beginning.

The termination of RM316 million HCM-Hatimuda JV was cover up as "no financial impact to Protasco current financial year", but the cost paid in the past which took part of Protasco's RM300 million cash pile before Protasco managing director Chong Ket Pen stolen the control of Protasco Bhd through a conspiracy already cost public shareholders a fortune.

Hatimuda, Chong Ket Pen and Najib Razak tie?

The insider arrangement that public shareholders don't know would be devastation when exposed. Who is the beneficial owner of Hatimuda Sdn Bhd, and what did Dato Seri Chong Ket Pen arrange for himself out of 60% interest hidden outside of Protasco Bhd, and what it has to do with ex-PM Dato Seri Najib Razak?

The numbers speak as follows:

Chong Ket Pen's Billion Ringgit Money Siphoning Scheme Busted?

According to sources knowing the matter coming from within Protasco Bhd, after the heist, Chong Ket Pen spent first 2 years to get close to Ex-PM Dato Seri Najib Razak by using cheap money borrowed from UOB Bank to please Najib's PPA1M civil servant housing program, which is actually meant for Barisan Nasional's political campaign.

Chong Ket Pen further spends another 2 years to pay to his nose buying (bribing) his way up to the former government and JKR for road maintenance contracts, including the terminated SUKE contract worth RM316 million. Insider was told this is just the beginning and the grand slam would be the Ex-PM Dato Seri Najib Razak's RM4.2 billion JKR contract awarded 1 month before the general election. 

Dato Seri Chong Ket Pen after successfully cheated the control of Protasco Bhd in year 2014, he not only took RM70 million from Protasco Bhd paid to himself, Chong also placed 3 of his sons to sits inside Protasco to loot for lavish salaries, sports cars, and perks, and he further generously paying RM10 million a year to his senior management and directors to cover up Chong's personal wrongdoing.

Chong Ket Pen was expecting his suspected transfer pricing plan would benefit himself personally by arranging profit margin hidden "outside of Protasco Bhd" through nominee contractors. With the overshadow of Ex-PM's "protection", Chong Ket Pen's sweet dream waiting to be the "Next Billionaire" looks too good to be true.

Today, Protasco is sitting on RM600 million liabilities, and asset supported by junk accounting engineered numbers (or fraud), cover-up under "receivables" to prevent PN17. However, in no time, legal suits would kick in, started with RM3 million court-ordered penalty paying to Protasco's contractor, the breach of RM138 million contract with Indonesia counterpart PT ASU, and coming probe by relevant authorities for potential graft and money laundering involving over RM300 million. 

WHEN WILL THE AUTHORITIES PROSECUTE CHONG KET PEN becomes the public question most Protasco investors would want to know. Maybe the "Hatimuda, Chong Ket Pen and Najib Razak" tie would just be the key to the pandora box of Protasco.

Insider Report