Illegal gains. How to trace Ringgit 1 hundred million tax invasion by dato sri chong ket pen and cronies? Here is the judgement.
If IRB probe on dato sri chong ket pen trail cheated protasco real controlling shareholders ooi kock aun and tey por yee and took control of protasco; every cent chong let pen took from protasco are illegal gain. His salary, claims and dividend. Anything his illgotten money buys is illegal, including protasco shares. Anyone covers up and took benefit from chong ket pen illgotten money taken from protasco is also illegal, including the board of directors fees, management and dato sri chong ket pen sons’ salaries, claims and dividend. That is in the Ringgit multi hundred millions.
Since dato sri chong ket pen illegal made up blame and caused protasco suffer loss on indonesia project, the damages and losses arrise from chong cheating blame is equivalent shall be imposed on chong ket pen. Any losses indirectly suffered shall also imposed on chong ket pen. Clear motive of self-gratification, dato sri chong ket pen “Made to look seem illegal” itself is crime, crime it is shall be imposed on dato sri chong ket pen. Protasco board coluded to assist dato sri chong ket pen in commiting his crime, each board member shall also impose same loss penalty and punishment. Since protasco is facilitating chong ket pen and board of directors to conduct their crime, protasco shall also be imposed same penalty.
So there are at least 3 levels of penalties shall be imposed on dato sri chong ket pen, protasco board of directors and protasco, each for Ringgit few hundred millions. Clearly there are Ringgit 1 hundred million tax and few hundred millions illgotten money shall be claimed back from these criminals. These have not included breach of director duties and dozens of CBT and related penalties. Confirmed amount could be Ringgit 400-500 million exclude penalties. If penalty 100%, that would be Ringgit 1 billion (negative) club!
If I am Hong Leong Research, I would discount the Ringgit few hundred million risk. Maybe -RM1.14 per shares after reflected the risk factors to be more reasonable Target Price. A “HOLD” may look too generous for protasco. So don’t complian why hong leong did not change HOLD to BUY. It should have beem RUN for live!
Stock: [PRTASCO]: PROTASCO BHD
2017-12-30 20:27 | Report Abuse
Illegal gains. How to trace Ringgit 1 hundred million tax invasion by dato sri chong ket pen and cronies? Here is the judgement.
If IRB probe on dato sri chong ket pen trail cheated protasco real controlling shareholders ooi kock aun and tey por yee and took control of protasco; every cent chong let pen took from protasco are illegal gain. His salary, claims and dividend. Anything his illgotten money buys is illegal, including protasco shares. Anyone covers up and took benefit from chong ket pen illgotten money taken from protasco is also illegal, including the board of directors fees, management and dato sri chong ket pen sons’ salaries, claims and dividend. That is in the Ringgit multi hundred millions.
Since dato sri chong ket pen illegal made up blame and caused protasco suffer loss on indonesia project, the damages and losses arrise from chong cheating blame is equivalent shall be imposed on chong ket pen. Any losses indirectly suffered shall also imposed on chong ket pen. Clear motive of self-gratification, dato sri chong ket pen “Made to look seem illegal” itself is crime, crime it is shall be imposed on dato sri chong ket pen. Protasco board coluded to assist dato sri chong ket pen in commiting his crime, each board member shall also impose same loss penalty and punishment. Since protasco is facilitating chong ket pen and board of directors to conduct their crime, protasco shall also be imposed same penalty.
So there are at least 3 levels of penalties shall be imposed on dato sri chong ket pen, protasco board of directors and protasco, each for Ringgit few hundred millions. Clearly there are Ringgit 1 hundred million tax and few hundred millions illgotten money shall be claimed back from these criminals. These have not included breach of director duties and dozens of CBT and related penalties. Confirmed amount could be Ringgit 400-500 million exclude penalties. If penalty 100%, that would be Ringgit 1 billion (negative) club!
If I am Hong Leong Research, I would discount the Ringgit few hundred million risk. Maybe -RM1.14 per shares after reflected the risk factors to be more reasonable Target Price. A “HOLD” may look too generous for protasco. So don’t complian why hong leong did not change HOLD to BUY. It should have beem RUN for live!