Panic much tey? LOL LOL LOL LOL

If the members of nexgram's special committee really are independent, then they will report back the following:

- pt star are owned by tey por yee and ooi kock aun.
- dedi francis used to work in pt star and report directly to tey por yee.
- gold dynamic are owned by tey por yee and ooi kock aun.
- dedi francis is a director at pt gold dynamic, the subsidiary of gold dynamic.
- dedi francis is a commisioner of pt anglo slavic utama.
- dedi francis is a nominee of tey por yee and ooi kock aun.

LOL LOL LOL

LOL LOL LOL, it is funny to read tey and ooi's people tries to paint the chongs as criminal though at the moment tey and ooi are being a subject of investigation and trial of the exact crime LOL LOL LOL

Tey and ooi certainly not in a good place. Karma caught up with them in the end and in a way it was poetic justice. LOL LOL LOL

Holy crap....you don't even know the assets of the company that you invested in? LOL LOL LOL

Well; chongs no angel for sure..but they are not the one who were being tried at malaysian court for fraud and being subject to criminal investigations in indonesia on grounds of forgery and fraud LOL LOL LOL LOL

Go ahead and list down that asset LOL LOL LOL

And tey should sell his protasco's shares...

Remember he still owes usd 10million to dato chong for the purchase.

Tey also has yet to refund protasco's money in the amount of usd 55million.

LOL LOL LOL

Yo funmanagirl...

What asset? Nexgram don't have any assets. It financial book is cooked, it projects are fictitious, and it asset? No where to be seen LOL LOL LOL....

Nexgram's main business was and always is pooling money from small cap investors like you guys by goreng2 it counter LOL LOL LOL

Poor soul...

Noah tried to warn people of the imminent flood and invites them to enter the arc.

The people being a smarty pants, refused to believe Noah and ridicule him.

Then Noah enter the arc and the rain starts pouring for forty days killing all human save for Noah and his family who heed the warning from God.

You catch my drift? LOL LOL LOL

Ooo, right almost forget...

Ooi Kock Aun is currently being tried right? I suppose this is a progress. So I got present for all of you in here.

Ready? Ready? Here go....btw, Tey and Ooi, if you are reading this, be afraid, be very afraid, be very very afraid LOL LOL LOL...

The enemies and victims of Tey Por Yee and Ooi Kock Aun has recently formed a function group with one single purpose: to destroy Tey and Ooi...this would includes their cohorts and nominees. Tey and Ooi would be mistaken if they really think that the criminal cases they currently facing are the last of their suffering. It is just the beginning. Much more from where it come from.

Btw, nominees is defines as the companies that Tey and Ooi used as their vehicle to defraud or cheated their victims, if you understand what I mean, *wink *wink *wink LOL LOL LOL...

Bye for now...

I'll be back LOL LOL

Speaking of bribery...

So, basically Tey Por Yee and Ooi Kock Aun paid IDR 1billion to an Indonesian high ranking police officer to bring false charges against one of his friend right....However, just a little two month later, the same police officer was transferred to another position which means he no longer have the power or authorities to control the case management, not even when Tey cried for protection because an Indonesian mafia has threaten to kill Tey on sight. Then Tey Por Yee and Ooi Kock Aun tried to bribe the forensics lab's officers to falsify the forensic report. The said officer accepted the money but refused to do what he supposedly paid for..

So in the end, Tey Por Yee and Ooi Kock Aun lost around IDR 2billion but not getting any result. Talk about kamma LOL LOL LOL LOL...

so, no news from the special committee eh?

I wonder why LOL LOL LOL

Well....it is called goreng-goreng mah bro......another bad habit of Tey Por Yee and Ooi Kock Aun LOL LOL LOL....

Yeah....and lookie here...On Feb 2, 2016, the Indonesian SC decided to extend the suspension of PT Inovisi's counter citing their failure to submit audited annual report to the SC LOL LOL

http://redaksi.co.id/47427/otoritas-bursa-lanjutkan-suspensi-4-saham.html

The management of PT Inovisi would not be able to produce such report as currently they went hiding like the slimey mice they are LOL LOL

Speaking of which....anyone got the update on Nexgram's special committee report on Gold Dynamic and PT STAR? No news? Obviously since both are fictitious company owned by Tey Por Yee and Ooi Kock Aun...

http://www.thestar.com.my/business/business-news/2016/01/22/nexgram-sets-up-special-committee-to-address-possible-inconsistencies/

Any news on this so called nexgram venture to property in Fiji? LOL LOL LOL

http://www.bursacommunity.com/t22326-nexgram-ventures-into-property-development-in-fiji

Another fictitious project from yours truly: Tey Por Yee and Ooi Kock Aun.

Prior to it demise, the management of PT Inovisi also made numerous announcement on such and such projects or this and that acquisitions, which now we know it fictitious LOL LOL...

Ooo..and blessed are your eyes because they see and your ears because they hear. The heart of the people here has become dull. With their ears they scarcely hear and they have closed their eyes, otherwise with their heart, eyes and ears they will understand what illadanstormrage tried to conveyed on the similarities between Nexgram and PT Inovisi LOL LOL

"alice I need you"????

damn...don't write such a pondan sentence...you give me goosebump LOL LOL

of course my information on inovisi is correct, as my other information as well...

but your choice to believe or ignore it LOL LOL

My karma is clean bro LOL

Eventually nexgram's shares will be valued at 0,0000 man...better cut loss now LOL LOL

Two founders and controlling shareholders of nexgram are corporate criminals. And you think their scheming doesn't involved nexgram? In your dream 'man LOL LOL

Wednesday, 3 February 2016 | MYT 8:14 PM
Former company director claims trial in cheating case involving RM80mil

BY MAIZATUL NAZLINA

KUALA LUMPUR: A former company director has been charged in the Sessions Court here with cheating the board of directors, making a false declaration and criminal breach of trust involving more than RM80mil.

Datuk Ooi Kock Aun, 49, was accused of cheating Protasco Bhd’s board of directors and its officers by withholding information that he had had direct involvement with PT Anglo Slavic Utama, a company incorporated in Indonesia.

His action resulted in Protasco entering in an investment agreement on oil and gas in Indonesia via the purchase of 63% of PT Anglo Slavic Indonesia valued at US$22mil (RM68,393,170) with PT Anglo Slavic Utama.

The payment for the purchase was made in stages into two bank accounts.

The offence, under Section 420 of the Penal Code for cheating, was allegedly committed at Protasco’s office at Level 2, Corporate Building Unipark Suria, Jalan Ikram-Uniten, Kajang, between November 2012 and Jan 30, 2014.

Ooi, who is now a businessman, faces a second charge of making a false declaration to the Commissioner for Oaths that he did not have any ties with PT Anglo Slavic Utama, its directors or shareholders when he knew that he indeed had an interest in the company.

The offence allegedly took place at Wern Li Morsingh commissioner for oaths office at Fraser Business Park in Jalan Metro Pudu, off Jalan Yew, on July 25, 2014.

The third charge reads that Ooi committed CBT involving PT Anglo Slavic property worth RM16,250,000 at CIMB Islamic Bank Bhd in Menara Southern Bank in Plaza Damansara, Bukit Damansara, on Feb 4, 2014.

Ooi claimed trial to the charges before Sessions judge Suraiya Mustafa Kamal.

DPP Nurshuhaida Zainal Azahar offered bail at RM1mil in one surety for all charges.

She also urged the court to impound Ooi’s passport and prevent him from approaching all prosecution witnesses.

Ooi’s counsel Edmund Bon, in asking for a lower bail, said his client had cooperated with police throughout the investigation.

He said Ooi had a wife and four children and he was a respected individual in the accounting field.

Suraiya fixed bail at RM1mil in one surety for all charges and ordered Ooi to surrender his passport and prohibited him from approaching prosecution witnesses.

The court fixed Feb 26 for mention.

What potential company? Nexgram was established in 1999. Any potential should already fulfilled by now. And remember, in 2007, it shares was sold at 20 cents. Now it merely worth 5 cents LOL LOL LOL

If i were tey and ooi, i will put the future of my sons and daughters with serious consideration and seek for settlement with protasco then refund all money that has been deposited by protasco.

They are doomed.

Told you nexgram is doomed LOL LOL LOL

Now ooi kock aun is being tried for fraud LOL LOL LOL

LOL

After tey por yee, now ooi kock aun is being tried for fraud.

1. Yep, as far as protasco and it board are concerned, they only aware that they are being cheated and lies to by tey por yee and ooi KOCK aun after two years.

2. Who want to buy a tissue paper that ownership is being disputed by two parties. That goes with shares ownership as well. Even pertamina, an indonesian national oil company, who had cooperation with pt haseba sacrificed the relationship because of the ownership dispute, so why should a foreign entity like protasco want a piece of that rotten apple? Are you crazy or delusional tey?

3. Due dilligence only verified facts based on papers tey and you know it well so you and adrian did not put your name as the owner of pt asu and pt asi. Right tey?

4. Due dilligence only check whether pt asu et all is being sued in civil and criminal courts and arbitration. So protasco would not aware that you stole pt fas from benny tjokro and herman koswara since the case is investigated as a criminal case in the police level (not yet enter the court). Right tey?

5. Of couse the oil is real, what is not real is that protasco would be able to tap into that oil reserves given pertamina refused to extend the contract with haseba, reasoning the current ownership dispute.

6. The contract between tey and dato chong is already notified to protasco's board. So unlike you and ooi who clearly made and signed a false statement in your statutory declaration, at no time dato chong perjured himself as he had carried out his statutory and fiduciary duties to the best of their abilities, again unlike you and ooi. Right tey? LOL LOL LOL

7. Should you go to sungai wang to bought a phone. Would you come back for replacement if you then aware the phone was a stolen product? A perfectly sane person would not, and instead they will file police report against that store. Are you on acid tey? LOL LOL

To sum up: not only you and ooi forged documents, breached your fiduciary duty, but you also perjured yourselves and selling stolen products to protasco tey.

LOL LOL LOL

Well, i am not kenny chong tey, but i will response since i assume you are addressing me tey LOL LOL LOL

1. Yep, as far as protasco and it board are concerned, they only aware that they are being cheated and lies to by tey por yee and ooi KOCK aun after two years.

2. Who want to buy a tissue paper that ownership is being disputed by two parties. That goes with shares ownership as well. Even pertamina, an indonesian national oil company, who had cooperation with pt haseba sacrificed the relationship because of the ownership dispute, so why should a foreign entity like protasco want a piece of that rotten apple? Are you crazy or delusional tey?

3. Due dilligence only verified facts based on papers tey and you know it well so you and adrian did not put your name as the owner of pt asu and pt asi. Right tey?

4. Due dilligence only check whether pt asu et all is being sued in civil and criminal courts and arbitration. So protasco would not aware that you stole pt fas from benny tjokro and herman koswara since the case is investigated as a criminal case in the police level (not yet enter the court). Right tey?

5. Of couse the oil is real, what is not real is that protasco would be able to tap into that oil reserves given pertamina refused to extend the contract with haseba, reasoning the current ownership dispute.

6. The contract between tey and dato chong is already notified to protasco's board. So unlike you and ooi who clearly made and signed a false statement in your statutory declaration, at no time dato chong perjured himself as he had carried out his statutory and fiduciary duties to the best of their abilities, again unlike you and ooo. Right tey? LOL LOL LOL

7. Should you go to sungai wang to bought a phone. Would you come back for replacement if you then aware the phone was a stolen product? A perfectly sane person would not, and instead they will file police report against that store. Are you on acid tey? LOL LOL

Here we go, tey por yee registered new clones LOL LOL LOL

Yo monde...the two emails excerpt are new mah...you blind or what? LOL LOL LOL

Bonus round.

24 Oct 2012 Larry Tey Por Yee via Global Cap Venture signed Term Sheet with Herman Koswara, the controlling shareholders of PT Fas. The purpose of the term sheet is to acquire project kuala simpang timur oil field. It is agreed that Larry will purchase Herman's shares priced at IDR 6billion (Larry has only paid IDR 3billion).

1 November 2012 Larry Tey Por Yee and Benny Tjokro agreed on how to move forward with handling over Benny's shares at PT Fas, i.e. Tey Por Yee paid the operational costs of PT Haseba as of the date of the agreement and Larry Tey Por Yee take over Benny's debt at Mayapada Bank in the amount or IDR 23 Billion (both conditions are not fulfilled). However in the said date Larry already received the shares of PT Fas belonged to Benny Tjokro. Tey put the shares in PT Asi.

28 December 2012: Larry Tey Por Yee sold his shares to Protasco Berhad in the amount of USD 55million without notifying Herman and Benny.

21 May 2013 Larry Tey Por Yee sent a forged invitation for egms of PT Haseba which will be held at the office of Djamkk Asmur, the public notary in Aceh.

14 August 2013: to pay his debt to Benny, Larry wired in IDR 5billion and put Inovisi's shares as a guarantee. Few month later when Larry is in default; Benny attempted to execute the block of Inovisi's shares and finds that the value has dropped to a meager 10% of its initial value.

23 August 2013 Larry Tey Por Yee changed the directors and commisioners of PT Haseba based on the illegal egms.

24 February 2014 Herman Koswara and Benny Tjokro lodged police report against Larry Tey Por Yee alleging that he forged Herman and Benny's signature and defrauded them.

1 April 2014 Benny Tjokro through it vehicle PT Dayasakti Putradharma filed lawsuit against PT Anglo Slavic Indonesia at south jakarta district court.

25 April 2014 Koperasi Sejahtera Bersama filed lawsuit against PT Green Pine, Jerry Djajasaputra, PT Equator Securities and PT Inovisi Infracom Tbk arguing that it had invested IDR 125billion in PT Inovisi which was guaranteed by a block of Inovisi's shares. But it had not seen any profit and when they attempted to cash in on the shares, it shares dropped significantly.

11 December 2014 Benny Tjokro and Larry Tey signed settlement agreement in which Larry agreed to pay IDR 18billion, at the latest 28 January 2015. Up to this day Larry failed to honor this settlement agreement.

10 June 2015 The court ruled in favour of Koperasi Sejahtera Bersama and order Inovisi to pay IDR 200billion.

15 July 2015 Indonesian police raided the office of PT Inovisi Infracom Tbk.

December 2015 PT Inovisi Infracom Tbk closed down it business without prior notice to the investors and employees. It management went hiding.

LOL LOL LOL LOL

Post removed.Why?

Nexgram’s change of auditors raises a lot of questions

WHO says minority shareholders are a helpless lot? How can that be true when a person with a minuscule number of shares in a listed company became the only one to nominate the new external auditors for the company? And he didn’t even have to explain why he did so.

He just threw out the name of the accounting firm and came up with a proposed resolution to be tabled at an extraordinary general meeting.

It was then up to the board of directors to assess the suitability of the firm. The board decided that the appointment of the new auditors was in the best interest of the company and its shareholders, and thus recommended that shareholders at the EGM vote for the proposed change of auditors. The shareholders did as advised.

Take a bow, Ko Boon Leong of Setapak, Kuala Lumpur. If there were such a thing as the Tiny-but-Mighty Corporate Player of the Year Award, you’d likely be a top candidate for 2015.

Then again, an accolade like that shouldn’t be given away cheaply. There should be diligent scrutiny. Let’s go over the story and raise questions when necessary.

But first, the reason this has come up is because the auditors appointed last year now wants to step down, after less than six months in that role. Accounting firm CHI-LLTC explained that its workforce had shrunk recently and it therefore couldn’t handle the increasing work arising from the listed company’s “recent expansion plan”.

The listed company is Nexgram Holdings Bhd, which has been in the news lately after the Securities Commission had issued a public statement on Jan 15 regarding the company’s offer to buy all the securities of Ire-Tex Corp Bhd. It was revealed that three subsidiaries of Nexgram are the focus of ongoing enquiries by the SC and Bursa Malaysia. On Thursday, Nexgram applied for consent from the SC to withdraw the offer for the Ire-Tex securities.

Back to the replacement of auditors last year. On July 8, Ko sent a letter to Nexgram to nominate CHI-LLTC as the new auditors, taking over from SJ Grant Thornton. He also offered a draft resolution for the proposed change.

According to the letter, Ko had 1,333 Nexgram shares. That’s almost nothing compared with the company’s 1.88 billion issued shares. Nevertheless, as a shareholder, he’s entitled to nominate the auditors, according to the Companies Act.

But why him? And why make the nomination at that point, when there had been no disclosure regarding a need to change auditors?

Based on announcements made through the stock exchange, the first time the investing public had any idea Nexgram was switching auditors was on July 20, when the company issued a notice of the EGM to consider the proposed change of auditors. The notice mentioned the resignation of SJ Grant Thornton, and yet, Nexgram hadn’t announced that development.

The relevant details only emerged the next day with the release of the circular to shareholders. Some of the fresh information certainly deserves greater attention.

In late June, SJ Grant Thornton told the Nexgram board that the fee for the 2015 audit would be increased from RM200,000 to RM500,000. The accounting firm said the hike was because it classified the 2015 audit as high-risk and would therefore need to use more resources for the job.

The high-risk classification is the result of “significant changes in the level of activities in the Nexgram group” and the Audit Oversight Board’s review of Nexgram’s 2014 audit files, which led to the requirement for additional work to be performed during the 2015 audit.

The board met on July 8 and agreed to reject the fee revision, describing it “not sensible and totally unreasonable”. On the same day, the board received Ko’s letter nominating CHI-LLTC as the new auditors and alluding to SJ Grant Thornton’s resignation.

But Nexgram received SJ Grant Thornton’s letter of resignation only on July 15, after the board had written to the firm on July 10 to say it wouldn’t accept the new audit fee.

In its circular to shareholders, Nexgram says it received Ko’s notice of nomination in “anticipation of the outcome of the negotiation with SJ Grant Thornton”.

That bit of pretzel logic can only trigger questions. How did Ko know about the directors’ stand on the higher audit fee? In fact, how is he — a person with merely 1,333 Nexgram shares — even aware of the fee revision? How and why has he chosen CHI-LLTC as the standby auditors out of the more than 50 other accounting firms in Malaysia that are registered as auditors of listed companies?

And why didn’t the nomination come from somebody else, say, Datuk Tey Por Yee, who was then Nexgram’s CEO and MD, and also a substantial shareholder?

According to the circular to shareholders, the board reviewed CHI-LLTC’s fee and engagement proposal, and after consulting the audit committee, it decided that the firm’s proposal was reasonable and cost-effective.

*these past year LOL LOL

You got what is coming to you due to your evil actions there past year Tey LOL LOL LOL...

Tell us honestly Tey....

Did you quit or did your board pressured you to quit or they will tender their letter of resignation? LOL LOL LOL...

PETALING JAYA: Nexgram Holdings Bhd announced that Datuk Tey Por Yee has resigned from the company that he co-founded effective yesterday to "pursue his personal interests and goals".

In a stock exchange filing yesterday, Nexgram said Tey has resigned as its executive director as well as CEO and managing director.

Tey co-founded Nexgram, formerly Nextnation Communication Bhd, and has been its CEO and managing director since May 5, 2005.

In a separate announcement, Nexgram said How Han Lum, 39, will be its new CEO.

In another announcement, Nexgram said it is buying 51,000 RM1 shares for a 51% stake in logistics company Transeaways Shipping Sdn Bhd (TSSB) from Hopscoth Invest & Trade Inc for RM41.2 million.

Nexgram said the logistics sector in Kuantan, Pahang, where TSSB operates its business, has witnessed encouraging growth for the past few years and continues to be promising.

"Nexgram's telecommunication, media and technology division could complement the TSSB's operational flow by providing mobile tracking technology on top of its existing tracking and monitoring system," it said.

Tey Por Yee is so much stress that he look confused and disenfranchised LOL LOL LOL LOL.....

PETALING JAYA: Following the unprecedented action by the Securities Commission (SC) to disclose questionable actions by Nexgram Holdings Bhd, the regulator’s next course of action is a thorough investigation into the money trail relating to the RM84.5mil cash balance that had previously existed in the company, sources said.

This investigation will entail, among others, answers from directors, advisors and auditors of Nexgram, which is involved in software and property.

It is learnt that the authorities are looking at the dealings involving three subsidiaries of Nexgram and if the decision to divest them went to the board.

“The three subsidiaries were already the subject of investigations by the authorities in the capital markets. Knowing that, how did the planned divestments get done?” asked a corporate lawyer. The type of action taken will depend on the findings of the investigation by the regulators.

To recap, last Friday, the SC invoked its powers under Section 217(4)(b) of the Capital Markets and Services Act 2007 (CMSA) by issuing a public statement in relation to a proposed takeover of Ire-Tex Corp Bhd by Nexgram, to be funded by the latter’s shares.

The SC’s concerns had related to the value of the assets of Nexgram, noting that the actions of Nexgram to dispose of some of its subsidiary companies “delays and obstructs the ongoing enquiries by the SC and Bursa Malaysia.”

According to sources, both the SC and Bursa had concerns about Nexgram, following the latter’s service of its notice to takeover Ire-Tex last November.

At some point in their investigations, both regulators agreed that there were sufficient grounds for Bursa to require Nexgram to provide verification on the existence of certain assets belonging to these subsidiaries.

It is also understood that as part of the initial investigation into Nexgram, the SC and Bursa had met with the advisors and a representative of the board of Nexgram to request the verification of certain alleged bank balances by an independent accountant.

The trigger point for the SC to take action under Section 217 of the CMSA was the company’s decision to dispose the relevant subsidiaries.

The type of actions of the regulators in this case will depend on when the outcome of their investigations are, which is also a complicated matter as it involves bank accounts and other transactions in Indonesia.

Depending on the timing of the findings, the SC could file for an injunction to stop the offer from proceeding or leave the offer to lapse. This is because Bursa has already notified Nexgram through its advisors that it will not clear the circular to shareholders and thus an EGM cannot be held for Nexgram shareholders to vote on matter, and this in turn would lead to the offer lapsing.

“The combined efforts of the SC and Bursa are ensuring that the shareholders of the target company, namely Ire-Tex, are not in danger of receiving payment in shares that may have a questionable value,” explained the corporate lawyer.

The SC raised eyebrows at the value of Nexgram that was sitting on a cash balance of RM84.5mil as at April 30, 2014. Its accounts showed that in the following financial year, most of that cash looked like it had been converted into inventories.

The company could have used the cash to purchase inventories, indicative by the accounts which showed inventories move from zero to RM89.8mil as at 2015. At the same time, cash balances fell to RM31.1mil. Sources said the SC’s enquiries could have centred around the paper and cashtrail of how those inventories were built up.

The case involving Nexgram has drawn attention to one businessman in particular, Datuk Tey Por Yee, who on Jan 14, resigned as executive director to “pursue his personal interest and goals”. Since his resignation, Nexgram has six directors left sitting on its board.

The rare statement by the SC sent Nexgram’s shares reeling to as low as 7.5 sen yesterday, representing an 11.76% drop.

The stock saw 34.5 million shares exchange hands. The shares closed at 8.5 sen last Friday.

Tey was also involved in the Protasco Bhd boardroom tussle, which saw him together with director Ooi Kock Aun voted out of the board at an EGM.

This came after allegations of a questionable investment in an Indonesian oil and gas company.

Meanwhile, in a related development, Nexgram shed some additional details about its plans to sell its entire 69.6% stake in Godynamic Investmentd Ltd for RM34.8mil on Jan 12.

This was in response to a query by the stock exchange.

Nexgram said while proceeds from the disposal would be used to pay for the 51% stake in Transeaways Shipping Sdn Bhd, which was announced on Jan 14, the company was “unable to quantify the exact amount” to be utilised for the planned acquisition.

An email from the same honcho:

"Dear Adrian,
As you know, I am not at all involved with Green Pine. I do this as a calling to assist whenever I as can.

I know you are trying your best, but at this stage, it is not good enough to try, we must perform. Poor CG, always under pressure, always embarrassed what to say when pushed from Indonesia. When you say you would send each Rp100Million this week, could it mean that on Saturday or Friday, you would send the money from Malaysia, and it would reach into bank accounts by Tuesday or Wednesday or even Thursday?

This is NOT the first time, you committed to a payment and then reneged or modified. I cannot and will not be in a position if I cannot trust your word implicitly. I pass on what you want me to say to them, but my credibility and integrity is at stake. I am stuck between helping you and Jerry and being in a position of risk in my relationship with the people I introduce. This case is very serious, and can jeopardise the future of the company. This must take first priority.

Because the case is against Green Pine, the court can seize and block assets belonging to the company which are shares of Inovisi.

I will try to pay the lawyers Rp100Million out of the promised down payment Rp250Million being 50% of their fees totalling Rp500Million, but even if they accept, especially because of my relationship with them, they will not be happy. And you know, an unhappy lawyer is not at their best performance.

I will let you know the follow up; we will sign the mandate today, plan strategy and coordinate between lawyers (who will talk amongst themselves).

It is not a good idea to remit funds directly to the lawyers, we will have no control over them if we do not pay them ourselves. So please remit funds into company accounts so we are in a position to know when they are paid and can then control them better.

Let us pray the end result is what we hope for."

LOL LOL LOL LOL LOL LOL....

One of Larry Tey Por Yee and Adrian Ooi Kock Aun's top brass wrote this email:

"Dear folks,
As I am far away, there are not much things I can do from here.

I have just written an email to Larry & Adrian urging them to perform what they promised; it has become a habit for them to promise but not perform, either they change their minds unilaterally or circumstances forces them or other opportunities arise and then they put priorities to something else.

I have done what I can, so my conscience is clear.

If within a few more days, I cannot see signs of general improvement, I have no choice but to resign as Director of Inovisi. There is no benefit for me to stay and get into situations where the owners and I are not of the same opinion.

I am getting Eri to prepare all email addresses for me to announce my resignation, even to the regulators and authorities.

I hope it does not come to this, but I must defend myself from further problems.

Looking for your understanding,
Thank you for the good cooperation we had in the past,
Best wishes, "

The plots thickens LOL LOL LOL LOL LOL

Compounding matters, the same day Nexgram made known its intentions to bring in a special auditor to verify the veracity of some of its assets, its external auditors CHI-LLTC tendered their resignation.

CHI said its resignation was “due to the company’s recent expansion plan and the unavailability of CHI’s workforce which has decreased recently, to handle the increasing work”.

It is noteworthy that Nexgram’s external auditor’s resignation comes at a crucial time of the company facing an investigation by the authorities.

CHI is obliged to continue as Nexgram’s external auditors until a replacement is found.

It is likely that Nexgram’s best option was to withdraw its offer to takeover Ire-Tex, given the circumstances. If it did not take that course of action, it would likely have led to a lapse of the offer to takeover Ire-Tex, says a source.

“It seems like Nexgram went about in circles, and went through all those transactions, just to pull out in the end,” the source says.

In its filing with Bursa on Thursday, its adviser Mercury Securities announced: “...in view of recent developments and events that have transpired and after taking into consideration the timeline of the offer permitted under the (Takeover) Code, the Nexgram board views that it would be in the best interest of all parties, including the company and its shareholders, as well as the holders of the offer securities for the company, to make an application to the SC to withdraw the offer”.

It applied for the written consent of the SC under the Takeover Code to withdraw the offer, subject to consent from the SC, upon which the offer shall cease and all acceptances received shall be returned to the accepting holders.

Yesterday the SC had given Nexgram consent to withdraw the offer.

Industry experts say if Nexgram had earlier given in to the SC’s requests for an independent special auditor to check on the veracity of its cash balances for example, it would have been an easy task for the auditor to carry out. “They could find the cash trail within 48 hours,” says one accountant.

“It is strange that the directors didn’t address the matter as that opened the door to the regulators intervening,” according to an industry expert.

Notably, Tey made headlines the same day the SC issued the public statement on its concerns over Nexgram.

This was in relation to another company in which Tey has a substantial stake, namely construction and property group Protasco Bhd.

Tey claimed trial to two charges of cheating and perjury.

He pleaded not guilty to inducing the board members of Protasco, of which he became a substantial shareholder in November 2012, to agree to a US$22mil (RM68mil then) acquisition of PT Anglo Slavic Utama Indonesia, an oil and gas firm.

The deal saw him together with director Ooi Kock Aun voted out of the board at an EGM.

Tey also pleaded not guilty to committing perjury by making a false statutory declaration that he had no interest in the Indonesia-based company. Separately, shares in Nexgram have seen a drop of more than 30% since Jan 14, to 6 sen at market close yesterday. It remains to be seen what the regulators will find in its investigation and how the saga will pan out.

Investigations to proceed despite the company withdrawing Ire-Tex offer

ALTHOUGH the takeover offer Nexgram Holdings Bhd made on Ire-Tex Corp Bhd is now off the table, it has not stopped regulators from pursuing their investigations on the former’s past dealings.

On Thursday, Nexgram turned things around by announcing its intention to withdraw its takeover offer on one-stop packaging service provider Ire-Tex. This came a day after it said it would take steps to bring in a special auditor to determine the veracity of some of its assets.

Yesterday, Nexgram also announced that its due diligence committee had taken heed of concerns made by regulators and followed up with a visit to Indonesia, where some of the questionable transactions are said to have transpired.

“The Nexgram board had formed the view that such observations appear to potentially point to inconsistencies with regards to details of certain assets with the Nexgram group,” the statement said.

Following this, Nexgram said it had formed a special committee comprising of four directors of which two are independent, to take necessary steps to address the matter, which include the appointment of a special auditor.

Still, if any evidence suggests Nexgram has not carried out its responsibilities towards shareholders, the company could face sanctions from the regulators, and depending on the severity, it could face criminal prosecutions, insiders say.

The Nexgram saga started after it launched a takeover offer on Ire-Tex last November, which was to be satisfied through issuance of new Nexgram shares.

According to its website, Nexgram says it is a multinational conglomerate involved in the telco, security and surveillance, software development, property development, industries, business advisories and investment activities sectors.

Its rationale to take over Ire-Tex was so it could continue its diversification by tapping into manufacturing and industrial segments.

StarBizWeek earlier reported that regulators had concerns over the takeover due to the veracity of certain assets in Nexgram.

However, it had insufficient grounds to disrupt the offer and continued to follow up on its leads.

Following this, Nexgram posted its offer document on Dec 11, 2015.

It is understood that both the Securities Commission and Bursa Malaysia met with the advisors and a representative of Nexgram’s board to request the verification of certain alleged bank balances by an independent accountant.

However, soon after, through Jan 11 and Jan 12, Nexgram announced that it had earlier entered into agreements to dispose of some of its subsidiaries, which according to the SC, were the subject of enquiry.

At the same time, Nexgram made some more changes in the company.

On Jan 14, the company announced that its co-founder Datuk Tey Por Yee (pic) had resigned as executive director to “pursue his personal interest and goals”.

Since his resignation, Nexgram has six directors left sitting on its board.

Interestingly, Tey has not sold off his stake in Nexgram. According to Bursa filings, Tey’s stake stands at 23.4%.

This led to the SC choosing to invoke its powers under the Capital Markets Securities Act (CMSA) under Section 217 to issue a public statement on its concerns relating to those assets, a first for the SC.

This course of action is seen as a rarity even in other countries, says a source.

The SC had issued the public statement on Jan 15, stating that Nexgram’s disposal of certain assets “delays and obstructs the ongoing enquiries by the SC and Bursa Malaysia”.

Since Nexgram was seen as being “uncooperative” in bringing in a special auditor to independently verify the value of its assets, Bursa had all this while held back on the greenlight for Nexgram’s circular to its shareholders related to the Ire-Tex deal.

This meant that Nexgram had not been able to call for an EGM to vote on the takeover proposal, which in turn could have led to the offer lapsing.

On Jan 11 and Jan 12, Nexgram announced that it had earlier entered into agreements to dispose of its subsidiaries – Nexgram Resources Sdn Bhd, Godynamic Investments Ltd and PT Semesta Tirta Antara Raya (through Godynamic) – which are believed to be the subject of the regulators’ enquiries.

Although it is not too clear which assets showed some red flags, it is worth taking a look at Nexgram’s balance sheet.

In its financial statements for the year ended April 30, 2014, the company had RM84.5mil in cash balances. However in the following year, a majority of that cash seemed to be reflected in as inventories. Its inventories moved from zero to RM89.8mil in the following financial year while its cash balances fell to RM31.1mil.

Sources say enquiries by the regulators are focused on the paper and cash trail of how those inventories were built up.

One of Tey and ooi's victims told me that the sole reason tey and ooi could defraud so many people is because their victims all in desperate or emergency situation when tey and ooi then came to rescue them all the while tey and ooi planned to cheat and eat them too.

With benefit of hindsight. I conclude that they are correct.

Tey claimed that he retired as a warrior from nexgram to protect innocent investors. But can a person who was ousted by the board of the company you co-founded can be really called a warrior? Yes, tey was given an ultimatum by nexgram's board: either he resigned or the board will tender their resignation LOL LOL LOL...

In manitoba, tey swallowed too many lsd and it damage his brain LOL LOL LOL

Larry Tey Por Yee claimed that he is a warrior. Thing is, i've never seen a warrior need a bodyguard to cover his face or cry to the authority for protection because the person he cheated threaten to kill him on first sight. How about you? LOL LOL LOL LOL

Negram want to sell it subsidiary: gold dynamic investment ltd and pt star for RM 35million. Can anyone can tell me who in the right mind want to buy a defunct paper company without assets or projects for RM 35million? LOL LOL LOL

LOL LOL LOL...new account again tey?

You are so traumatize by kenny chong that you see kenny everywhere; here the proof LOL LOL

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CrookLier Learn a little from nexgram former warrior. People saved the company and retires to take terrorist chong hit by himself. Respect. Chong leh? Still hiding in his rat hole. His son alice bin kenny chong shall goes in. Keep on coming. Respect the nexgram small investors also for not sending him to his coffin.
25/01/2016 21:07

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LOL LOL

If you are coming to the chongs, don't forget to bring your bangla bodyguard to cover your ugly hideous face LOL LOL LOL....

Last post for tonight.

You need to imported more bangla to be your bodyguards tey. You will never know when your employee will tipped your enemy of the schedule to deposit or withdraw money from banks LOL LOL LOL LOL.....

And when will you repay your small investors in indonesia tey? LOL LOL LOL

Oh tey, settle your debt to herman and benny....

So shameless, claiming a honest bankers but refused to pay your debt LOL LOL

LOL LOL, welcome back tey...register new account already eh?

That search warrant is for you mah...still afraid to come eh? Tell your bangla's bodyguard to cover your hideous face lohr......a little suggestion tey, get plastic surgery because your horrendous face is so infamous now LOL LOL

Ooo, afraid not tey, i am not kenny chong. LOL LOL LOL...

Well, you can write anything you want but the fact is, it was not dato chong who needs a bangla bodyguard to cover his face. And it is not the chongs who pleaded to the indonesian police for protection because someone they crosses has threaten to kill them on sight.

Want to know who it was? It was tey por yee LOL LOL

Nobody can cheat nobody? You should tell that to tey and ooi's victims in indonesia LOL

https://stockbit.com/symbol/INVS

http://idsaham.com/saham-INVS-informasi-saham-analisa-saham.html

Basically their company was suspended because they cooked the shares of inovisi, tey and ooi's company in indonesia. Then without prior notification to investors, employee and sc, tey and ooi closed down inovisi to the detriment of their investors.

Anything but nexgram. Run away from nexgram or nexgram will steal your money.