Total share issued will exceed 1 billion again.....repeating the process of share issuance to siphon more money and probably undertake another share consolidation with rights issue to squeeze more money from shareholders after 2 or 3 years.
Possible of cahoots between KLSE and Directors in approvals of such proposals...KLSE should Impose personal guarantees for all Directors for RI, PPs and ESOS price for 3 years to protect shareholders...
Sik Eek Tan Executive Director, NetX Holdings Bhd.
Sik Eek Tan is on the board of Mlabs Systems Bhd. and 5 other companies. In the past he was Partner at House of Qin Ltd. and Partner-Southeast Asia at Value Creation Strategies Sdn. Bhd.
Mr. Tan received an undergraduate degree from The University of Sydney.
Ya ide yang bagus. Sik Eek Tan Executive Director, NetX Holdings Bhd. Juga ED mlabs. Mlabs tinggal 4.5sen walaupun harga right issue 9sen :)
@fl888 Possible of cahoots between KLSE and Directors in approvals of such proposals...KLSE should Impose personal guarantees for all Directors for RI, PPs and ESOS price for 3 years to protect shareholders... 07/04/2021 7:22 AM
Harga syer mlabs tinggal 4.5sen saja , juga dibawah ED Netx :)
Sik Eek Tan Executive Director, NetX Holdings Bhd.
Sik Eek Tan is on the board of Mlabs Systems Bhd. and 5 other companies. In the past he was Partner at House of Qin Ltd. and Partner-Southeast Asia at Value Creation Strategies Sdn. Bhd.
@ mustvote To all Shareholders of ATS (0072) or XOX (0165) or M3TECH (0017) or NETX (0020)
Exercise your votes of your shares (100 shares = 100), and use Online Remote Participation & Votes to attend to the EGM/AGM and vote NO.
Vent your ANGER on the ESOS/SIS/Private Placement and let your votes.
Shame the directors and see them perform the Love Scam / Macau Scam, lives on that day.
Simplify version compare to the purposely tailered Circular that try to hide the link Step by Step to Register and Participate using RPV
Banyak cara. Terpenting kejujuran pihak pengurusan seperti yang ditekankan oleh Warren buffet !
Contoh terbaik seperti berikut!
SC to show how Ricky Wong siphoned over RM50m from Bright Packaging Industry via rights issue, private placement, ESOS Ahmad Naqib Idris / theedgemarkets.com
April 05, 2021 14:24 pm +08
SC to show how Ricky Wong siphoned over RM50m from Bright Packaging Industry via rights issue, private placement, ESOS -A+A KUALA LUMPUR (April 5): The Securities Commission Malaysia (SC) intends to demonstrate how Ricky Wong Shee Kai siphoned approximately RM56 million from Bright Packaging Industry Bhd (BPI) via a series of corporate exercises between 2013 and 2015, comprising a rights issue, a private placement and two rounds of an employee share option scheme (ESOS).
In his opening statement for the trial, which commenced this morning, senior lawyer Datuk Lim Chee Wee, representing the SC, told the court that defendants Wong, his mother Teh Sew Wan and Wong SK Holdings Sdn Bhd contravened the Capital Markets and Services Act 2007 (CMSA) in using devices, schemes or artifices to defraud BPI and/or engaging in acts, practices or courses of business which operated as a fraud upon BPI.
Both Wong and Teh are directors of Wong SK Holdings. Wong and Wong SK Holdings were represented by lawyer Datuk Harpal Singh Grewal.
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READ MORE "The evidence shows that the proceeds were paid out by BPI to suppliers of BPI, who were in actual fact nominee companies controlled by the defendants.
"These monies were eventually transferred to the defendants. The monies were paid out by BPI after each BPI corporate exercise within a very short period, ranging from one day to two weeks after the completion," said Lim.
Ricky Wong Shee Kai The lawyer alleged that these companies were controlled by Wong and used as a front to propel the defendants' fraudulent conduct, which resulted in an unlawful pecuniary gain of at least RM56.07 million.
The nominee companies allegedly received monies from BPI following each corporate exercise by way of cheques authorised by Teh, based on fictitious transactions, which were eventually transferred to Wong or Wong SK Holdings.
The SC in its investigation also found that the monies from each exercise were transferred from BPI via layers of these nominee companies, which ultimately ended up in either Wong's HSBC account or Alliance Bank account or Wong SK Holdings' AmBank account.
Besides using these nominee companies, Wong allegedly provided the funding for former BPI director Datuk Seri Syed Ali Al-Habshee's subscription to the rights shares and the subsequent disposal of the shares and the transfer of proceeds to Wong.
Syed Ali, formerly the Umno Cheras division chief, claimed to have had no knowledge of his subscription and disposal of the rights shares, as well as the transfer of proceeds to Wong.
Moreover, Wong also allegedly provided funding for five BPI employees to subscribe to the two rounds of ESOS, although the five claimed that they had no knowledge of their respective subscription to the shares.
Syed Ali and the five employees, namely Chew Chen Nie, Lee Woan Jiun, Chan Kok Leong, Kok Meow Imm and Teoh Hock Heng, will be appearing as witnesses in the trial, along with 14 others.
The first witness to appear in the court was TA Securities deputy vice-president of corporate finance Sim Hui-Leen, who went over each of the corporate exercises during examination-in-chief by Lim.
Cross-examination by the defendants' lawyers, meanwhile, is slated for Sept 21 as the trial has been adjourned after the discharging of Teh's lawyers Datuk Nicholas Kow and Emile Ezra Hussain — as she felt that the lawyers cannot act in her best interest.
Judicial Commissioner Anand Ponnudurai warned her that there will be no more postponement once the trial resumes in September.
"There will be no further adjournment. Please appoint new lawyers by this week. If the lawyers come into the court saying that they are not free on the dates fixed, please find other lawyers," he urged the defendant.
Tengok dia akan pakai wang netx untuk membeli syer mlabs tak? Right issue price 9sen, kini 5sen saja :)
Sik Eek Tan Executive Director, NetX Holdings Bhd.
Sik Eek Tan is on the board of Mlabs Systems Bhd. and 5 other companies. In the past he was Partner at House of Qin Ltd. and Partner-Southeast Asia at Value Creation Strategies Sdn. Bhd.
Mr. Tan received an undergraduate degree from The University of Sydney.
Mlabs Right issue price 9sen dalam Disember 2020, kini 5sen. 80% lebih murah
Pandai tak ED Tan? :)
Sik Eek Tan Executive Director, NetX Holdings Bhd.
Sik Eek Tan is on the board of Mlabs Systems Bhd. and 5 other companies. In the past he was Partner at House of Qin Ltd. and Partner-Southeast Asia at Value Creation Strategies Sdn. Bhd.
SC to show how Ricky Wong siphoned over RM50m from Bright Packaging Industry via rights issue, private placement, ESOS Ahmad Naqib Idris / theedgemarkets.com
Tan Sik Eek is an Executive Director of NetX appointed on 21 April 2015. He majored in Economics and Political Science at the University of Sydney, Australia. He brings with him more than a decade of experience ranging from corporate finance advisory to private equity investments. He was previously a Partner in corporate finance focused on investing in companies seeking growth funding and pre-IPO capital. Prior to that, he was specializing in securing funding from a series of established North America global opportunity funds, for companies listed on the regional capital markets. 15 TAN SIK EEK Executive Director Malaysian 44 years old Male He is also a Director of DGB Asia Berhad, Fintec Global Berhad, Mlabs Systems Berhad and XOX Bhd. He does not have any family relationship with any Director or major shareholder of the Company and has not been convicted of any offences within the past 5 years other than traffic offences and has no conflict of interest with NetX.
Enforcement agencies could be in i3 monitoring people like calvintaneng for deception and fraud. Beside monitoring netx for misappropriation of company fund raise from esos, pp and rights issue
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Mikecyc
45,527 posts
Posted by Mikecyc > 2021-04-06 07:38 |
Post removed.Why?