Posted by tenlot > 2014-10-30 19:05 | Report Abuse

This is the way he cheat away our investment by selling valuable landbank with cheap price to his own 100% owned company....the reason is TO AVOID COMPANY FROM SLIPPING INTO PN17, WHAT A GOOD REASON...


According to shareholder Yap Chee Keong, who spoke to Focus Malaysia after the meeting, one of the issues raised was the questionable sale of 46 plots of vacant bungalow plots to a company called Optima Mewah Sdn Bhd for RM16.89 mil in June 2011, 30%, or RM5.2 mil of which was immediately payable.

What was not mentioned in the Bursa Malaysia filing was that Optima Mewah is a dormant subsidiary of MPCB, with a last recorded turnover of only RM55,000.

When probed by shareholders, Ch’ng said he had performed the sale to prevent MPCB from slipping into PN17. The sale would, at least on paper, make it look like MPCB was generating enough revenue to keep it afloat.

Posted by tenlot > 2014-10-30 19:07 | Report Abuse

To add to MPCB’s troubles, it has a list of ongoing material litigations which date back to when MPCB was taken over by Ch’ng’s Top Lander Offshore in 2005, which shareholders feel is an unnecessary drain on resources.

Some involve former staff and others involve tenants at Wisma MPL, which MPCB owns and operates.

The biggest is a RM114 mil writ of summons by former business partner AmanahRaya Developments Sdn Bhd, which it had paired up with on the Asia Pacific Trade and Expo Centre (APTEC) and Lakehill Resort in Iskandar Malaysia. The project was estimated to have a gross development value of USD1.5 bil at the time it was launched in 2009. APTEC was supposed to be 73 year old Ch’ng’s “last major ambition”, but has gone through many false starts over the years.

At the start, AmanahRaya was roped in as a 22% partner, bringing in RM99 mil in cash to fund the project. In exchange, MPCB was to buy back the shares at 7.2% interest after a period of three years.

There is no sign of development on the 638-acre site today. Its website still shows AmanahRaya as a partner. Calls to the APTEC office in Kuala Lumpur were answered by a member of staff who declined to reveal the status of the project.

In theory, if MPCB were to sell off the land, surely they would resolve all their worries? Settle all the court cases, pay off debtors, and maybe have some left over for shareholders who had been patient for so long.

It seems Ch’ng is still holding out in the hopes of realising the dream that is APTEC.

During the post-AGM press conference, Ch’ng said MPCB intended to hold on to the site so as not to lose the integrity of the project it was meant for.

“We have held on to ensure we do not destroy the whole integrated city concept. What many would have done is to start selling, piecemeal, the land, bringing in a smaller profit. But in the worst case scenario you destroy the whole concept once you sell it to a developer and that is what we are trying to avoid,” said Ch’ng.

However, the RM99 mil is now gone, and MPCB cannot repay AmanahRaya, said Yap.

“They cannot sell the land either because nobody will buy it,” he said.

MPCB had offered some of the land to AmanahRaya in a bid to contra the amount and was promptly turned down, said Yap.

AmanahRaya was not immediately available for comment at the time of writing.

Ch’ng, who plans to turn around the company in 2013, has a mammoth task ahead of him, as he for looks business partners willing to team up with MPCB after the long list of litigations, one of which involves a local bank. Ch’ng’s credibility is shot, and along with it, MPCB’s.

“Nobody wants to work with him. He wants to fight everybody, and he chose to fight the wrong people. With no investors, he cannot get the money he needs to turn the company around. No need to even talk about APTEC yet,” said Yap.

Posted by tenlot > 2014-10-30 19:07 |

Post removed.Why?

Posted by tenlot > 2014-10-30 19:08 | Report Abuse

CRXXK.....cause to loses ...
Pay back my monies

Posted by tenlot > 2014-10-30 19:14 | Report Abuse

Its audit and risk management committee is made up of only three members, two of which, namely Norsyahrin Hamidon and Sean Nicholas Da Cruz, were only appointed on July 18 and Nov 5, respectively. Both are independent non-executive directors.

Da Cruz, 28, a Hong Kong citizen, cannot be entirely independent of the company as he is currently dating Ch'ng's daughter, Mona, said Yap.

Only let his daugther and his daughter's bf to bcome audit and risk management committee...

My god, a Malay named Norsyahrin Hamidon and his daughter's bf named Sean Nicholas Da Cruz......

You can see how nice is this company

Posted by chrischan > 2014-10-30 19:15 |

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Posted by tenlot > 2014-10-30 19:15 | Report Abuse

1 word to you all...take care...
MPCORP is Malaysia's PN17 Company

Posted by tenlot > 2014-10-30 19:16 |

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Posted by tenlot > 2014-10-30 19:21 | Report Abuse

MPCB had offered some of the land to AmanahRaya in a bid to contra the amount and was promptly turned down

Posted by tenlot > 2014-10-30 19:22 |

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Posted by tenlot > 2014-10-30 19:27 |

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Posted by hangtuah > 2014-10-30 19:28 | Report Abuse

yes, this holland king calvintaneng aka Cant' Win went to ifca forum few days ago and was fried right to the bone!!! asking ppl to unload ifca n buy mp corp!!! luckily, no ppl believe him !!!!

Posted by MercuryRX > 2014-10-30 19:28 |

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Posted by tenlot > 2014-10-30 19:29 | Report Abuse

hangtuah, ifca and smrt already very high...you got to be very careful on these 2 caunters....

Posted by MercuryRX > 2014-10-30 19:29 |

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Posted by tenlot > 2014-10-30 19:30 |

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Posted by tenlot > 2014-10-30 19:30 |

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Posted by tenlot > 2014-10-30 19:30 | Report Abuse

HAHAHAHAHA......

Posted by hangtuah > 2014-10-30 19:31 | Report Abuse

thanks tenlot, my stocks in these 2 counters are old stocks, held few months ago!!! am a longterm player,just hold until my target is reached; am not asking ppl to buy/sell these 2 counters!!!

Posted by tenlot > 2014-10-30 19:32 | Report Abuse

IFCAM and SMRT are touching peak....
really can unload if got profits le...do not be greedy...
take care

Posted by tenlot > 2014-10-30 19:32 | Report Abuse

Anyway, good luck...hang tuah...may you succeed.

Posted by chrischan > 2014-10-30 19:33 |

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Posted by hangtuah > 2014-10-30 19:33 | Report Abuse

terima kasih for the advice

Posted by tenlot > 2014-10-30 19:34 | Report Abuse

welcome

Posted by tenlot > 2014-10-30 19:37 | Report Abuse

If the land really valuable, why AmanahRaya promptly turned down?
For what i know, the price of the houses around Kota Masai are considered cheap....140k can get double storey....

MPCB had offered some of the land to AmanahRaya in a bid to contra the amount and was promptly turned down

Posted by tenlot > 2014-10-30 19:38 |

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Posted by tenlot > 2014-10-30 19:39 |

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Posted by MercuryRX > 2014-10-30 19:43 |

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Posted by chrischan > 2014-10-30 19:48 |

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Posted by hangtuah > 2014-10-30 19:54 | Report Abuse

king of the bush is he!!!

kikiki!!!

Posted by Nancy Tang > 2014-10-30 20:04 | Report Abuse

Today that singaporean went into ifca forum again, slyly instigating people to sell ! As usual nobody pay him any attention ... people too busy counting their winnings, ha!ha! Sad for those investors who lost money because of him. This chap invest in useless counters and will desperately encourage people to buy into his counters and hold it for years with the assurance that it will turn into blue chips ... the only thing I see is his face is turning blue from his wild promoting ... what a crazy character ... luckily he's not Malaysian !

Posted by kllady_fidah > 2014-10-31 12:26 |

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Posted by calvintaneng > 2014-10-31 21:26 | Report Abuse

Haha!

Tenlot has been finally banned by admin!

Kllady_fidah,

Don't be poisoned Nanti Si Mati. The kind act of warning fools from riding hot air balloon has been grossly misunderstood.

See the people in Patimas, SAAG & Transmile. Transmile was chased up to RM15.00 because of these hot air news of those days

1) Transport planes monopoly to China billion
2) Robert Kwok

Posted by calvintaneng > 2014-10-31 21:31 | Report Abuse

Another "hot air" was HWGB reopening tin mines. Media kept reporting

1) How Much "TIN" HWGB will be getting.
2) Media was paid to "highlight" the Increasing Price of Tin Almost Everyday!
3) All went GaGa & Chased HWGB from 20 cents to RM1.00

Then HWGB "Hot Air" Balloon Fizzles Out!

And HWGB CRASHED TO 17 Cents.

Collapsed 83%

All Suckers were conned.

Posted by calvintaneng > 2014-10-31 21:35 | Report Abuse

Another "HOT AIR BALLOON" was SERSOL

Sersol Skyrocketed from 15 cents to over RM1.00

Why?

The "hot air" EXPECTATION of GETTING RM100 BILLIONS CONTRACT FROM ALL GOVT DEPT FOR PAINT JOBS. IMAGINE THE PROFITS?

BILLIONS & BILLIONS OF PROJECTED PROFITS?

In This End Reality Sunk In

And SERSON "HOT AIR BALLOON" ALSO CRASH BACK TO EARTH!

Posted by MercuryRX > 2014-10-31 21:40 | Report Abuse

Good calvin.

How about bjcorp history??? Mind to share???

Posted by calvintaneng > 2014-10-31 21:43 | Report Abuse

Now The LATEST "HOT AIR" BALLOON IS IFCA

Projected Profits like Transmile (1 Billion customers from China)

Projected Profits like HWGB (Mining tin worth over RM24,000 a ton!) Must make Billion $)

Projected Profit like SERSOL (RM100 BILLION PAINT JOB CONTRACT FROM MALAYSIA GOVT)

So Is This IFCA (Projected Profits of Million & Million Due to GST)

LISTEN

Projected Profit is only so Much "HOT AIR"

Price of IFCA Has Run Ahead of 10 Years Earnings Already.

Current value of IFCA does not justify its Current Highly INFLATED PRICE.

Just Watch Calvin's Forecast

THIS IFCA WILL ALSO END JUST LIKE ANY OTHER "HOT AIR BALLOONS"

Mark My Words

BE WARNED

AND DO YOUR FRIENDS A FAVOUR

WARN THEM TO GET OUT & STAY AWAY FROM THIS "IFCA HOT AIR BALLOON"

IFCA

If

Fall

C (Die in hokkien)

Arggh!

Posted by hotair > 2014-11-01 09:42 | Report Abuse

why talk about other counters in this forum??? jealousy?

Posted by hotair > 2014-11-01 09:45 | Report Abuse

all those rhetorics just show what kind of behaviour this man, kelvin has!!! shameful!!! luckily only few sing show this negative behaviour!!

Posted by tenlot2 > 2014-11-01 18:40 | Report Abuse

Calvin....i am here....
Calvin.... IFCAMS already so high, of course will drop la....

You just fried the 'nasi sejuk'

Posted by tenlot2 > 2014-11-01 18:41 | Report Abuse

shameful

Posted by tenlot2 > 2014-11-01 18:42 | Report Abuse

I am still in this counter, you suppose not to appear.
keep your promise

Posted by hotair > 2014-11-01 19:17 | Report Abuse

yes, that sing con says he will not post here anymore!!! a great liar, not to be trusted!!! blowing hot air all the time!!!

Posted by tenlot2 > 2014-11-01 20:55 |

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Posted by manggalee > 2014-11-01 23:24 | Report Abuse

KUALA LUMPUR (Oct 31): Malaysia Pacific Corporation Bhd (MP Corp) has proposed to sell 163 sub-divided lots in Johor to Temokin Development Sdn Bhd for RM9.35 million cash or RM35.8 per square foot.

In a statement with Bursa Malaysia today, MP Corp announced that its wholly-owned subsidiary Lakehill Resort Development Sdn Bhd, had entered into a sale and purchase agreement (SPA) on Oct 30 with unlisted property player Temokin on the proposed disposal.

With a net book value of RM6.02 million, the 163 sub-divided residential lots with area measuring approximately 260,938.46 square feet is located on a 17.5 acres freehold agriculture land, it said.

MP Corp said that the gross proceeds arising from the proposal disposal are expected to be utilised for working capital.

Apart from that, MP Corp said that the rationale of the proposed disposal was to realise gain from appreciation in the land value.

It said that the estimated timeframe for the completion would be 90 days from the date of the SPA.

“The proposed disposal is expected to contribute to the earnings of MP Corp for the financial year ending June 30, 2015,” said MP Corp.

Its share price gained 2.5% to close at 41 sen today, giving it a market capitalisation of RM116.5 million.

Posted by pelican > 2014-11-02 16:39 | Report Abuse

http://biz.sinchew.com.my/node/104630

Posted by pelican > 2014-11-02 16:39 | Report Abuse

（吉隆坡1日訊）馬帕斯（MPCORP,6548,主板產業組）建議以935萬零676令吉脫售柔佛新山的26萬平方呎空地。
該公司在文告中說，已與買方Temokin發展簽署買賣協議，所得資金將充作營運資本。
（星洲網）

Posted by tenlot2 > 2014-11-02 21:05 | Report Abuse

trying to avoid from slipping into PN17...
another struggling

Posted by tenlot2 > 2014-11-02 21:06 | Report Abuse

last time said it would not sell land to others.
saying that this will spoil its integrated concept of APTEC...
But, in the end.........
dissapointed.

Posted by Nancy Tang > 2014-11-02 21:12 | Report Abuse

Portential pn17 counter ... stay clear !!!