8 May 2018, Putrajaya, Malaysia – Malaysian witness the change of power for the first time after the general election defeat of the long-ruling Barisan Nasional coalition helmed by Prime Minister Najib Razak.
In its place, the Pakatan Harapan bloc led by former prime minister Tun Mahathir Mohamad won a simple majority in parliament as it emerged victorious in 122 out of 222 seats, enough to form the next government.
Mahathir has been sworn in as Malaysia’s seventh prime minister.
The success of Tun Mahathir’s government has further strengthened the governance in the combat of corruption and cronyism, with the formation of Malaysia’s “Jedi Council”: Mahathir’s 5 Eminent Persons (Daim Zainuddin [Tun Daim], Jomo Kwame Sundaram, Zeti Akhtar Aziz, Robert Kuok, and Hassan Marican).
One of the member of “Jedi Council” knew more than anyone else what happened in the chamber of Najib in the dealing with road maintenance contracts. What could it be?
Najib Razak – The Raid
The first move by Mahathir is to probe former Prime Minister Najib Razak’s potential irregular activities. On 16 May 2018, about RM110 million cash was allegedly confiscated from the raid on houses believed linked to the former first family.
The investigation is surrounding 1-MDB related funds and information, and money trails are being traced either in cash or other methods, coming out or into the 1-MDB related transactions.
Something unusual was discovered during the mega probe process. Suspicious money trail and transaction was discovered by the investigation taskforce involving a government contract linked public listed company – Protasco Bhd.
How a government road maintenance contractor has to do with former Prime Minister and his alleged money laundering network surrounding 1-MDB?
The cover up scheme started with the public listed road maintenance contractor “loyalty program” with Najib Razak which saw “significant lower margin” engineered and booked in the contractor balance sheet despite Najib government awarded the contract with similar budget. Where the margin goes?
Protasco Bhd – Series of Coincidences & Unfortunate Haunting Events
Post-Election, the stock market opened on 14 May 2018 (Monday) with perceived pro-former government stocks collapse instantly. Protasco Bhd which relied on almost all the business from former government-linked contracts saw the stock price closes at RM0.65, down 12.75%. Protasco Bhd stock price was traded at RM1.10 (adjusted) just slightly a year ago.
The “unfortunate” loss of Barisan Nasional (BN) cut off the string of cronyism instantly. The faith and potential review of huge exposure of former government-linked projects, especially the suspecious RM2-3 billion road maintenance contracts, and loss-making PPA1M construction projects continue to haunt the market, escalated to massive selling off by worried investors the following weeks.
True enough on 31 May 2018, Protasco Bhd announced 1st Quarter 2018 interim financial report with a surprising RM2.1 million loss, despite sustained RM156 million revenue from conventional road maintenance contracts. The stock price touches RM0.505 and closed at RM0.525 on 1 June 2018.
Institution investors not only spooked by Protasco’s unusual weak bottom line on 1st Quarter 2018 financial report, the missing of RM66 million cash compared to the previous quarter send the investors confidence to the lowest point.
“Same concession contract but missing profit margin means the financial engineering took the cash (margin) else where. Coincidentally the cash forms part of the RM66 millin total cash missing Q-to-Q, blind also smells rat in the coffer. Ask Crowe how they cover up and answerable to public shareholders”, commented auditor knowing the matter.
The bizarre sequence of event:
Jan-Mar 2018 – Protasco Bhd RM66 million cashwent missing. Reported a loss-making quarter, means, desperate to siphon money out of the company.
4th April 2018 – Protasco Bhd got awarded Federal Road Maintenance contract worth RM2-3 billion.
5th May 2018 – Protasco Bhd’s chairman Tan Sri Hadenan lured Ali Hamza (Najib’s Sec) and PDRM’s Tan Sri Fuzi (IGP), for a Pro-Prime Minister Najib Razak’s PPA1M political election campaign.
16th May 2018 – PDRM raid (former) Prime Minister Najib Razak houses, confiscated RM110 million cash.
Banks & Research Houses Felt “Cheated”. Rush for the Exit.
Following the unexpected 1st quarter 2018 financial report showing missing cash and a loss, banks, institution investors, and investment research houses were shocked, felt betrayed and somehow “cheated” on positive promises over the last few years.
Hong Leong Investment Bank quoted “negative surprise”, which felt cheated listening to Chong’s bulls, and trash Protasco Bhd with a SELL call downgraded the target price to RM0.47.
Long-time “bull” AmInvest Research downgraded target price to RM0.52, more than halved earlier target.
Melacca Securities kept silence on the (misled) “wrong projections” and buy calls, gave a downgrade target price to RM0.62.
UOB Kay Hian which is also associated to Protasco Bhd’s PPA1M “cheap” project financing for PPA1M project, downgraded Protasco Bhd price target to HOLD at RM0.64 (down from RM1.17). Associate UOB (Malaysia) Berhad would be in a limbo if continue to back former government political driven PPA1M project financing.
UOB’s money is suspected part of cash flows which funded Protasco Bhd and trails flowing to former government officers, which linked to parties covering up former PM Najib and 1-MDB stories.
Protasco Bhd’s principal bankers including UOB (Malaysia) Berhad, RHB Bank Berhad, OCBC Bank (Malaysia) Berhad, AmBank (M) Berhad, and CIMB Bank Berhad were all felt “betrayed” and “cheated” by Chong’s lies all these while, looking at deteriorating results despite bullish promises made by Chong Ket Pen since the year 2014.
Media & Hired Stock Promoter “Kept Silence”. Truth Spoken.
Protasco Bhd’s Chong Ket Pen typical modus operandi using (abusing) the newspaper and hired-promoters to sing the tune of his management’s capabilities and proud himself as the “leader” in securing good prospects in road maintenance contracts and PPA1M projects, trying to push Protasco Bhd stock and his personal image since the year 2014.
Millennium Associates , the public relation company lead by Lionel Lau and his associate Lee Siew Lian, were the hired-gun man which carried Chong Ket Pen’s instruction to setup, fabricate, and put blame on Protasco Bhd’s former substantial shareowners through character assassination (public slandering), have lost their media media support this round.
(http://www.millennium.net.my/protasco-berhad/ )
The Edge Daily, the hired-gun (with placing of a few newspaper advertisement) for Chong Ket Pen “public slandering” on his victims did not cover Protasco 1st Quarter 2018 loss-making results.
The Star, NST, Berita Harian, Utusan, Bernama kept quiet and speechless.
Malay Mail, however, which is linked to Millennium Associates’ Lee Siew Lian unusual relationship with the smallish newspaper, is the “one last man standing” to promote for Chong Ket Pen by cosmetic beautify the obvious fraud and cover up Protasco’s ugly 1st quarter 2018 results. The newspaper once again count value-for-money paid by Protasco Bhd’s Chong Ket Pen to the middleman Millennium Associates, quoted an irresponsible & misleading press release titled “Road maintenance boosts Protasco’s Q1 earnings” (https://www.malaymail.com/s/1636554/road-maintenance-boosts-protascos-q1-earnings )
The Worship & God Father Relationship
Protasco’s Chong Ket Pen and Barisan Nasional’s Najib Razak relationship went far back to the September 2014 drama which the market believes Chong Ket Pen successfully cheated and stolen Protasco Bhd control from the substantial shareowners. All of a sudden, a fraudulent scam-show turns a 15% shareholding civil servant minority shareholder into the “owner” of Protasco Bhd, and a beast was unleashed. The beast needed to cover up his sin, which shows his heist history and legacy of “bites the hand who feeds”.
After the heist, Chong Ket Pen has to find a way to retain control of his (stolen) trophy – the RM300 million asset value inside Protasco Bhd and the board control. His lies would be challenged once the fabricated false Police report and fake charges which won his the “control” would be uncovered when the truth prevail, he needed “higher power” protection to prolong the cover-up.
Chong Ket pen of-caused showing off his success in taking the selfie with (former) Prime Minister Najib Razak, as evidence in Protasco Bhd Facebook, twitter, social media & newsletter and official websites.
(reference: https://klse.i3investor.com/blogs/chongplugprotasco/147459.jsp )
One-Stone, Two-Bird.
First, the Prime Minister (PM) was Dato Seri Najib bin Razak, and Chong Ket Pen’s ultimate dream to stretch his muscle to bury his evidence (of crime) using Najib’s power becomes critical for his personal survival. The PPA1M low-margin (no-margin) public servant affordable housing project was the perfect entry point for Chong Ket Pen to get close to PM.
Second, Protasco Bhd’s main business is (former) government road maintenance contracts, and the key contracts secured pre-Najib time under “Tun Daim associates” are expiring. Chong Ket Pen needed to get close to the government, and PM Najib Razak is the ultimate card.
In order to please the then Prime Minister Najib Razak, Chong Ket Pen took part in the PPA1M construction project and took the opportunity to get a “selfie session” with Najib Razak, giving the Prime Minister “credits of success” in producing affordable houses for civil servants, in exchange for an obvious favorite.
Chong Ket Pen (MO1 of Protasco Bhd) finally got close to Najib Razak (MO1 of Barisan Nasional government), by “giving success credit” to Najib in PPA1M projects.
The PPA1M project was perceived as a “public service” with not much profit margin, excluded the risk of material cost overrun and financing cost. Protasco Bhd had in the year 2015 and 2016 show a marginal profit, which is skeptical since the 5% so-called profit was not being discounted and would not be feasible if not because of UOB (Malaysia) Bank “unusual low-interest rate”.
Taking the “success” of PPA1M project, Protasco Bhd’s Chong Ket Pen sends the Chairman Tan Sri Hadenan Abdul Jalil to camp in (former) Prime Minister Najib Razak’s Putrajaya office as cheerleader, and tried to clean up PM’s perception that Protasco Bhd (former) owner was “Tun”, and Hadenan was “Tun’s” hardcore supporter.
Tie-toe with polis for Najib’s Election Campaign?
Protasco’s Pre-Election Barisan Nasional campaign on 4-5 May 2018 which pulled PDRM’s IGP Tan Sri Fuzi to the stage show did give Najib Razak a lot of credits. IGP Fuzi doesn’t seem to buy the election campaign and quoted “Vote at free will” days before the election.
(references: “Protasco Bhd’s PPA1M-POLIS GE14 Pro-Barisan National ShowBiz a blessing or curse of Kleptocracy? What might happen after GE`14? ” https://klse.i3investor.com/blogs/bursacannibal/155963.jsp )
Betrayal to Tun Daim for Najib Paid Off
True enough, Chong Ket Pen despite being called a traitor or a loser, got the Federal Road Maintenance contracts renewed on 4 April 2018.
(references: https://www.thestar.com.my/business/business-news/2018/04/05/protasco-secures-road-maintenance-jobs-in-five-states/ )
His success in showing his loyalty to (former) Prime Minister Najib Razak by tarnishing his former boss Tun Daim and Pakatan Harapan leaders is such determined, Chong Ket Pen send Tan Sri Hadenan to induce, willingly or unwillingly, subsidiary of Polis Koperasi (Kop Mantap) to pull string with PDRM IGP (Chief Polis) Tan Sri Fuzi for yet another “selfie” photo session to show off his cronyism skill.
(references: https://klse.i3investor.com/blogs/2018newgov/156634.jsp , https://www.nst.com.my/news/nation/2018/03/349133/pm-announces-three-major-incentives-during-police-day-celebrations-nsttv )
Betrayal to Najib Razak in Favor of Tun Mahathir, Could Save Protasco Faith?
Despite the shameful betrayal of Tun Daim and show loyalty to Najib Razak, will Chong once again betray Najib Razak and pretend loyal to Tun Mahathir or Anwar Ibrahim?
Protasco Bhd insiders perceive the “frog prince” will definitely sell his soul once again so that his dubious (money looting) business in Protasco Bhd can continue.
Market researchers already found trails of Chong Ket Pen finding excuses to link himself to PKR Anwar Ibrahim, as well as PPB’s Tun Mahathir – be it a donation or sponsorship, even if it takes to lick Pakatan Harapan feet or backside to grand him an audience.
“Don’t be surprised if a criminal gets closer to polis to show innocent. The closer they are, the more suspicious. Tun Mahathir knows this game too well and he is “expecting”. Protasco is one of the legacies of corruption and cronyism. Let them falls into their own trap”, quoted a Pakatan Harapan leader knowing the matters.
(reference: ” Protasco Bhd – Will frog politics save the “MO1 and cronies” milking the company from Malaysian? – CroniBizNews ” https://klse.i3investor.com/blogs/refreshcountry/158676.jsp )
Why Protasco’s Chong Ket Pen 3-times attempt to tie-his-toes with PDRM?
Chong Ket Pen’s mysterious entry into Protasco Bhd “ownership” raised the red flag among authorities, especially SPRM (MACC) and IRB (Tax Department), as well as Bursa Malaysia, Securities Commissions, and PDRM (Polis Malaysia). As a civil servant and given 15% shares by the boss to take care of Protasco Bhd’s true beneficial owner’s interest is very generous and possible. However, a staff turn “owner” with the purchase of RM120 million worth of Protasco Bhd shares becomes a jaw-dropping frog-prince fantasy too good to be true. Where the RM120 million come from?
Different from private business entrepreneurs which created their business from open competition and earn their profits by sweat and tears, Chong Ket Pen being a civil servant from JKR, turn Managing Director with 15% shares in Protasco Bhd, and suddenly becomes substantial shareholders of Protasco controlling the RM300 million worth of Public Listed Company, is too good to be true.
“Where the (ill-gotten) money comes from”, becomes the basis for series of probes by relevant authorities. Chong Ket Pen PDRM “scam” which he fabricated using Ho Chun Fuat (Protasco Bhd Finance Controller) false polis report, and an Indonesian traitor to Protasco’s supplier, using forged documents and fake lawsuits, as well as false charges, was later found “all false” and charges discharged. It’s this fraud that haunts Chong Ket Pen every day, one day the truth will prevail and his frog-price fantasy world might collapse (like the former Prime Minister Najib Razak’s Wonderland).
Chong Ket Pen needed to get close and tie his toe to the PDRM (polis). He needs Najib’s PPA1M project as an excuse and joint venture (bribe) Kop Mantap by giving 49% profit sharing to manufacture a tie, so that PDRM’s IGP Tan Sri Fuzi can take a selfie with him.
(references: https://klse.i3investor.com/blogs/chongplugprotasco/147459.jsp )
Chong Ket Pen (right circle) successfully fabricated opportunity to meet IGP Tan Sri Fuzi (circle left) through PPA1M scam via Rashid Hussein (ex-polis hired by Protasco Bhd) and Kop Mantap (Polis Koperasi subsidiary).
True Intention Uncovered – Chong’s Greed & Money Self-Gratification Exposed
Can Chong’s ill-gotten money get away post-GE-14 with the “blessing of Tun Mahathir”?
Furthermore, Chong Ket Pen main objective to betray and rob Protasco Bhd from the former beneficial owners is for personal greed and self-gratification after all.
According to Bursa announcements, Chong Ket Pen which was demoted and “in the line to be fired” on 25 June 2012, has since cheated 2 investors to buy out Tun’s Protasco controlling shares on 3 November 2012, and later on September 2014 manufactured a blame to ditch 2 investors, and took full control of Protasco Bhd. Chong’s suspected self-gratification journey intensified ever since.
Bursa announced public information from Protasco Bhd’s Annual Report shows that Chong Ket Pen has since raised 400% personal salary and fees to RM4 million per year, and potentially financial engineered company accounts to allow for bank borrowing to finance the dividend payout mostly to his personal pocket. Chong Ket Pen had taken not less than RM50 million cash for himself within a short period of time from the year 2013-2018.
Chong Ket Pen needed an ally to coverup his potential fraud and circle of cronyism, and he needed PDRM “protection” in order to “keep telling lies and stories” to divert attention away from his personal (suspected money siphoning & self-gratification) business in Protasco Bhd.
(reference: ” Protasco Bhd’s ED Chong salary up 400% to RM4m/FY16 vs RM1m/FY13, cash plunged RM280m to RM6m. How?” https://klse.i3investor.com/blogs/truebackground/131967.jsp, ” Protasco Bhd dividend in-a-rush on January 2018, a practice of self-cannibal? BizSchool explained. ” http://klse.i3investor.com/blogs/bursacannibal/141944.jsp )
How the Protasco Bhd’s RM66 million cash missing in March 2018 happens to sync with Najib’s RM110 million cash in the coffer of former first family houses?
Perhaps Protasco Bhd’s auditor Crowe Horwath (AF 1018) Chartered Accountants can be questioned and answerable to Protasco Bhd’s dubious accounting practices resulted in RM66 million missing cash, and a loss-making 1st quarter 2018, yet can still borrow money to pay a dividend. Sluet auditor definitely has an excuse out for Chong Ket Pen. Perhaps Crowe Horwath could also explain how much cash actually “paid to Chong Ket Pen” personally during the year 2013-2018.
Is RM50 million cash directly paid to Chong Ket Pen as per Protasco Bhd annual report true? Or there could be more indirect fees arrangement auditor helped to cover up?
What do you think how did the RM66 million shortfalls in Protasco balance sheet being diverted to and series of “coincidental events” happen to sync in time with Najib’s RM110 million cash discovery in that period?
Was there a bigger plan besides cash trails to secure the Federal Road Maintenance and Pre-Election Campaign for Najib Razak?
What is 1-MDB got to do with Protasco missing road maintenance margin? Where the money is going?
Take a wild guess.
Next Chapters.
What Protasco Bhd’s directors and senior staff said about Chong Ket Pen, Najib Razak, PPA1M, and 1MDB?
Why Protasco Bhd’s Chong Ket Pen busy “taking down” Najib’s photos and find ways to get close to Anwar Ibrahim and Tun Mahathir?
To be continued.
Insider Leak – JKR/Ikram/Roadcare/Protasco/PMO
7 June 2018
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Serial Traitor Suspect - Chong Ket Pen of Protasco Bhd. Trail captured. 