Corporate Fraud Audit Case Study
Did Chong Ket Pen & Protasco Committed Fraud involving USD Did Chong Ket Pen & Protasco Committed Fraud involving USD 55mil (RM200mil) breach of contract?
| Episode1 https://youtu.be/rzTkYfM8Hvw
| Episode2 https://youtu.be/IiMTkBD7wYM
How a demoted staff of Protasco Bhd holding 13.14% Protasco shares setup a scam plan and put blame on Protasco substantial share owners to steal Protasco board control, only to found out that the true intention is for money and power.
How Bursa Malaysia Protasco Annual Reports evidence shown that Chong Ket Pen committed self-gratification and gave himself a pay raise of RM4 million per year, as well as RM40 million cash taken through financial engineered dividend and perks during year 2013-2018, and how these ill-gotten money turns into Protasco shares and gave Chong Ket Pen 25.5% shares as of to date, worth over RM100 million. Where a civil servant turn “PLC owner” Chong Ket Pen’s money comes from?
How Protasco cash position went missing under Chong Ket Pen stolen control and forged ownership at the expense of Protasco real beneficial owners, PT ASU, and Protasco itself, and Protasco public shareholders. The academic Fraud Study came with 2 parts. Episode 1 & Episode 2.
Besides the suspected fraud, scam and cheating by Chong Ket Pen and his allies resulted in looting of Protasco Bhd until present day, there is another probe that might take place involving National interest issue.
Protasco Bhd semi-monopoly road maintenance contracts with unusual tie with politician and officers linked to Ministry of Works (Malaysia), as well as dubious arrangement with JKR and political driven contractors dealing with Protasco, all of whom gang up to rake a lion shares in the RM 5,860,502,900 (2017) ministry budget.
Chong Ket Pen and his 7-crew syndicates are suspected involved in the fraud and public interest looting, which includes Tan Sri Hadenan Abdul Jalil, Ho Chun Fuat, Kenny Chong Ther Nen, Tan Yee Boon, a mystery Ex Malaysia-Banker, Lim Yew Ting, and 1 more mystery Protasco officer turn witness. How the syndicates misled, used, and fooled authorities including PDRM (Police), SPRM (MACC), Bursa Malaysia, and Securities Commissions, IRB, Banks including UOB, OCBC, CIMB, RHB, and AmBank.
The syndicates are believed to form part of the potential public interest contract raking probe involving (former) government officers under Dato Seri Najib Tun Razak Barisan Nasional regime. Protasco is suspected as one of the top candidate made it to the (former) government corruption probe “want-list”, which is described as “Kleptocracy at its worst” as per US Attorney General Jeff Sessions recently characterized dealings at Malaysia government linked companies.
This would be yet another story and case study.
With the help of Pakatan Harapan investigation troopers, looking forward for Episode 3.
Disclaimer & Credits:
Without prejudice. The blog and report is part of academic study initiated for “fact finding” in the subject matter of “cronyism & corruption”, which believed toppled Malaysia’s Najib Razak lead Barisan Nasional through gathering & analysis of official publicly available information to derive the truth of an event, including sources from Bursa Malaysia and relevant government agencies, including the authorities. The audit and suspected “fraud, scam, cheating” criminal studies are merely for academic discussions only. Any similarity in the character, names, sequence of event, facts and evidence obtained from public sources to look and sound like the subject matter could be co-incident or there is truth in it as per information obtained publicly, is purely readers own judgement and perception. Thanks to insiders from Protasco Bhd, Ikram, Roadcare, JKR, Ministry of Works, SPRM (MACC) and relevant authorities in the capital market.
Corporate Fraud - a Protasco Audit 