Jumat, 21 Desember 2018

Serial Traitor Suspect - Chong Ket Pen of Protasco Bhd

Every human being will never escape problems, whether it's a small or large problem, whether it's in the household or work. There must be problems that plague humans, why? because humans are not perfect figures created by God.

Recently there was a big problem that hit Indonesia, that is Oil and Gas industry of neighboring countries Indonesia and Malaysia is currently being a highlight, as major shareholder of Protasco Berhad, Global Capital Limited filed a civil suit againstthe company’s Group Executive Vice-Chairman and Managing Director, Dato’ Sri Chong Ket Pen for alleged abuse of power.

The beginning of the problem is an agreement Chong Ket Pen also assured GCL that he will propose to the Board of Protasco to undertake a new business subsidiary in the Oil and Gas (O&G) sector. In response to it, Tey Por Yee proposed a deal to Protasco and that is how he searched and found PT Anglo Slavic Utama (PT ASU) with the contract. The O&G new business subsidiary that Chong Ket Pen meant was PT ASU, whic Chong Ket Pen has agreed to acquire a major share of PT ASU and appointing PT ASU as the company to secure the O&G contract. PT ASU was awarded license by Pertamina for a land in Aceh to be developed for oil production for a two-year period.

Chong Ket Pen’s son, Kenny Chong Ther Nen who was entrusted by his father to execute the logistics of the deal, colluded with PT ASU Former Director Tjoe Yudhis Gathrie to forge false documents, to make it look as if PT ASU has failed to comply to the terms of the SPA. Furthermore, Chong Ket Pen together with Tjoe Yudhis Gathrie also fabricated misleading allegations against PT ASU to put blame on PT ASU’s alleged failure, and therefore the SPA was terminated. The SPA termination has caused PT ASU to have insufficient capital to proceed with the oil production in Aceh and experiencing major opportunity losses. Apart from that, Pertamina has also ended the award of PT ASU over the land in Aceh as it has passed the 2-year award period.

Bursa Malaysia public information also revealed that Chong Ket Pen has been drawing unrealistic remunerations from Protasco Bhd at the peak of USD 576,000 in 2017 and USD 1 million in 2016 respectively, after he gained control over the company. This suggested that Chong Ket Pen entered into business transactions and decisions on operation, remuneration, payments of dividends and salaries for his own benefit at the expense and the best interests of the company.

Global Capital Ltd came into the thought that Chong Ket Pen has failed to ensure that Protasco Bhd was profitable, with a profit before tax of USD 7.1 million and USD 8.3 million in the third and fourth year under the Investment Guarantee Agreement. Aside from that, a total of USD 26.2 million profit was also guaranteed over the four years.

Furthermore, it was also reported that Protasco Bhd had recently lost a huge contract, as its subsidiary HCM Engineering Sdn Bhd received a letter of termination from Turnpike Synergy Sdn Bhd (TSSB) due to delays in the project, suggesting a USD 622,000 earnings impact. Following this, CIMB IB Research has therefore maintained its “Reduce” rating on Protasco Bhd at MYR 20 cents with a lower target price of MYR17 cents (from MYR 30 cents). Weak job execution and poor contract visibility is likely to weigh on its shares price.

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