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The Fraudulence Story of Chong Ket Pen and Protasco Berhad

 

This man’s name came up from out of nowhere when I surfed the internet the other night.

Who is he?

 

Chong Ket Pen or Dato’ Sri Chong Ket Pen was the Executive Director at Protasco Berhad (Protasco), owning 15.5% shares of the company. In order to maintain his position as the Group Marketing Director at Protasco, he approached Global Capital Limited Indonesia (GCL) in a deal to get Tey Por Yee as an investor while in return nominating him as the Board member in Protasco.

Chong Ket Pen also assured GCL that Board of Protasco will agree 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.

PT ASU was The O&G new business auxiliary that Chong Ket Pen implied. He consented to get a noteworthy offer of PT ASU and naming PT ASU as the organization to anchor the O&G contract. Around then, PT ASU was granted a permit by Pertamina for land in Aceh to be created for oil generation for a two-year time frame.

GCL and Chong Ket Pent – in his very own ability, came into the marking of the Investment Guarantee Agreement on November third, 2012. At that point on 26 November 2012, Tey Por Yee turned into the biggest investors of Protasco with 27.11% offers, a candidate under the individual limit of Chong Ket Pen.

 

What’s occurred then?

On December 28th, 2012, Chong Ket Pen arranged for Protasco and PT ASU to enter into a Sales and Purchase Agreement (SPA), which was governed by an arbitration clause and stated: Protasco to acquire 76% of equity interest in PT Anglo Slavic Indonesia (PT ASI) for USD 55 million (Rp800 billion), from its parent company PT ASU. Chong Ket Pen has to complete the deal in six months, but he delayed the deal from six from months to 18 months, inducing PT ASU to accept a revised deal of merely a USD 22 million deal or 63% equity.

Kenny Chong Ther Nen, the child of Chong Ket Pen who was endowed by his dad to execute the coordination of the arrangement, intrigued with PT ASU Former Director Tjoe Yudhis Gathrie to manufacture false records, to make it look as though PT ASU has neglected to go along to the terms of the SPA. Besides, Chong Ket Pen together with Tjoe Yudhis Gathrie likewise manufactured deceiving charges against PT ASU to put the fault on PT ASU’s supposed disappointment, and in this way, the SPA was ended.

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.

 

 

What’s the Case?

The Indonesia-based organization is asserting USD 88 million from Chong Ket Pen over his demonstration of agreement rupture, including loss of speculation and future benefits for the stake in Protasco Bhd; loss of edge to back the procurement of offers up to USD 18 million; risk of USD 55 million to PT ASU – as underwriter for Chong Ket Pen as per the Investment Guarantee Agreement; and USD 15.5 million as installment for the benefit ensure under the Investment Guarantee Agreement.

Following this revelation, Chong Ket Pen moved by putting the fault on Global Capital Ltd’s financial specialists, Tey Por Yee, and Ooi Kok Aun, putting them under the spotlight in 2014 on claims of criminal break of trust due to the non-divulgence of enthusiasm for exchange including USD 20.3 million. They, be that as it may, were conceded a release not adding up to a vindication by the sessions.

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.

In October 2018, GCL recorded a claim against Chong Ket Pen to AG Chambers for Rp1.28 trillion, in rupture of agreement to the Personal Guarantee Agreement, which Chong Ket Pen has marked with GCL on 3 November 2012. PT ASU has recorded an answer to the Indonesian police on falseness submitted by Chong Ket Pen and Tjoe Yudhis Gathrie, against PT Anglo Slavic Utama (PT ASU).

Therefore, it was found that Chong Ket Pen had made the proposition for the exchange of Protasco Bhd’s offers without unveiling to the Board that he has individual enthusiasm for getting power over the organization, through the Investment Guarantee Agreement.

 

I think Chong Ket Pen may confront a claim in Malaysia as Bursa Malaysia open data additionally uncovered that Chong Ket Pen has been drawing unlikely compensations from Protasco Bhd at the pinnacle of USD 576,000 out of 2017 and USD 1 million of every 2016 individually after he picked up power over the organization. This recommended Chong Ket Pen went into business exchanges and choices on task, compensation, installments of profits and pay rates for his very own advantage to the detriment and the best advantages of the organization.

Besides, it was additionally revealed that Protasco Bhd had as of late lost an enormous contract, as its auxiliary HCM Engineering Sdn Bhd got a letter of the end from Turnpike Synergy Sdn Bhd (TSSB) due to delays in the task, proposing a USD 622,000 profit effect. Following this, CIMB IB Research has along these lines looked after its “Decrease” rating on Protasco Bhd at MYR 20 pennies with a lower target cost of MYR17 pennies (from MYR 30 pennies). Feeble occupation execution and poor contract permeability was probably going to burden its offers cost.

 

 

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