Is there a cover-up in the biggest drug bust in Malaysian history?

In September 2019, police made the biggest drug bust in Penang in which 12 tonnes of cocaine worth RM2.4 billion seized. This is larger than the Shah Alam drug bust worth half a billion in August the same year.

Then IGP, Tan Sri Hamid Bador proudly announced police succeeded to foil a South American cartel to smuggle the drugs via Malaysia. Straits Times reported drugs was found in three containers filled with 60 sacks of coal at Butterworth port on September 10.

It was reported by another news source that the transportion was sophisticated and mixed with charcoal to mask from the drug sniffing dogs. Ops Eagle required an advance method for detection.

Was there interference from above? 

Selamat Hari Raya, Victor Chin

Ruichi Sakamoto's composition for the 1983 movie, Merry Christmas Mr Lawrence became a Christmas music in the US, Britain and Japan. 

The movie title is pun using the coming Hari Raya celebration to dedicate to the man in pursuit, Victor Chin. 

Set during World War II, the movie depicted a British colonel who "tries to bridge the cultural divides between a British P.O.W. and the Japanese camp commander in order to avoid blood-shed." 

The current Malaysian setting is the head of Corporate Mafia attempting to avoid financial blood-shed. 

He is already facing dissension within his fold, Banks pulling back credit lines, and dam bursting that could lead him and his syndicate of criminal involving network into law enforcement rounded up and charged for crimes. 

To QE or not QE? That is the SVB crisis question!

Andrew Sheng and Tan Yi Kai/The Edge Malaysia

March 21, 2023 13:45 pm +08

The sudden collapse of Silicon Valley Bank (SVB) has sent shock waves and ripples from the US outwards. Two other American banks have also closed, one voluntarily (Silvergate Bank) and the other (Signature Bank) was taken over by the Federal Deposit Insurance Corporation (FDIC), causing even Japanese bank shares to tumble for a few days. 

Credit Suisse is now embroiled in the contagion. Even as the US Treasury, Federal Reserve and FDIC raced over the weekend to stop contagion by guaranteeing all deposits exceeding the US$250,000 (RM1.1 million) deposit guarantee limit, serious questions were being asked. 

Where did SVB slip up? Was this a regulatory failure? Is this systemic with worldwide implications? 

Kedah MB-condoned illegal pursuit for RM43 trillion REE?

A general view of an alleged illegal rare earth mining process lab in Bukit Enggang, Sik. - NSTP file pic

NST Leader: Malaysia, a can-do-anything country?

March 23, 2023 @ 12:01am

If Malaysia doesn't get serious, it may turn into a can-do-anything country. Not just for Malaysians, but for foreigners, too. Yes, the Wild Wild East.

Take rare earth mining in Bukit Enggang, Sik, Kedah. Here is how to go "wild wild" there. Just fly in as a tourist from China, take a few excavators to Bukit Enggang and mine the rare earth elements (REE) away. And if it is a forest reserve, all the better for you get logs as a bonus.

When asked about approval, just say the government has given the go-ahead. No one will know given the secrecy shrouding the project. 

That's exactly what a Chinese national did until he was arrested on Sept 26 with a lorry-load of REE. He paid a compound of RM630,000 and walked away a free man when he should have been jailed and banned from entering Malaysia again.

Bursa should take control of Revenue account

Without anyone to carry the can, Bursa Malaysia should seize control of Revenue Group Berhad. 

Subsequently, Bursa should appoint an auditor to manage the company's accounts to safeguard the company and shareholders from criminal vultures.

Failing which, the almost RM70 million cash in the company could be squandered by the group dubbed by The Corporate Secret as Corporate Mafia.    

On Monday, the estranged founders of Revenue submitted their resignation. Extract of The Edge report below:

Two and a half months after their executive functions were suspended, Revenue Group Bhd executive directors Brian Ng Shih Chiow and Dino Ng Shih Fang have resigned from the board of the e-payments service provider. Brian and Dino’s departure from the board effective Monday (March 20) was “due to [them] not [wanting] to be on the same board of directors with the current directors”. While the brothers have vacated their executive director post, Dino remains as the group’s largest shareholder with 85.38 million shares or a 17.71% stake.

FMT headlined the resignation as a surprise, but since the former MD cum Chairman, Eddie Ng resigned and off-loaded all his shares (and at the same time, committed insider trading), it is not so. 

The Ng brothers pre-empted from being the "last man standing" in the Board of Directors and end up holding the baby left by the Corporate Mafia. 

According to blog nuclearbursaman, more than RM20 million cash faded from the  company books and more at risk under the cloak of receivables and bank borrowings.

Enbloc resignation at Revenue to protest Corporate Mafia fix up

On Tuesday, the Founders of Revenue Group Berhad were charged by MACC over a superflous offense for changing the resignation on a car won from a lucky draw car from CIMB. 

For the relatively petty and technical-in-nature offense, the MACC Investigating Officer froze the personal Bank accounts and shares belonging to Brian and Dino Ng.  

However, the staff and management seemed unconvinced by the charges. In protest to the seemingly obvious fix up job by the Corporate Mafia group exposed by The Corporate Secret , the key staff running the payment gateway system at Revenue have apparently resigned enbloc. 

Among them are three Senior Managers, Subsidiary Managing Director, and technical Team Leaders.

Despite having an armed guard to protect the server, the payment gateway system is deemed not secured and safe for use as payment without the technical personnel. 

The new management attempted to entice the staff to stay with offer to raise pay by as much as three times but to no avail.

Without the presence of the Founders in the company, the Banks, Credit Card Companies and Bank Negara Malaysia will lose confidence on the system and likely to pullout. 

Without the technical personnel to running the system, the asset will be deemed useless to the company. 

Sources claimed the MACC officers and DPP privately claimed they were under instruction from MACC Chief Commissioner, Tan Sri Azam Baki to charge. 

However, it does not make sense for the top boss to indulge in petty offense in the midst of the Jana Wibawa debacle. More so it is demeaning for a corruption enforcement agency to be pursuing non-corruption case such as alleged car theft. 

There has to be a powerful hand calling the shots for officials to be blatantly daring to act for the interest of an allegedly underworld-linked group.    

Edge reported on Tuesday:

Revenue Group co-founders charged with disposing of a company vehicle illegally

Timothy Achariam/theedgemarkets.com

March 14, 2023 12:48 pm +08

KUALA LUMPUR (March 14): Revenue Group Bhd co-founders Brian Ng Shih Chiow and Dino Ng Shih Fang were charged in the Sessions Court here on Tuesday (March 14) with fraudulently causing a bank employer to dispose of a vehicle belonging to the company without a resolution from its board of directors.

Brian Ng

The brothers had claimed trial by pleading not guilty to the charge before judge Rozina Ayob.

In the charge which was read out to them in court, the brothers had, in order to achieve common intention, allegedly misled and fraudulently caused an officer of CIMB Bank Bhd to dispose of company property, which was a Toyota Vellfire, on Oct 3, 2018.

The charge further stated that the brothers had allegedly registered the car under Dino’s name without the resolution of the board.;

The charge was framed under Section 403 of the Penal Code and is punishable under the same Act.

Dino Ng

If found guilty, the duo could face imprisonment of between six months and five years, with whipping, and are also liable to a fine.

Deputy public prosecutor Raya Low Chin How prosecuted, while the duo were represented by former Malaysian Anti-Corruption Commission (MACC) chief commissioners Tan Sri Dzulkifli Ahmad and Amer Hamzah Arshad.

The DPP asked for a bail amount of RM20,000 per accused in one surety and for their passports to be surrendered by the court.

However, Hamzah objected to the amount and asked that they be released on a personal bond.

“This is because this isn’t an offence; what is actually happening is an ongoing corporate dispute between members of the board which are split in two separate camps,” he said.

He also alluded to this group called the “corporate mafia” which is allegedly planning a hostile takeover of the company, which is the reason the brothers were charged.

“Even the media carried out news report known as ‘corporate mafia’ to do a hostile takeover; now they’re (the brothers are) under attack,” Hamzah said.

Hamzah alleged that the “corporate mafia” had made the report against the brothers at the MACC.

However, the judge said that these are mere allegations, as there were no affidavits or police reports about it.

The court then set a bail amount of RM10,000 each in one surety.

She then set a case mention on April 14.

The fact that the bail amount is set at a mere RM10,000 and passport not withdrawn for a prisonable offense indicate the judge is not convince on the gravity of the case. A source claim the freezing of the Bank account and shares have yet to receive endorsement by the court. 

In addition, the conduct of the investigation is marred with inappropriate practices that will likely be responded by police reports and civil lawsuits against various parties. 

In a lucky draw, the Revenue Group won a lucky draw conducted by CIMB. In view of the tax implication on the company, the two Ng brothers and then Managing Director Eddie Ng agreed and requested on CIMB to transfer the ownership to Dino Ng. The car had always been used for company purpose. 

Victor Chin is known in the underworld for his car business thus the familiarity with car registeration process to pick up on such misdeamenour offenses is only expected. He may have conveniently picked on this petty issue as facade to justifiy the permanent remove of the Ng brothers.  

The Corporate Mafia expect the Ng brothers to fight back to buy control of Revenue. However, they went the other way to sell and they are stuck with diminishing value in the view of the latest quarterly losses and the bearish market. 

It explains for the poorly concocted and executed hostile takeover plan aided by some invisible hands dictating MACC.   

In the meanwhile, Eddie was caught doing short selling prior to announcing the bad result. He has since sold all his shares and resigned from the company. He joins his other three conspirers who has resigned earlier. 

Eddie can run but he cannot hide. Stock up on the popcorn. More episode coming up. One of the party will end in prison. With the IGP in pursuit of the Corporate Mafia, the better bet is not the Ng brothers. The walls will come down on Victor Chin and the corrupted MACC officers.  

Is the SC another Corporate Mafia group?

Ah! Plez Nuclearbursaman ... 

"ONE blog, which seems to be ahead of the rest, when it comes to the real underworld's involvement in the corporate world"?

That's too much compliment for a blog still not fully unblock by MCMC and short of hits. Ran out of handphones and laptops to give investigators whenever any complain arise. Just got one back yesterday. 

With a background in financial market, stocks & shares and observing corporate, its just natural instinct to put two and two together. 

The same method applies in politics. Unfortunate that political watchers lack the corporate background, thus unable to "follow the money" to anticipate the politics. 

Since the explosive revelation by The Corporate Secret (TCS) website on Victor Chin and its link to going-ons at Revenue, Green Packet, Caely and other PLCs, the mysterious, detailed, and revealing blog gave updates on Victor Chin's plan to restructure Revenue in the March 13 AGM. 

They plan to bring in corroborating former BNM and SC officials and their rep from their previously acquired PLCs into Revenue. 

In the me⁹anwhile, TCS is on the pursuit of another Corporate Mafia, the Chong Loong Men group. 

If the speed Victor Chin is being apprehended, asset frozen and Investigation Paper forwarded to AG, is anything to go by, will the same be expected of Chong Loong?