Monday, February 20, 2023

Too many whys in the Revenue corporate saga

Left to right: Eddie Ng (MD), Brian Ng (COO) and Dino Ng (CTO)

Revenue Group Berhad (Revenue) is not a major company to keep a watch on. Its nature of business in IT deals with systems, proprietary knowledge and involved security and confidentiality. 

The happenings in the company seemed to raise many questions, and strange links surfaced. 

Since late last year 2022, Revenue was embroiled in controversy following the suspension of two founder-Directors, Brian and Dino Ng, from its Board of Directors. 

The payment gateway company brought in MACC into the picture for some claims made against them. One can expect it will complicate the situation and even be more destructive than preventive. The detailed story will be dealt with in later posting, 

If it is a case of abuse of power, why must MACC got involve? 

Their primary concern should be corruption. Complain over company vehicle or procurement could be dealt by Securities Commission and perhaps, police. 

Apparently the MACC report against them were made by MACC themselves. Till an answer is forthcoming, lets leave it at that. 

By the look of it, it is a hostile takeover.  

Dino is the brain of the company. He is what  Steve Job to Apple or Bill Gates to Microsoft 

The man is the true asset of the company, not the server valued by accountants in the company's books. If the team he built leave, the company will be worthless. 

Why then is SimplyWallSt website here promoting Revenue as undervalued by 25% using some cashflow formula? They also promoted the stock here as improving in its Return on Capital Employed (ROCE).  

Thats just accounting and security analysis mumbo jumbo.

Revenue announced Danny Leong as new Group CEO with effect from January 6th. His resume can be found on here

Since Eddie is more a salesman type, why Danny?

With a degree in Accounting and Financial Management, he is not the brain replacement to Dino. Who is he representing? 

His attachment at Cuscapi only raise the possibility that he could be linked to Green Packet. 

True enough, Leong Seng Wui of Classita Holding (formerly Caely Holdings) and Green Packet is the new Executive Director of Revenue.  

The Chairman and independent non-executive Director of Green Packet is Khairy's man, Datuk Firmansyah Aang bin Muhammad. His name turned up during the controversy over App to be built for Ministry of Health's GEG plan to ban cigarette. 

Lim Kok Han is the new substantial shareholder of Green Packet who tookover control from CC Puan after their failed bid for Silterra against DNex. At one time, Green Packet was investigated by MACC.

A high school leaver, running family business, but turned IT entrepreneur and selling himself as a philantropist?     

Quite a rag to riches story.

From a simple curiosity, it is getting to be quite interesting. 

On February 5th, klse.i3investors posted an article on "The Real Bad Guy of Revenue". 

Its basically saying the company has RM70 million cash and that is what the Green Packet people are  after. 

Common happening in the corporate world. The downside of managing a public company well and without a defensive mechanism to ward off predators. 

The article claimed Eddie was in a financial mess and accused (Francis) Leong Seng Wei of coaching him on how to fix Brian and Dino. 

He is apparently the hand behind Caely and Green Packet so why is he at Revenue?    

The next question is why the philantropist Lim Kok Han has to be involved? 

That need further research.   

The article concluded to warn shareholders that if Brian and Dino are removed on the February 17th EGM (that is tomorrow), they can kiss their money goodbye. 

Then came talk on February 12th that the EGM was postphoned and the Ng brothers been selling 14 million of their share. 

Why is the same writer of klse.i3investors making a hew and cry over it? 

Any serious corporate observer would expect a I-buy-you-out or you-buy-me-out duel between Eddie Ng and the Ng brothers. 

The brothers decided to sell in the open market. So what?

As of yesterday, the brothers were speculated to have sold 27.4 million over 2 weeks and this time they are accused as liar. 

Its an open and free market. Why are these Gen Y and Z such cry babies?      

As a long time corporate observer, we see nothing unusual about selling out. It is part of corporate or corporate game to some. No need for the hew and cry or labelling of liars. 

Did they promise anything to the public to be called a liar? 


The latest rumour going around is their CDS account are frozen. It need to be confirmed first but what is the legal basis? Why? 

If the issue is petty over company vehicle and some procurement of paper what not. why the need to freeze tens of millions of ringgit worth of shares? 

Strange ...

In the meanwhile, 24 million shares are floating out there. 

How is an inactive market, which is lacking any depth going to absorb the shares? 

SimplyWallSt website and the writer on are either stupid or desperate. 

Why desperate, we have no idea.

More stories can be uncovered by understanding all the links and digging up the background of these personalities. 

And get ready the pop-corn. Its an interesting watch. 

Our late sifu left us with a good tip. Never use the same trick twice. We got sprayed in the face for that. 

Al Fatihah for his soul.    

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