Saturday, March 25, 2023

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.

No details was provided, but at Classita Holding (formerly Caely), the Corporate Mafia head, Victor Chin did asset stripping to offload his Bentong development under the wife name to the company

Classita has turned into a gangland battleground between Victor Chin and the head of the "Four Heavenly Kings", Dato Seri Ko Tee Yam

The Chairman for Classita is the a former policeman, Ng Keok Chai. His role is predictable. Edge reported he has resigned from the BOD of other Victor Chin company.

Will Revenue the company face the same fate as Classita, MMAG and other companies of Victor Chin?

Victor Chin control on his forcibly acquired companies and backed by unseen hands of the law.

However, it is not a full proof scheme and ensured success. At MMAG, he is facing a lawsuit. Words are his attempt at Lay Foong tanked.   

The company is rudderless witout a management to steer the company and the Corporate Mafia revamped Board of Directors had to seek the resigned Group CEO, Danny Leong to reconsider his resignation

It is justified for Brian and Dino to severe all links to the Corporate Mafia controlled company.          

Financial disaster

A financial disaster is only awaiting. Caveat emptor. Shareholders beware. The company is not structured for commercial pursuit.   

On March 3rd, three directors namely; Lai Wei Keat, Ooi Guan Hoe and Loo Jo Anne​ resigned. According to Corporate Secret, the three had collaborated with Victor Chin and committed abuse of power. 

While, Alwizah Al-Yafii Ahmad Kamal and Tham Sai Cheong resigned the same day March 14 that Eddie Ng resigned and Brian and Dino were slapped with allegedly trumped up charges. 

There are no key IT personnel to manage and monitor the Company's main revenue earner, the payment gateway system which links traders to Banks, and Credit Card companies and monitored by Bank Negara Malaysia. 

All have resigned en bloc

This is something that should be the concern of the authorities. 

In view of the security of public payment system and fear of abuse by criminal-linked personalities, both Bursa Malaysia and Bank Negara Malaysia must step in.

It is to prevent possible contagion effect as happened in US and Europe from loss in confidence in the stock market and banking system.      

Collusion with SC, AGC, Bursa, BNM?

Revenue appointed new members of BOD, which comprise of Teh Chee Hoe as Executive Director, and four so-called non-executive independent Directors, namely Kamari Zaman Juhari, Azman Hisham Che Doi, Chandera Sekaran @ Dawson dan Krishnan Dorairaj.

According to Corporate Secret, Teh Chee Hoe is supposed to be the CTO of Green Packet and the part of Francis Leong structure. However, he is unlikely to be able to handle the system at Revenue

The website revealed that the new Directors were positioned by the lawyer for the Corporate Mafia and former DPP for SC, Chong Loon Men.

He picked them from various government and enforcement agencies. Kamari Zaman was formerly with BNM, Azman Hisham formerly with SC, and Chandera Sekaran formerly with Bursa.

Azman, and Krisnan are close associate of the Corporate Mafia group and represented them in the BOD of Harvest Miracle (formerly Vortex Consolidated Bhd), and Classita Berhad, respectively.  

Ng Kuan Horng is the new Chief Financial Officer. 

National scrutiny

Under pressure for the sliding stock market and ridiculous lucky draw charge that will not pass case management stage, will their suspiciously colluding partners within MACC dare trump up another charge against the founders?  

The Corporate Secret revelations and IGP investigation on Victor Chin has put public attention on Revenue. 

One of the lawyer for Brian and Dino is the lawyer for Anwar Ibrahim. Apparently, Farhasy Salvador company Apex Equity is also a victim of Victor Chin. 

It would not be presumptous to claim the Prime Minister is aware of the happenings. Wonder why Home Minister, Dato Saifuddin Nasution announced the recalling of statements of key witness in the death of Teoh Beng Hock

There is more than midst the eye or the mental capacity of political macai to merely presume as narrative against DAP. 

Jeng jeng jeng .... 

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