Police should use POCA in probe on Corporate Mafia, Victor Chin

Over the weekend, an explosive story went viral on an underworld-linked syndicate involved in corporate piracy to undertaking a hostile takeover of public-listed companies using MACC's officers to abuse AMLA to freeze accounts of targetted companies and shareholders. 

It answered this blog's curiosity on the happenings at Revenue Group Berhad here and here. At the same time, it explained the exploratory link between Hong Seng Consolidated Berhad to the happenings in Revenue and Ooi Chieng Sim, the ex Chairman who quit a BOD of a PLC amid a drug bust in 2019. 

In the previous postings, the group involved in the hostile and illegal takeover of Revenue is believed to use the same modus operandi of the collusion of law enforcement at Green Packet and former Caely Holdings Berhad (now Classita Holdings). 

The same website's latest exposure here revealed Khairy Jamaluddin link to Green Packet through his man and current Chairman, Dato Firmanshah Ang bin Muhammad @ Dax, which indirectly linked them to the underworld syndicate.     

Apparently, there was a police report made by Caelygirl and police have move in on the report following the weekend expose. The Edge reported below:

Police probing Victor Chin’s alleged involvement in RM30.7m misappropriation from Caely 

Chester Tay / theedgemarkets.com 

March 08, 2023 10:15 am +08

Classita has been embroiled in a series of boardroom tussles following a freeze on the company’s accounts by the Malaysian Anti-Corruption Commission in April last year. (Photo via Classita)

KUALA LUMPUR (Mar 8): Royal Malaysia Police has launched an investigation into businessman Victor Chin Boon Long’s alleged involvement in misappropriating RM30.7 million in Caely (M) Sdn Bhd, a subsidiary of Caely Holdings Bhd which is now known as Classita Holdings Bhd. 

In a statement on Wednesday (March 8), deputy commissioner of police Datuk Noorsiah Mohd Saadudin said the police have opened an investigation paper following a media report alleging Chin as making use of enforcement authorities in taking control over Malaysian corporates. 

“The case is being investigated under Section 409 of the Penal Code, which is criminal breach of trust by agents,” said Noorsiah.

Noorsiah also revealed that a report was lodged on Sept 21, 2022 under Section 201 of the Penal Code, which is in relation to the offence causing the loss of information about another offence committed, or giving false information about the offence in order to protect the offender from the law. 

Both of these investigation papers — under Section 409 and 201 of the Penal Code — have been submitted to the Attorney General’s Chambers on Feb 27, 2023 for further instruction, said Noorsiah. 

Classita has been embroiled in a series of boardroom tussles following a freeze on the company’s accounts by the Malaysian Anti-Corruption Commission in April last year. 

Read also: 

• Caely says MACC issues freeze order on bank accounts; unable to pay salary, suppliers 
• MACC unfreezes accounts of troubled lingerie maker Caely, now known as Classita 
• Classita's substantial shareholder, former CFO lodge police reports against ED, lawyers for witness intimidation

The probe was given coverage by Berita Harian and Harian Metro. 

Whether the probe on Caely will be extended to Revenue, Green Packet and the rest, one will have to wait. According to the blog post, 8 public companies have fallen under the control of these gangsters and the IT company Green Packet is used as vehicle to pursue the targets Revenue and Caely. 

As Chairman of Green Packet, Dax may plead ignorance but its not believeable. No decent and responsible public-listed Chairman would not ask the background of the likes of Leong Seng Wui, Ng Keok Chai, and Dato Lim Kok Han. 

There were talk in the market that Green Packet was to be awarded for the GEG App development for Ministry of Health. It raised the possibility Dax brought something to the company from MOH and the though remote but not impossible, that it came from Khairy. 

He should be aware of them and have inklings of their background. A member of his group, Raveenderan Ramamoothis of Revolusi Asia Sdn Bhd linked to MySejahtera is believed to have  approached one of the company the syndicate is targetting. 

While the iron remain hot, there is the likelihood Revenue will make a police report soon on the insider trading by Eddie Ng and the abuse of AMLA to freeze tens of millions of their shares over a RM400,000 dispute.  

The widespread and massive bully by these corporate terrorist is a serious security threat to the nation's economy, affects confidence in the capital market, compromise law enforcement and deter foreign investors from Malaysia. 

In the case of Revenue, the entry of undesirable will disrupt the security and confidence of the payment system of the country since the company is operationally linked to BNM, Banks and credit card companies. 

As such, police should apply the Prevention of Crime Act 1959 (POCA). The suspect could be detained over 60 days and subsequently for two years without trial. This is an act of terrorism to disrupt lw enforcement measures.

In 2015, the then MP for Permatang Pauh, Nurul Izzah Anwar proposed POTA to be applied for corruption and economic terrorism. This case should set the timely precedent to apply such preventive law appropriately and not being abused for politics.   

It begs to ponder: Are the people in Bursa Malaysia, Securities Commission, and BNM on their payroll that they could not spot this blatant and widespread criminal and money laundering act happening?