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?

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:

Revenue Group: Why unanswered, suddenly insider trading?

In this blog's February 13th posting here, there were 13 why (including how, what and did they) posed but no answers found in the media or online. 

There was a created dispute among the founders of Revenue Group Berhad ("Revenue"). The "salesman" Managing Director, Eddie Ng Chee Siong ousted the Company "brains" in the Ng brothers of Brian and Dino with help from outside. 

Coincidentally, MACC freeze the accounts and CDS of the brothers worth tens of millions based on alleged wrongdoing over company car and thermal paper orders worth RM400,000.

A serious oversight or gross abuse on the part of the Director of Investigation or AMLA at MACC. The allegation has no corruption in nature for them to act and originated from MACC own report.

In midst of the company turmoil, Bursa suddenly reported Eddie blatantly selling his shares a day prior to announcing a  poor quarterly financial results. 

That is outright insider tradingoutright insider trading. And, it would be strange for SC to not investigate and charge. The alleged insider trading could certainly shed a new light on the company. 

Is something insidious happening behind the payment gateway company? 

Where is the reformasi?

Following his dismissal as Deputy PM and UMNO member, Anwar Ibrahim started the reformasi movement as his political platform. 

After 25 years, he finally managed to step into the Prime Minister's Office he was involved in the development of Putrajaya. Over time, he has articulated on the repeated over many elections of the corrective programs he wish to undertake. 

The social media is now regurgitating the promises and manifesto items he made under the then Pakatan Rakyat at GE 12 and 13 and later the Pakatan Harapan's for GE14. 

However, Anwar is not expected to deliver in abolishing PTPTN student loan, 20% royalty for Sabah and Sarawak, change the Wang Ehsan for certain states in Peninsular to royalty, immediate cut in the retail oil prices by 50 sen and the list can be longer. 

Understandably, the government is in a slippery situation constrained by debt and revenue shortfall. Many of the promises have rightly been pointed out by then BN government of the day as ridiculous.

To be more rational and mature in our politics, lets ignore the usually mindless and deceptive campaign sloganeering.  Election promises are sensational but seldom delivered. 

But the 25 years of chanting, "Reformasi!" is ideological and cannot be put at bay.

The growth status of the Malaysian economy

Rafizi gave a sarcastic and patronising reply to Opposition Leader, Hamzah Zainuddin attempt to give a political spin to the growth statistic data in Parliament.

Economic growth will be the issue opposition intend to dwell on to gain political points despite knowing well there is an impending global recession and current inflationary concern. 

It is expecting too much to pursue high growth now. 

Shahrizat thrown down the gauntlet

In difficult times ...

The idiom "throw down the gauntlet" means to invite someone to fight or compete with you. 

Tan Sri Shahrizat Jalil is not the incumbent to invite, but where she submitted her application form to run for Wanita UMNO Chief, the incumbent Dato Noraini Ahmad have yet to do so.  

Defend Aini will. Her supporters are already exuberant with their campaign. It is not Aini to condone, but the whispering campaign is accusing Shahrizat as a Muhyiddin proxy. Its no secret that her son works with Hishamuddin.  

More such talk will be coming and Shahrizat expect the husband's NFC issue will be used against her. It need be reminded that Dr Salleh Ismail was acquited from alleged misappropriation in 2015. 

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. 

The lies in Muhyiddin's denial and seemingly consistent narrative

Expectedly no response from Tan Sri Muhyiddin Yassin on the 1MDB settlement from Goldman allegation. Its customary for politician to not response to allegations to avoid from being misconstrued. Better remain silent and hope it will go away.

Give time Muhyiddin will eventually respond as it could be a significant contribution to his GE15 war chest. He will on the 5G contract to Ericson and continuing the SPANCO privatisation to Robert Tan.   

Last Thursday, Muhyiddin responded to the allegation of his family involvement in the NIISE contract to Iris. It is his standard denial which include diverting responsibility to others. Having written extensively on the deal, it is not a convincing denial. 

If they could, MACC should comb the historical shareholding structure of 5S, trace the present and past shareholders, and association of Nexbis Soluions and S5 Systems. Who decided on the technical prequalification on Bestari.net?      

A contributor, FLK asked on newswave.com, "Opinion: On why MACC stop at possible abuse of power in connection to the NIISE?" 

Muhyiddin is known for the consistency of his narratives but to the familiar, it is a convenient camouflage to lie and habit of "what he say is not what he do".  

Muhyiddin was caught lying incessantly on the RM600 billion stimulus package. He was reluctant to response and had Dr Marzuki to do so only to expose him lying in his capacity as Prime Minister. 

Food security to food sovereignty

The conversation on the concern for food security have long been heard. Since the days of yours truly's early career in banking and later in the capital market, concern over food security due to high food import have long been the talk. 

However, a serious government policy was not forthcoming. Availability of land for agriculture was increasing in scarcity and losing to the more lucrative sectors such as property development, tourism and leisure industries, manufacturing, etc. 

Financiers were saying why reinvent the wheels as it is more  efficient to import. They prefer to invest into food retailing, high-end agri-product, or easy cash crop in which planting is once for every 15 years but harvesting every quarterly.   

The attitude then and in fact still remain so. When there was a shortage of chicken prior to GE15, the  former PM Ismail Sabri's natural affinity was to import chicken. 

This is strange because Malaysia is one of the world's cheapest and efficient broiler producer. So efficient that CP Pokhphand could not enter the highly competitive Teo Chew clan dominated industry. The first sight of problem and government  open the local market for foreign entry.   

The early part of the shortage in certain food items was blamed at global supply chain problem during the C19 pandemic and later, the war in Ukraine. It rightly is but as time goes by and more realisation creeped in, the age old conversation on food security began to emerge. 

In a 2021 article on NST, Muhammad Hisyam Mohamed highlighted the need to deal with issues of availability, access, utilisation and stability in food security. By December 2022, Dr Goh Chun Seng in Borneo Times shifted the food security discussion to food sovereignty. 

Anwar's boy, Farhash corporate misadventure

One month after Anwar Ibrahim announced his cabinet line-up, Berjaya Group announced his former Political Secretary, and PKR Perak Chief, Farhasy Salvador Wafa as its new Chairman for 7-Eleven Malaysia Holdings Berhad. 

The official communique gave a glowing resume of Farhasy corporate experience, education and related positions held, but its a dime too many.

Those in the know are more concerned with his association with the Seremban-based stockbroking outfit, Apex Holdings Berhad. 

The public attention is on the fiery, temperamental and explosive close confidante of Anwar joining Vincent Tan's outfit. 

Muhyiddin's Goldman scheme of things

MACC have been on the prowl of public spending guise for emergency but suspiciously diverted into the war chest of PPBM and PN.

At the time rakyat were "imprisoned", financially in strait jacket, and ones couldn't bear the pressure resorted to suicide, the impression is Muhyiddin-led government were amassing a political warchest at the rakyat expense.

It is despicable, but more despicable is when the country is in a dire financial state, and there is an attempt to recoup the dissipated money of the 1MDB scam, but those in power may have diverted the Goldman Sach's settlement ala Low Taek Jho.

The loss due to Goldman's indiscretion is US$9.5 billion. The Lim Guan Eng seek a claim against Goldman at US$7.5 billion. Back then, Lim Sian See may have argued for a ballpark of US6 billion cash. 

When PH fell, Tengku Zafrul and a coterie of officials and Muhyiddin advisers quickly agreed to a settlement of US$3.9 billion. 

Zahid, UMNO's surgeon from Ponorogo

Be out with it. Zahid Hamidi is a Malaysian with Javanese root to Ponogoro. Yours truly to Kendal and Ceribon.

Despite established as a major Malay sub-ethnic group in Malaysia, Javanese remained stereotyped as that obedient, and hard-working immigrant labourers. 

Javanese are non-confrontational, tolerant and patience thus easy prey for ridicule. More so, they refrain from slighting others and expressed their disagreement, and anger in mild and cryptic manner that they tend to be misunderstood. 

However, their rural good natured character should not be underestimated and taken for granted. 

Last Friday was an occasion whereby the tolerance of a Javanese reached its limit and he turned decisive when it warrants one. 

Grant fraud

Grant fraud typically occurs when award recipients attempt to deceive the government about their spending of award money.

According to the Department of Justice, using federal grant dollars for unjust enrichment, personal gain, or other than their intended use is a form of theft, subject to criminal and civil prosecution under the laws of the United States.

Such misappropriation have been occuring in Malaysia but remain petty such as research grant abuse to share allowances with unrelated academic colleagues. 

There have been more attention to this fraud since. Few years ago there was a call for recipient of FINAS grant be revealed publicly. 

Its likely MACC uncovered serious findings on the current priority one investigation into Covid-19 pandemic spending and stimulus package for Deputy Chief Commissioner of MACC, Dato Seri Khusairi Yahya to issue a statement today. 

Widely reported by media is Penjana Kerjaya. There are murmurs on misappropriation of the so-called economic recovery initiative involving Penjana Kapital and earlier written, drone company, Aerodyne.

Khusairi wrote in The Vibe today:

BNM Board member is CEO of Aerodyne

Sister blog, Thick as a Brick put up a posting prior to CNY holiday on Malaysia's supposedly "kereta terbang" company's planned listing with the question: "Is Aerodyne a scam?"

No person accused but since Aerodyne's CEO is a member of the Board of Directors of BNM, the questionable issues and rumours  are best addressed.

Not only the good name of Government department, and agencies involved should be upheld, the related industry players too.

The country's central bank is already tarnished by the alleged bribe and conflict of interest of former Governor Dr Zeti in the 1MDB debacle.

UMNO will continue to remain relevant

The night before the Vote of Confidence in Parliament, there was a Sinar LIVE session last December 15th. 

Lecturer for the Centre for Communication and Media Studies, Ts Nurul Aishah Ab Raman expressed the opinion UMNO's brand remain relevant but need changes. 

She is right to say so. Branding is important in politics. Golkar is not as dominant as in the days of Sukarno and Suharto, but the known brand remain the party to watch in Indonesia. 

So does Kuomintang of Taiwan, Congress of India and LDP of Japan. 

Rail-volution: Move over private transportation

The next day after his appointment as Transport Minister, viral on social media are photos of Anthony Loke unassumingly riding the public train. He has since been seen riding and inspecting the rail facilities on few more occasions. 

His regularity invited nasty social media comments calling a political show. Putting aside the snide remarks, Loke is sending the message that his main concern is public transportation specifically the Klang Valley. 

Had they known that Prasarana operation lost RM13 billion and building the MRT3 will cost up to RM80 billion, the commentators would have been more judicious. 

Scary as it maybe, the Klang Valley population is about RM8 million (2020), which is 24.5% of Malaysia's 32.7 million (2021) population. 

To understand the Greater Klang Valley, one need to look beyond Sepang, Rawang, Putrajaya and nearby areas to include as far away as Bentong, Seremban and Ipoh. 

Not another effing Sheraton-like move!

This blog's Monday posting to reproduce Edge Weekly article entitled "Will Malaysia avert a recession in 2023?", was meant to highlight that the economy was the priority for new Prime Minister, Dato Seri Anwar Ibrahim. 

High on his list of priority is to avert a cost-of-living crisis for the low- and medium-income voters, and the fear of stagflation. 

Political stability is a key factor in addressing these economic issues. Thus there should not be frequent changes of government, be it at state or federal level. 

Agong impressed on this, thus the reason his Majesty insisted on a Unity Government as solution to the political impasse from the absence of any party holding a majority. 

This message some how did not jive with certain Sabah politicians, which sadly involved certain factions of the ruling parties in the Unity Government.  

Will Malaysia avert a recession in 2023?

By Cindy Yeap / theedgemarkets.com 

December 26, 2022 

The prognosis for global economic growth is grim as 2022 draws to a close. Talk of the world being on the brink of a global recession and economic stagnation has gathered voice in recent months. 

That’s not to say recession is certain, even though major central banks in December signaled a willingness to risk growth and forge ahead in raising interest rates further to bring down inflation. 

Whether the glass is seen as half full or half empty, at this time last year, no one foresaw Russia’s attack on Ukraine and the impact it would have on commodity and food prices globally, or that US interest rates would rise so much and so fast in the effort to reign in runaway inflation. Back then, inflation was “transitory” and rates were supposed to stay for longer, remember?

At this juncture, what’s certain is that government and policymakers around the world have to be able to whip up practical solutions fast to ensure their people and economy can weather whatever is coming. And what is practical is closely tied to a country’s fiscal and monetary space. 

In the midst of quantitative tightening, is the world dumping the dollar?

The rest of the world is catching on to the easy monetary policy of the West. The BRICS nations are developing a new reserve currency that is likely to be backed by commodities and possibly gold. If this BRICS currency emerges, this is bad news for the West and the U.S. dollar, says Alasdair Macleod, head of research at Gold Money.

Read Macleod's writing: https://www.goldmoney.com/research

Three months ago ...