WiseGuy inside The Corporate Mafia : Arthur Andersen LLP

HISTORY repeats itself, but in such cunning disguise that we never detect the resemblance until the damage is done.

IN plain speak, this is what my editor in Business Times, told me on my first day at work ; "I am not looking for a writer,  cause if I was, someone like William Shakespeare would be sitting in your place. I am looking for a reporter, and to be an efficient reporter, understand that there is no new story, just the place, time and names that change".

BACK in the day, the biggest thing in the audit world was Arthur Andersen LLP,  the guys who knew how to piss straight without wetting the sides of their pants 

MANY remember, Arthur Andersen, as the firm which lost their license to practice due to their admission of involvement in Enron's false market schemes.

WHAT most do not recall was that in the early days of the Enron case, Arthur Anderson was singing a different tune.

INITIALLY,  Arthur Andersen claimed that it's US$52 million audit fee, did not compromise the Enron audit, and that Enron failed because it's business model failed.

READ :  All that Audit money, made such a succulent sound.

READ : Auditors claim Enron failed because its business model failed

NOW  fast forward  back to the present time, to Kuala Lumpur, Malaysia, where delinquent auditors, Chengco PLT , READ : admits audit flaws but denies independence was compromised.

NOW, where have we heard this story  before ? ENRON one company,  but in down town Kuala Lumpur Lumpur,  we potentially have as many as  35 mini Enrons, roaming the streets without a single worry.

INSTEAD of  pursuing and exposing  the entire gin bang gang, the Securities Commission via it's Audit Oversight Body (AOB)  is recommending   READ :that the gin bang gang made up of owners and directors of these 35 companies, put their house in order.

AT this rate, we should probably  be employing wolves to tend to our livestock's, and laugh our asses out a loud on the creative stories the wolves will come up with to account on why the livestock's are diminishing at a rate which defies logic.

A real time event of such a hypothesis, could well be on Leong Seng Wui's time in Green Packet Bhd and the sudden creative drop in the sales booked by the company.

WiseGuy inside The Corporate Mafia : Revenue Group 2.0

WITH  a view to make one last, king sized killing, before the once,  well managed Globetronics Tech Bhd, blows up in a blaze of ill intentions.

BUT this time, there is a twist to the story line, a chance to find the phoenix for the flame, so to speak. 

THE out right plundering and suspected money laundering, took place in Revenue Group took place outrightly only  after Leong Seng Wui, emerged in Revenue Group.

THIS , time around in Globetronics Tech,  the Revenue Group Bhd, the plundering and nastiness had taken place well before Leong Seng Wui, emerged in Globetronics. 

IT was 24 months in the making, and the proof is in the pudding, with the silence of main stream business media  already in the pocket.

THE devil screams in the details found on the unaudited accounts of Globetronics. 

HAVE  a look at the other receivables  of Globetronics Tech Bhd. It is at a VIEW :shocking RM72.4 million, a stark and dark difference to its peers like Unisem Bhd,  whoes numbers stood at RM2.3 million.

WHAT  is other receivables,  smarty pants,aka Artificial Intelligence ; Other receivables refer to amounts owed to a company from sources other than its typical sales transactions. These include items like interest receivables, employee advances, tax refunds, and other non-trade related amounts. They are classified separately from standard accounts receivable on the balance sheet and are considered current assets. 

YET ,  the mainstream business  media is and will be hyping ; that the Indian Giant Conglomerate TATA, READ : has eyes for Globetronics.

I  can confirm, TATA has disqualified Globetronics,  due to ethical concerns.  The same set of concerns , which forced a slow of Government funds to sell their shares and run for life.

State of the Nation : One Eye for the Other

WHERE  is the urgency when only Malaysians are the victims? 

QUANTUM Metal doesn't have a patron saint in President Xi Jinping of China, who had made it very hands on in the matter of Tedy Teow Wooi Huat's ponzi scheme centred on Mobility Beyond Imagination too good to be true investment returns.

THE personalities involved in Quantum Metal at one point or another involved a former Deputy Inspector General of Police, an UMNO Deputy Permanent Chairman, Kamari Zaman Juhari formerly of Bank Negara and failed student recruiter,  Lim Khong Soon.

QMEI, the Nasdaq OTC , arm of Quantum Metal now has a market capitalisation of of less than USD $40 or 168 Ringgit Malaysia.

ITS not a typo, that is what QME is worth with its shares now traded at a laughable  0.0001 cent .

LIM Khong Soon, meanwhile has AUD $25.645 million or about RM78 million stuck in Besra Gold.

PROVIDENCE,  perhaps to the rescue as not only has Lim Khong Soon been booted out of directorship in Besra Gold, the company now intends to sue Quantum Metal Recovery READ : for the AUD 300 million which Quantum Metal had promised Besra Gold.

BASICALLY, if QM does not come up with the AUD $275 million balance , it looks like the AUD$25 million already paid will go up in smoke.

WiseGuy inside The Corporate Mafia : Is the SC and Bursa Malaysia afraid of Leong Seng Wui?

IT'S  almost been a month since the hanky panky that took place in the audit firm Chengco PLT has hit the headlines,  yet Bursa Malaysia and the SC has done little to bring the executive directors of public listed companies who may have conspired with the auditors to JUSTICE.

AT stake is not merely fraud, market manipulation but the creation of a false market, ENRON style to boost share prices,  create artificial prices in order to push through money raising script exercises.

AT the heart of it is Green Packet Bhd.  Consider the following ;  According to the Edge , READ : Chengco has been in operation since 1993 and has 14 offices across the country. It has 60 AOB-registered audit professionals, more than 200 audit professionals and in excess of 3,000 active clients.

THE problem here is obvious isn't it? Greenpacket's revenue from Malaysia, as the chart above would show you is less than four per cent, meaning 96 per cent of its so called revenue is from overseas, yet Chengco doesn't have a presence outside of Malaysia.

WHY did I say so called revenue? Well because Green Packet Bhd's  latest fourth quarter ended March 31, show that turnover has suddenly sunk by  nearly 300 per cent to RM45.53 million as opposed to RM141 million before.

WHILE for the 12 month ended Mar 31 2025,  turnover slumped to RM458.965 million from RM740.138 million before.

THIS is a VIEW : RM281 million drop, raising concerns that previous Green Packet  audited figures could have been massaged similar to that READ :ENRON in the USA

WiseGuy inside The Corporate Mafia : Velocity

VELOCITY means the speed  or lack of speed of any given thing in a given direction for better or worst.

THE way how the law is being applied to Malaysians today,  one cannot but ponder and wonder if what we are seeing today is a law based on different strokes for different folks.

JUST take a look at the charge being brought against the Revenue Brothers for READ : which now the court had been told was a free gift.

BEING  a free gift, please go and ask your accountant,  if the value that should rightfully be stated in the book for the said asset is ZERO?.

IF indeed it is true that the said value of the asset is zero, then can we safely say that the high handedness of the authorities investigating the matter,  subsequently was directly responsible for billions of Ringgit in losses in real time business as well as in the stock market.

THE same velocity can be seen in the move to zero in on the assets of the late Daim Zainuddin,  which Tun Mahathir  describes as READ : abuse.

NOW don't get me wrong, we all know if you break the law, the law will break you but where is that same verocity and velocity in the case of READ:Pamela Ling Yueh, who has gone missing from the face of the earth.

WHAT works for the goose must surely work for the gander too, because as citizens we are all EQUAL.

WiseGuy inside The Corporate Mafia : Birds of a feather

THEY tend to stick together, never mind that the stocks linked to the Corporate Mafia such as Revenue Group Bhd are being roasted to a historical low of seven sen a share.

IN what can only be described as a power play of the highest degree, at a time when the MADANI administration under Anwar Ibrahim is under pressure from all corners, Farhash Wafa Salvador Rizal Mubarak's MMAG Bhd has done the UNTHINKABLE. 

MMAG has signed an agreement with VIEW : Mpire Global Bhd, a company very much linked to fraudster Tedy Teow Wooi Huat.

DETAILS of the memorandum of understanding is immaterial, but rather the spirit of such as agreement,  and how the public will view it, is bound to cause damage to the Prime Minister.

DO  note that currently there is an on going active investigation , with China helping Malaysia dismantle Tedy Teow's billion dollar empire of scam.

IF you want to know how Mpire Global is linked to Tedy Teow, read the following.

1. SNC now known as Mpire inks RM1.8bil property deal with businessman Tedy Teow

2.Mayapada Capital the major shareholder of Mpire Global has long standing dealings with Tedy Teow

WiseGuy inside The Corporate Mafia :The Ballad of Green Packet

HUMANS, lie, deceive and speak half truths but numbers, have a confirmed ticket to heaven, because they do not lie.

NUMBERS only state the equations that determines the mood at ground zero, with a damning accuracy.

AT ground zero, the numbers that has been forced out from Green Packet Bhd, have very worrying and telling tale, that all is not well, especially for its former executive director, Francis Leong Seng Wui, and  his submissive minnion Teh Chee Hoe.

AS early as October 2023, I had opined, that it was READ : extremely weird for Green Packet, would appoint Cheng & Co as its auditor, considering less than RM25 million of Green Packet's revenue of RM750 million comes from Malaysia.

CHENG & Co  doesn't have the size outside Malaysia to audit a RM720 million a year business. 

EVEN the, I put my worth where my mouth is by stating eventhough  there were many red flags in Hong Seng Consolidated Bhd,  it was Green Packet Bhd, which is going to bring the curtains down for Leong Seng Wui.

REGARDLESS, of the excuses given by Green Packet on its latest quarter  results, at a time  when the investigations on Cheng Co, although not made public yet,  the dye had been cast.

THERE is NUCLEAR weapon of mass destruction about to rip, the Green Packet, overseas business, which amazingly was achieved with  almost zero office presence out side of Malaysia.

BELIEVE it, because numbers don't lie. Green Packet Bhd's number state for the fourth quarter ended March 31, revenue dropped by nearly 300 per cent to RM45.53 million as opposed to RM141 million before.

YOU can VIEW : the suddenly not much business in Green Packet Bhd, which raises the all important question ; in the first place, was there any ?. 

A ruse that touches close to the heart of false markets and laundering of narco cash from HELL.