FROM the script exercise right down to the enduring share trading melodrama, the brains behind this exercise is estimated to have either pocketed or have access to a fund size in range of RM500 million.0
THE good news for market manipulators is neither the Securities Commission nor Bursa Malaysia, were able to determine if there were enough red flags to justify iterry to the
NOT a soul was charged for manipulation of Ingenuity Solutions share price, even though manipulation was the order of the day.
However, under Victor Chin Boon Long's watch, a couple of directors of the compaany were fined. READ : According to Bursa Malaysia’s statement, Ingenuity had wrongfully engaged in promotional disclosure activity via the issuance of a series of press releases and an advertorial in 2012, which were, among others, overstated, one-sided and/or unbalanced, and had/might have misled investors or caused unwarranted price movements and activity in the company’s securities.
WE should thank Bursa Malaysia and the Securities Commission in pretending to be unable to connect the dots, although Bursa Malaysia did promise us READ : That it will keep an eye on Ingenuity.
IF this was Singapore, Victor Chin Boon Long, would have been placed in a caged cell long before John Soh Chee Wen was busted in the Island state. READ : Malaysian mastermind of 2013 Singapore penny stocks crash John Soh gets 36 years’ jail.
A year before John Soh was busy engineering a penny stock meltdown in Lee Kuan Yew's Singapore, there was a massive bull run for Ingenuity Solutions Bhd on the Kuala Lumpur Stock Exchange, which co incidently took place just after the company raised RM30 million via a rights issue.
BY September 2012, Victor Chin Boon Long should have been elavated to a status befitting the Dalai Lama, or atleast been nominated for an Ocsar , when he turned down a RM90 million offer to sell his stake.
VICTOR Chin Boon Long must be a very principled man, to turn down an offer from Ninetology Marketing Sdn Bhd.
NEVERMIND, that both Ninetology and Victor Chin Boon Long were operating under the same roof at Low Yat Plaza.
LET's also discount other odd details, that a good lawyer, could have used to jail not only the people from Ninetology but also its partner in crime.
IN total, Ninetology, which was less than six months old, with a profit less than RM1 million, but nevertheless claimed that a white knight fund will bank roll the purchase steeply valued at RM320 million.
NEVERMIND, also that until today, the stock exchange nor the Securities Commission has never revealed the identity of the so called angel fund was the party that supposedly wa supposed to be financing the take over at such a huge premium.
SOME perhaps can stomach the huge premium, the Low Yat Plaza tenants were offering each other, but nobody could pin down why on earth, would anyone be interested in Ingenuity shares, consisering, its ICT Business were operating under the exetremly razor thin margins.
WAIT, there is more to this drama, Victor Chin Boon Long who turned down the offer to sell his shares at 55 sen a piece, would miraculous sell of his Ingenuity shares two years latter for READ : 17 sen a share while the actual market price was 9 sen.
AGAIN nobody bothered to ask the hard questions , why turn down 55 sen for 17 sen and why 17 sen, when the market price was just 9 sen. Was it a premium for a controlling stake or was money being cleansed.
VICTOR Chin, still has a big say in Ingenuity, that changed its name to MMAG Holdings Bhd, in 2016, the same year it issued another script exercise to raise a few hundred million Rimggit.
