WHO is god father figure protecting Victor Chin Boon Long, who have been identified by the media as the ring leader of the Corporate Mafia, is no mystery either, but I shall leave that piece of information for another day.
TODAY let's focus a bit about the IKAN BILIS in the informal Corporate Mafia, and the unseen hands closing one eyes, pretending not to see the havoc and damage, Hong Seng Consolidated Bhd's, latest dominant shareholder and newest executive director Leong Seng Wui is single handedly doing to the Malaysian stock exchange.
BUT first the open secret, Leong Seng Wui has been a paid employee of Victor Chin Boon Long VIEW : since 2011 and that the only reason he could afford to buy into Hong Seng Consolidated VIEW : is because Velocity Capital, a company controlled by Victor Chin Boon Long loaned him the money.
SO what's the harm in lending Leong Seng Wui a helping hand ? Absolutely NOTHING.
SINCE it has been established that Leong Seng Wui and Victor Chin Boon Long , are not merely acquaintances, here lays the harm.
DID Leong Seng Wui, use his dominant shareholding in Revenue Group as well as his position as executive director of the said listed company READ : to force Revenue Group to pay RM36 million in cash to Hong Seng Consolidated Bhd this year for Innov8tif Holdings Sdn Bhd, a company in which Hong Seng had assumed control of by merely paying RM3.09 million.
AND then wait a couple of months before, Leong Seng Wui happily hopped into Hong Seng Consolidated, where a net gain of RM5.1 million has been sitting prettily?
WHY even a half decent requlator, would demand answers and impose sanctions on Leong Seng Wui, for a problem, which I assume the meticulous Victor Chin Boon Long had overlooked?
THE answer to the question above is because prior to the acquisition being completed by Revenue Group Bhd, READ :as much as RM50 million had flowed into Revenue Group via a series of transactions that defies economic sence.
EVEN when this large amount of money had flown into Revenue Group, via parties who don't even own 5 per cent of Revenue Group , Bursa Malaysia and the Securities Commission, never officially demand an explanation from Leong Seng Wui?
WHY demand an explanation? Well because a similar warrant to mother share conversion, which did not make financial sence took place in Green Packet Bhd, when Leong Seng Wui was the dominant stake holder cum executive director.
THIS are the same Securities Commission and Bursa Malaysia, who sat in silence when police reports were flying all over by atleast two different owners of public listed companies that Leong Seng Wui had threatened them.
WHICH brings us to this very silly question ; what must Leong Seng Wui do to actually be charged in a court of law, because obviously intentionally buying a company for a premium from a company who wants to exist the business, strange conversions of warrants into mother shares and intimidating people is not a CRIME.
