IT is being abused in a manner that makes Bursa Malaysia chairman Abdul Wahid Omar and his CEO Umar Swift look like absolute idiots.
THE main antagonist in this drama has been Francis Leong Seng Wui, who not only made sure Revenue Group Bhd's purchase of READ : 51% equity interest in Innov8tif Holdings Sdn Bhd for RM36 million from Hong Seng Consolidated Bhd doesn't trigger the clause which will require shareholders to vote on it, he then had the gall to acquire a stake and become the executive director of Hong Seng Consolidated this year.
MAKE no mistake Francis Leong Seng Wui didn't break any law but it leaves a bitter taste in the mouth when you consider that its was Francis Leong Seng Wui as executive director of Green Packet who had sold the IT assets to Hong Seng Consolidated Bhd.
THE same goes when Hong Seng Consolidated Bhd READ : acquired 402 million shares or 32.61% in Classita Holdings Bhd for RM60. 31mil or 15 sen a share in an off-market deal from Victor Chin Boon Long, the company structured the whole deal to make sure it did not breach the listing requirements which would have then require minority shareholders to vote on the deal
CLASSITA shares now are trading below four sen, meaning Hong Seng has a huge paper loss, while Victor Chin Boon Long's wife must sure have been laughing all the way to the bank.
