Innov8tif, a diamond in the rough or money washing machine??

APPARENTLY  in Malaysia, if you are indebted to a company which wants to urgently sell their worthless assets at a premium,  you don't have to make any disclosure.

G

IN fact, you can actually vote for it in the close door board meeting, and get the deal approved even if the entire deal is worth some RM40 million.

MlNORITY shareholders, meanwhile go fly kites or better still go fishing because the Minority Shareholders Watchdog Group, won't be barking for you,  because you don't have any BISCUITS for the dog.

BURSA Malaysia and the Securities Commission  won't take any action, perhaps on fear, once their personal once retired won't be hired by the CORPORATE MAFIA to sustain their drinking habits.

THE above is not a fictional piece or one that took place a decade ago,  but a factuall account of what took place at  REVENUE GROUP on 2023.

READ : And highest percentage ratio for the Proposed Acquisition pursuant to Paragraph 10.02(g) of the Main Market Listing Requirements, is 22.92%, being the Purchase Consideration over thelatest audited consolidated net assets of REVENUE as at 30 June 2022. As such, the Proposed Acquisition does not require the approval of shareholders of REVENUE.

BUT was the Minority Shareholders, Bursa Malaysia, and the Securities  Commission  informed in any of the publicly released sale document, that the director namely Teh Chee Hoe, who would latter publicly  back the purchase which READ : gave Hong Seng Consolidated a RM5.5 million profit from the sale of Innov8tif was HEAVILY  indebted?

AND who was he indebted too?  Who else but Hong Seng Consolidated Bhd . HERE is a filing in Bursa Malaysia to prove, that at the time Revenue Group was buying Innov8tif from  Hong Seng Consolidated,  the shares supposedly belonging to Teh Chee Hoe ViEW: was officially registered under the name of Hong Seng Capital, a unit of Hong Seng Consolidated 

WHY hasn't been dragged to court by the regulators ????