PREVIOUSLY, as early as August 2023, READ :I had warned that the different valuation of Innov8tif, had become contentious and an outright false market red flag, in view of Chengco being the auditor of many of the companies involved including GreenPacket Bhd and Revenue Group Bhd .
THE big question here is why is it Bursa Malaysia had on Dec 14 2024, begun to insist READ : Revenue Group Bhd must hold and EGM if it wishes to sell its 49per cent stake in Innov8tif to NexG Bhd.
UNDER the current listing rules there was no need for an AGM to be held, as the directors had the required mandate to do so.
ONE train of thought was that for some strange reason Bursa Malaysia was helping Teh Chee Hoe from going to jail for manipulation dan failing to make the required declarations.
NOTE at the time Revenue Group Bhd was buying Innov8tif from Hong Seng Consolodated , READ : Teh Chee Hoe failed to disclose to shareholders of Revenue Group Bhd, that he was deeply in debt to Hong Seng Consolidated, to the extent his entire block of shares in Revenue Group were registered under Hong Seng's name.
ON hindsight, there could be another reason why Bursa Malaysia had wanted the minority shareholders to vote on the deal for Revenue Group to sell Innov8tif to NexG Bhd.
THE reason being ;all roads lead to creation of a false market and the role played by Chengco.
