FOR decades, Hong Seng has been a big money lender, especially in the Northern and Central part of Malaysia.
I now suspect, a big reason why he doesn't want the name Hong Seng to be used, is because the brand name itself was self built by his father from ground up.
HE may have found the present bunch unworthy and there are reasons to believe that he is not wrong.
UNDER Section 9 of the Moneylenders (Control and Licensing) Regulations 2003 (“MCLR”) Act there are six grounds for refusal of a license which are a bankrupt, revocation of a moneylending license, a conviction under the Penal Code or the Act, evidence of bad character and not a “fit and proper person” to hold a licence.
NOW let's track Francis Leong Seng Wui , who just resigned as executive director of Hong Seng Consolidated but still operates a money lending license with Revenue Group Bhd.
AS a matter of fact Bursa Malaysia is trying its level best not to question Revenue Group Bhd on Francis Leong Seng Wui being picked by police and held for more than a week, on organised financial crime, so as to save Revenue Group's suspicious looking RM193 million cash call which has been pending since October 15.
REVENUE Group Bhd, wants to use the money to expand it's Kreditkomuniti money lending business.
IF the Housing Minister, Nga Kor Meng has any sence, he should be looking to suspend Revenue Group's money lending business on grounds of having bad character. READ : Evidence of bad character is an explicit ground for refusal of a money lending license.
1. Kamari Zaman Juhari, the chairman of Revenue Group Bhd? How on earth is this guy passing the exam on the no history of dishonesty and fraud? Take a look at this video where as chairman of Quantum Metal, the guy is VIEW : preparing the sheep's to be slaughtered.
2. TEH Chee Hoe, Executive Director. How on earth is this guy not dis honest, considering while he was hard selling on why Revenue Group should expansively buy Innov8tif from Hong Seng Consolidated, he gleefully ommited in every single document on the sale , that he owed Hong Seng Consolidated, millions of Ringgit.
3. FRANCIS Leong Seng Wui, who has numerous police reports on him for intimidation / thuggery. Is that not evidence of bad character?
YES, Leong Seng Wui hasn't been charged in court, but then again neither has the police charged any of the individuals who made the report ,for making a report that is false.
