The Pirates of Bursa Malaysia : Was 1 Doc International a Patsy IPO?

A  patsy is an informal  term for a person or company who is easily, manipulated, or used as a scapegoat to take the blame for someone else's mistake 

IT increasingly looks like Bursa Malaysia and the Securities Commision, may have allowed the 1 Doc International  Bhd's Bumiputra book building exercise for its IPO shares to proceed at the MITI level, knowing that the share sale would fail miserably. 

MITI between May 12 and May 20,  had opened the offers for the I Doc International  Bhd shares  but the response from Bumiputra investors  were extremely  weak.

THOSE investors were right to give  I Doc International Bhd, the cold shoulder, considering that two of its major medical doctor shareholders namely READ : Ong Hong Keat and Chin Boon Keat were facing the Malaysia Medical Council disciplinary board for possible infringement, in the following month of June.

WAS 1 Doc International  Bhd pushed over the cliff,  so that the SC and Bursa Malaysia, can make it look like they were delivering their promise of Big IPOs this year, especially at the main board level?

Deceiving Edge: In the eye of the 1 Doc International Bhd Storm.

APART from the three stakeholders of 1 Doc International, whoes reputation have been soiled by the draft prospectus they paid their merchant bank, there is another party tangled in the ever expanding Web.

THE party concerned is theEdge. Recall, their report on July 26 2026, some 30 days after Chin Boon Kent and Ong Hong Keat faced the Malaysian Medical Council disciplinary board on June 26 2026.READ : The Edge Report

THE Edge doesn't want to tell readers what happened at the Medical Council meeting but wants to believe a Singapore based private equity is dumb enough to be interested in 1 Doc Int Bhd .

SHAME the devil, and name the Private equity if such a PE exist!!!!

THE Edge should not pretend to be naive, by making statements such as " 1 Doc met with a global private equity firm based in Singapore to “explore the option of remaining a private company and selling a stake to them”

AND also, why is the edge in double speak mode, stating the (IPO) prospectus was meant to be issued this month, but will be pushed back. The draft prospectus was filed on Jan 14 and updated in May. 

WHY not just tell the truth, I Doc International Bhd Prospectus despite being updated twice, still hasn't been able to reach the next level , of its IPO journey . .ie into a full fledge prospectus.

OFF Course investors will shy away from 1 Doc International Bhd, despite its valuation of under ten times, due to the ESG red flag of its major share holders.

Deceiving Edge :When one bad apple is not enough. How about three bad apples?

THERE is a saying it takes merely one bad apple to spoil the whole lot but in the case of I Doc International Bhd, it seems the search is on to find the good apple to save the lot.

THAT search becomes increasingly hard when you find out the other partners, namely Ong Hong Keat and Chin Boon Keat haven't been renewing  the yearly license to practise as medical doctors in Malaysia.

WHILE no valud reason is given, the document in the prosoectus does point to an impending disciplinary action from the Malaysian medical council. 

Deceiving Edge : One is a bad mistake, Two is a pattern in criminal behaviour.

WE all know that Nicky Liow Soon Hee  paid RM10 million to basically not stay in the same place where Najib Razak, Malaysia's very popular ex Prime Minister currently resides.

BUT how many of us know how much di Dr joel Yap Jiang Feng pay the Health Ministry  to stay out of jail for a maximum period of 12 years?

PLEASE  refer to page 75 and 76 of the I Doc International Prospectus on SC website), had faced two criminal charges, that were subsequently dropped for setting up illegal clinics.

WHERE is the most reliable place to download I Doc International Bhd Prospectus to cross check if my facts are spot on? Look no further than the Securities Commision Website at  1 doc int prospectus

SO how do I know that the two charges can get you a 12 year stay in Kajang Prison? Well from page 76 of  the prospectus  silly as it is clearly stated ; The charges were in relation to the alleged contravention of Section 4(1) of the Private Healthcare 

Facilities and Services Act 1998 for setting up private medical clinics without being registered under 

Section 27 of the Private Healthcare Facilities and Services Act 1998. These charges were subsequently 

withdrawn on 13 August 2024 and 12 September 2024.

NOW let's ask AI,  specific details on the punishment aspect of the act, which is fine up to RM300,000 and a jail term of up to six years.   

JUST  a reminder, Dr joel Yap Jiang Feng was facing two criminal charges, which means a maximum 12 year term 

Deceiving Edge : Money for something, a Nicky Liow 2.0 in the making.

THE South China Morning Post, one of the most respected English publications in this side of the World reports that public anger is brewing that gangster Nicky Liow Soon Hee paid RM10 million to avoid a prison term.

MALAYSIANS, should get a lot more worried and much more furious that this type of money for something cases have been a mainstay even before Anwar Ibrahim became Prime Minister.

FURIOUS , because the Health Ministry may have gotten into the act, with little regards for public health safety by entering into this type of money for something deals.

AT the heart of this money for something deal is 1 Doc International Bhd.

Deceiving Edge : An IPO that does not exist but shaped as one living on real time.

TRUST/ confidence are manna for spin doctors to build narratives  to imprison users, with news controlled bu users with a high threshold  of self interest.

TAKE for instancev theedge reporting on the Datuk Madani Sahari money laundering and corruption trail, where Hong Seng Consolidated  Bhd's name was left out while its executive directors name misspelled. READ : Narrative in check , smooth sailing all the way.

THE almost successful  attempt to keep Kenny khow Chuan Wah, a named nominees of Victor Chin Boon Long, seems to have given the Edge a boost in inventing stories into news report which on the surface looks and feels authentic. 

READ :  1 Doc International Bhd’s plan for a September listing on Bursa Malaysia’s Main Market has been delayed. The article goes on to say that some private equity is also keen in taking a stake in 1 Doc International  Bhd.

HOW on earth did the edge come up with this self made story is beyond me.  Some parts of the story are pure fabrication.

PLEASE go to the Securities Commision website, and note what the SC states on the 1 Doc International bhd's prospectus. READ : The prospectuses published here have not been registered with the SC under Section 232 of the Capital Markets and Services Act 2007 and is solely for the purpose of seeking comments from the public.

BASICALLY,  the I Doc International Bhd  Prospectus hasn't moved into anything concrete , or are even close to the build up to a fully approved Prospectus by Bursa and SC.

YET for reason known only to the editors of the edge, they jumped the gun, in a manner where 1 Doc International Bhd looks respectable while hard facts points to something rotten, maybe from the state of Denmark with a capital S for SINISTER. 

Beyond Skin : The Unforgiven.

EVERYBODY deserves, a second, third ..an unlimited amount of opportunities to come good morally, and ethically,  however, the world is such not everyone can be given a free pass.

IF a lawyer, F's up, second chances are a plenty but if a medical doctor were to screw up, I am sorry the buck stops right there.

DOCTOR'S  is the plus factor in recovery , but if greed is placed above the well being of a human being, I am so sorry to say, you shall be UNFORGIVEN.

HAVING two major stakeholders illegally using medicine for commercial advantage is a big red flag. The flag gets much bigger, that these boys are still in it only for the money via their intention as stated in prospectus, to not only sell their shares to selected Bumiputra investors, but also give themselves a bumper dividend up to RM75 million in the event the ipo is on.

THE RM75 million is way above then what I Doc International Bhd earned last year.  

ANOTHER question that keeps ringing a questionable bell is why come out with a draft prospectus before the Malaysian Medical Council have decided on the severity of the punishment that must be imposed on them?