MERCHANT terminations against Revenue Group Bhd services have already begun even on the popular Grab platform, and worst still the company has received no new job order of deploying edc/terminal to merchants.
WHAT this means is Revenue Group has physically very little business left, not to mention a staff count which just got thinner with another two staff calling it quits on Friday , making it a record 35 out of 51 staff who have shown the middle finger to Francis Leong Seng Wui and walked off.
WHAT is the dire concequences of all this to Revenue Group? Well EDC suplliers are no longer willing to give credit to a company now dangerously named by the Unity Government as a Mafia group.
WHICH is why Hong Seng Consolidated wants to take the cash now from Revenue Group, rather than wait and find out if got any cash latter on or not. READ : Hong Seng Admits that it is selling to Revenue Group for RM36 million,an asset that would require a longer gestation period before the group is able to recoup the investment.
HONG Seng does not state how long, it will take Revenue Group to recoup but based on the fact that some of the assets are loss making and others barely can generate a pre tax profit of RM500,000, the gestation period could well be 20 years
