HONG Seng Consolidated Bhd's READ : purchase of a 32.61 per cent stake for RM60.3 million mainly from Victor Chin Boon Long's wife this month is nothing more than a money juggling exercise by PETER TO PAY PAUL.
ROB PETER TO PAY PAUL is a transaction that refers to taking something away from one person to pay another. To put is plainly, it is an act to discharge one debt only to incur another.
SO who is being robbed here? Look no further than Revenue Group Bhd, who must now make sure that there are zero HITCHES in Revenue Group's READ : proposed purchase of Hong Seng's digital business, Innov8tif Holdings Sdn Bhd for RM36 million.
COULD there be any hitches to this deal? THERE should be, but with Umar Swift and Wahid Omar in charge of Bursa Malaysia nothing much will happen to bring in just and good governance.
TO understand what I mean, we have to travel back in time to January 2023 READ : When Green Packet Bhd sold it's 100 per cent stake in Xendity Sdn Bhd to Innov8tif Holdings Sdn Bhd, for RM17.5 million in cash.
GUESS who is the SOLE director in Xendity? FRANCIS Leong Seng Wui.
GUESS who is the controlling shareholder of Revenue Group and its executive director of Revenue Group and the guy responsible in pushing forward the plan for Revenue Group to buy Innov8tif which in turn bought Xendity? FRANCIS Leong Seng Wui.
IS there a potential conflict of Interest here? YES there is. Will minority shareholders be allowed to vote on the proposal? NO they won't because Bursa Malaysia doea not see this as a related party transaction.
NEVERMIND the fact Revenue Group does not have a CEO, CHAIRMAN nor an EXTERNAL auditor, while the planned purchase is in the process of being completed.
EFFECTIVELY Victor Chin Boon Long is now in the business of juggling his own money, to make it look much bigger than it seems ; A trait often used by those who are RUNNING OUT OF MONEY!!!
