THE story goes like this. On July 14 2023, Hong Seng bought READ : acquired 402 million shares or 32.61% in Classita Holdings Bhd for RM60.31mil.
AFTER buying the shares, which mainly benefited Chan Swee Ying, who is actually much older than her husband Victor Chin Boon Long, Hong Seng proceeded to proudly inform Bursa Malaysia that it has no expertise nor experience managing a company like Classita which makes bra and panties for a living.
FAST forward to today, which is 17 trading days since the purchase was made, sees Hong Seng literally stripped to its underwear, as the company as of today, has suffered a paper loss of RM14.07 million.
BASICALLY, on paper Hong Seng had lost 23.3 per cent of the RM60.3 million it spend to buy out Chan Swee Ying at a sweet premium.
WAS the whole exercise ment to legally transact money from Hong Seng and into the hands of the hidden hands on the vicious Corporate Mafia.,
TO those, who are not in the loop, Hong Seng Consolidated ownership has changed but not yet officially disclosed.
WHO are the new shareholders of Hong Seng? The safe answer will be parties friendly to Victor Chin Boon Long although we know who ever the registered owner is, they are just holding in trust the shares for Victor Chin Boon Long.
HE cannot surface as the registered major force in Hong Seng, because of the large amount of debt, he and his men officially owe Hong Seng as most thier shares are pledged to Hong Seng Capital.
HOW badly does Victor Chin Boon Long need money after he got out played and out maneuvered in Revenue Group Bhd , by a unit much more advanced and sophisticated than the Corporate Mafia?
WELL bad enough to offer to sell off covertly owned shares in Greenpacket, to a BANGLA who increasingly is getting very NERVOUS after he learned that very senior enforcement officials visited BANGLADESH, specifically to nail this BANGLA.