ALLEGED sucker number one, goes by the name of Francis Leong Seng Wui, the current substantial shareholder and executive director of Revenue Group Bhd.
BY the way, I specifically used the word alleged sucker, because as you read through, you would notice that those who actually got suckered are actually a group of men who supposedly are very intelligent.
ON the suckered list are the chairman of Securities Commission, Awang Adek Hussin, who happens to be a former minister, and former Ambassador to the United States, the chairman of Bursa Malaysia, Wahid Omar who also happens to be a minister cum uber/grab driver and Umar Swift the CEO of Bursa Malaysia , who is a champion in gulping beverages.
WHY must we place them on the suckerd list hall of shame? Well because, since no one has placed any evidence that they took money not to take action, we can only conclude that they are either very lazy or intellectually challenged.
CONSIDER the following story trail and make your own conclusions.
IT seems, Hong Seng Consolidated's confidence have been boosted a sucker is indeed born every minute, when they stumbled upon alleged sucker number one, Francis Leong Seng Wui of Revenue Group Bhd.
AND why is Hong Seng selling Innov8tif Holdings Sdn Bhd? Because the company states that there is a lack of synergy.
HAVING now secured VICTOR CHIN BOON LONG'S staff Francis Leong Seng Wui's Revenue Group's intention to fork out RM36 million by paying a premium of 14.5 per cent over the original sale price, guess what did Hong Seng Consolidated do with its new found paper richness?
ACCORDING to what Hong Seng told Wahid Omar and Umar Swift's Bursa Malaysia, they went out and bought READ : Another Company in which has no synergetic value with Hong Seng's current business
HONG Seng paid READ : A record RM60.3 million for a 32.61 per cent stake, mainly from Victor Chin Boon Long's older wife.
DO note, that based on Hong Seng's current shareholding in Classita, the company cannot equity account Classita's earnings but must rely on the very remote possibility that the loss making Classita will pay out dividends.
OR perhaps and despite now Victor Chin Boon Long linked unofficially as the controlling voice in Hong Seng, the company is betting that the alleged sucker number one , Francis Leong Seng of Revenue Group fame will wait another six months before paying another 14.5 per cent premium for the stake in Classita Bhd .
To be continued...
