Monday 18 September 2023

Francis Leong Seng Wui, Time is a double edged sword.

FRANCIS Leong Seng Wui has obviously bought time by getting the Companies Commission of Malaysia to READ : allow Revenue Group not to hold shareholders meeting until March 2024.

REVENUE  Group Bhd shareholders, last gathered under one roof, back on Dec 6 2022, when its net income to stockholders stood at RM12.4 million as opposed to its current net income to shareholders SINKING in to NEGATIVE of  RM36 million.

 MAXIMUM time for a postponement under section 340 of the Companies Act 2016, is 15 months, which is what Revenue Group had opted form.

FRANCIS Leong Seng Wui, most definitely had acquired some breathing space, without realising that time is a double edged sword .

BURSA Malaysia, under the very well taken care of financially Wahid Omar , and Umar Swift, in terms of legally obtained salary of course, may have faked incompetence, for not putting Francis Leong Seng Wui to the stress test, specifically on the controversial purchase of  READ : a controlling 51% stake in Innov8tif Holdings Sdn Bhd for RM36 million.

THE common shareholders of Revenue Group, therefore shall do the job which Wahid Omar and Umar Swift were so super reluctant to do.

I shall not go into detail, on the entire spectrum of questions designed by a group far more sophisticated than the Corporate Mafia,  but what I will do here,  is just to take the mid question and not the killer questions designed to embarrass and floor Francis Leong Seng Wui for good.

AND the mid point question would be ; How come lah Leong Seng Wui, you did not disclose to Bursa Malaysia, that since April 27, 2018, you have been a firm supporter and SHAREHOLDER of  Securemetric Bhd.

WHAT is very strange in Francis Leong Seng Wui's multiple  purchase of Securemetric Bhd shares is, he actually bought it all for cash, and did not pledge it to K N Kenanga, as in all his other purchase imof public listed companies.

AND why is Securemetric important in this conversation? Well because ,Securemetric owns 20 per cent of Innov8tif.

THE very fact that neither the regulator was made aware of it and nor  did the independent valuer, mention this little piece of information is definitely cause for EXTREME CONCERN.

IF such an incident like the above, had taken place, say in neighbouring Singapore, most  will definitely assume thier regulators  would have thrown the entire penal code, plus anything else within reach on the heads of the parties concerned.

AND why will most of us make that assumption? It must be because our eyes can judge  their actions, which we often attribute to be from those who are competent as well as CORRUPT FREE.