INFAMOUS is an understatement, so it's more like the notoriously hot headed Corporate Mafia Group, who have pawned their pen foe guns, it seems. READ : Businessmen allegedly shows gun to rival, detained by police.
SO what's the hot trail, if investigated impartially can definitely lead to the Corporate Mafia being nailed.
BUT before that, meet READ : Russell Walter Boyd, formerly of Creador and Navis Capital who now moonlighting as an advisor to Singapore's Vantage Capital Partners as well as being the new CEO of Sarawak Cable Bhd
BASED on Russell Walter Boyd's qualifications, one can assume that the 39 year old, is competent enough to do financial projections.
TWO years ago, Russell Walter Boyd's made news when he inked a deal to sell his 51 per cent of his company Pow Pocket Sdn Bhd, to Hong Seng Consolidated Bhd for RM200 million. Present at the signing ceremony was Pow Pocket Sdn Bhd senior advisor Kuhan Arunasalam.
XIFU, the investment site in report noted that Hong Seng shares had moved from the 40 sen a share level to peak at RM3.47 by November 2021.
THE problem with the RM200 million valuation was READ : based on Dec 2019 accounts, Pow Pocket suffered a loss of RM5,606, but Hong Seng kept insisting Pow Pocket will achieve profit after taxation of RM400 million within 12 months from the completion of the Definitive Agreement.
NOW, we know that the deal was eventually called off, but the damage to retail Investors , were already done as the stock price had run up.
PERHAPS, it is time the SC probe on Pow Pocket's latest audited report, and fine out if even something close to the RM400 million was achieved.
WHY a probe is required, is because Russell Walter Boyd and Kuhan Arunasalam, would latter wear different hats and yet again enter another deal with Hong Seng, with Hong Seng alleging that their new vehicle QRlab is affiliated with Affinity ID Network Pte. Ltd (Affinidi), which quickly drew READ : a rebuke from Singapore's Temasek.
NOW if the story had just ended there, suspicion that something sinister was going on, might still be debatable.
FORTUNATELY, the story does not end there yet, as we have READ : Kenny Khow Chuan Wah, who acted on P. Kuhan Arunasalam's instruction giving a government official a five million ringgit bung on behalf of Aspire Knowledge Sdn Bhd
THE problem with the entire bribing the government official is, as you can see above is that Aspire Knowledge Sdn Bhd is an 80 per cent owned subsidiary of CASD Solutions Sdn Bhd, which in turn is 100 per cent owned by HONG SENG CONSOLIDATED.
WHY would a third party come out with RM5 million on Hong Seng's behalf?
AND who is Kenny Khow Chuan Wah,? KENNY Khow Chuan Wah, a former accountant with PriceWaterhouse , at that point of time was the Finance Director at Greenpacket as well as one of the directors from team Victor Chin Boon Long at Hong Seng Consolidated Bhd