READ :THE last thing ANWAR IBRAHIM wants now is for Tun Mahathir, and Perikatan National to go down to ground zero at the life beat of the Malay heartland with a message that when the corporate non sons of this land break the law , ; NO ACTION
THE race card against corporate transgression, has already started on ethnic young Malays favourite social media handle , Tik Tok with a bang . VIEW : Tolong Jangan Berani Pada Bangsa Melayu Sahaja.
SOONER rather than latter, the youngsters are going to demand READ : whatever happened to the Corporate Mafia case file handed by the Royal Malaysian Police to the Attorney Generals Office for prosecution?.
ALMOST 11 months have gone, and there is no news yet from the Attorney General's office on the matter.
WHY this particular case is very ODD is because, it is ONE OF THE VERY RARE CASES READ: where after initial investigations, the police themselves decided to lodge a police report so they can investigate further under section 201 of the Penal Code
BASED on intial police report, the investigation was merely centred on section 409 of the penal code, which basically covers criminal breach of trust offences.
SECTION 201 of the Penal Code is a whole different ball game, with very serious IMPLICATIONS, as section 201 of the penal code covers, offences related to the disappearance of evidence of an offence committed, or giving false information regarding the offence committed, in order to screen the offender from punishment.
MEDIA reports had identified Victor Chin Boon Long, and Francis Leong Seng Wui as important characters associated with the Corporate Mafia.
VICTOR Chin Boon Long, has a tendency to place his wife as a dominant share holder in the targeted company, and then get another public listed company to buy over his wife stake at a huge PREMIUM , for her to book a healthy profit. READ :Hong Seng Consolidated acquires 32 per cent of Classita Bhd , mainly from Victor Chin Boon Ling's second wife for RM60.31 million.
TODAY 100 per cent of Classita is valued at RM62 million
WHEREVER, Francis Leong Seng Wui goes, there seems to be a trend for an as yet to be identified investor or group of investors to convert warrants into mother shares in a manner that suggest possible money laundering activities.
FOR example, during Francis Leong Seng Wui's tenure as the executive director of GREEN PACKET Bhd, the following transactions took place.
SINCE one warrant is converted into one mother share, basically the the 15 million warrants converted equals to 15 million Green Packet mother shares.
THE money required to convert the warrants into the mother share amounted to RM6 million . At that time Green Packet mother shares were valued at 0.05 Sen a share. SO basically for RM6 million , one could have purchased 120 million Green Packet mother shares from the open market.
THE same thing happened the moment Francis Leong Seng Wui was appointed as executive director of Revenue Group.
FROM April 2023, until Jan 2 2024, RM64 million was pumped into Revenue Group by converting the one for one warrants at 75 Sen per conversion into a single mother share.
THIS has been happening right in the front Bursa Malaysia and the Securities Commissions eyes and nose.
SURELY the market requlators are not that daft, so as not to notice that the Revenue Mother shares could be purchased for 25 Sen a piece or even less from the open market.
