Sunday 11 February 2024

WiseGuy inside The Corporate Mafia ; Nga Kor Ming & Leong Seng Wui

THE most EYE CATCHING aspect of KTMB open payment system signing ceremony last week  which involved Leong Seng Wui's Revenue Group, was  the presence of NGA KOR MING at the function.

WHY should Nga Kor Ming's presence here at function to celebrate READ : Revenue Group, NSS IT solution empowering KTMB's open payment systemTROUBLE Prime Minister Anwar Ibrahim? .

WELL, for one Leong Seng Wui had been identified by the Corporate Secrets. Com as part of a CHINESE ONLY  gangster group who threatens and intimidate innocent Chinese businessmen.

LET'S not take CorporateSecrets.Com's word for it nor the word of the  innocent Chinese businessmen.

LET us assume all the allegations against Leong Seng Wui are false, but that still does not explain why NGA KOR MING's ministry gave READ : Leong Seng Wui's Revenue Group a money lending license, when more than RM64 million went into Revenue Group Bhd, in a matter that does not make any ECONOMIC SENCE.

CAN Nga Kor Ming explain how and why 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.

SINCE, the conversions done does not make any economic sence and the quantum runs into RM64 MILLION  RINGGIT, one can only assume A WASHING MACHINE EXERCISE, most likely took place.

AND why does it not make any economic sence, well because instead of PAYING 75 sen via the warrant conversion, the people who did this conversion could have easily acquired the Revenue Group mother shares for less than 25 SEN A PIECE.

TO put things into perspective , 100 per cent of Revenue Group today is worth RM114 million, with the share trading at 20.5 sen.

BASICALLY,  RM64 MILLION accounts for about  56 PER CENT of the total market capitalisation of REVENUE Group, yet officially the controlling shareholder of Revenue Group, Leong Seng Wui only owns less than 6 per cent of the company.

AND lets not forget, despite the STRANGE manner in which this RM64 million entered into Revenue Group Bhd, the company has informed the stock exchange READ : it needs to do a 53 million share private placement just to pay SALARY.

NGA KOR MING , should quit the cabinet before the situation becomes untenable, as he has BECOME AN EMBARRASSMENT to the PRIME MINISTER.