Thursday 4 April 2024

Leong Seng Wui borrowed money from a money lender for a five per cent stake in Hong Seng Consolidated Bhd.

LEONG Seng Wui, who had borrowed money from Kenanga to acquire five per cent of Revenue Group Bhd, has now gone a rung lower and exposed himself to money lenders.

ON the radar of law enforcement units , working to clean up, the Kuala Lumpur Stock Exchange, Leong Seng Wui, has placed himself at the mercy of Velocity Bhd's money lending unit, to READ : acquire a five per cent stake in Hong Seng Consolidated Bhd, a company that had raised tremendous amount of capital during the COVID era for projects that eventually did not take off

INTERESTINGLY, the Simply Wall Street investment portal had raised questions READ :Hong Seng Consolidated Bhd's free float had dropped to 19 per cent.

IF indeed true, this is a major red flag listing violation, that could forcibly delist Hong Seng Consolidated from the listing registra of the Kuala Lumpur Stock Exchange.