Thursday 16 May 2024

WiseGuy inside The Corporate Mafia : The lending scheme under Nga Kor Ming's Ministry.

GRANTED the scheme below, which I am about to describe, have been taking place long before Nga Kor Ming took over as Minister of housing and local government, but the buck today ends at Nga Kor Ming's desk.

WHY is that so? is it because Nga Kor Ming is the chauvinist face of the DAP, or because most Malays have a natural disdain for the man? 

NO, it is because Nga Kor Ming is the minister in charge of giving out and monitoring, the friendly and sometimes not so friendly KREDIT KOMUNITI money lenders.

KREDIT Komuniti, money lenders are supposed to be a sort of lender of last resort for the small men of Malaysia.

BUT under the Victor Chin Boon Long Group, these money lending entities controlled by public listed companies , that has either Victor Chin Boon Long or Leong Seng Wui as executive director, has been lending money to either each other directly or to their known proxies to either purchase shares or to subscribe for script issues.

DOES the DAP benefit from all these type of exercise? I don't know, but if Nga Kor Ming doesn't put a stop to all these activities, that's what the people will start spitting at UMNO to keep UMNO's head down.

WHY is this an issue now? Well because Leong Seng Wui is a substantial shareholder cum executive director in Hong Seng Consolidated while Victor Chin Boon Long has a lot of shares in Hong Seng Consolidated, hence making them parties acting in concert with one and other.

WHERE is the evidence or paper trail that such a nexus of evil exists? 

VELOCITY Capital meanwhile is owned by Velocity Capital Partners Bhd, in which Victor Chin Boon Long's MMAG Bhd used to be a dominant shareholder up until September 2023.

WELL done, Victor Chin Boon Long for officially cutting the link, but here is the catch VIEW : you shouldn't have appointed Revenue Group's director Krishnan Dorairaju as independent director in Velocity Bhd.

IMAGINE, claiming you are independent but continently giving your boss million ringgits of loans from another company to buy into Hong Seng Consolidated Bhd, just months after REVENUE GROUP READ :  bought assets at an inflated price from Hong Seng Consolidated.

BURSA Malaysia and Securities Commission how impartial was Revenue Group's executive director Teh Chee Hoe in agreeing to pay Hong Seng Consolidated RM36 million for an asset which at that point of time Hong Seng Consolidated had only forked out RM3.09 million?

WHY this question is relevant,  at no point of time is because NOWHERE in the filings specifically related to the sale of Innov8tif Holdings Sdn Bhd, did Revenue Group, disclose to you,  that Teh Chee Hoe has a huge debt to pay off to Hong Seng Consolidated?

TEH Chee Hoe, should have abstained in view that he owes money to Hong Seng Capital, yet there is not a single filling to the stock  exchange to indicate he did the honourable thing.

WHERE is the evidence of this debt you may ask? Well look no further than the money VIEW : Hong Seng Capital, a unit of Hong Seng Consolidated lend Teh Hee Hoe to buy 5 percent or 26 million Revenue Group Bhd shares.

IN view of the above, I suggest Bursa Malaysia and the Securities Commission, can you please get off your fat backsides and do the work you are paid for, before it starts to tarnish the good name of Anwar Bin Ibrahim.

PS is this the end of the story? Of course not, wait for the next part, when we are introduced to the  Low Yat gang's, Mr Chin Chai. I kid you not, that is his real name.