Sunday 26 May 2024

WiseGuy inside The Corporate Mafia ; We Know What You Did Last Summer

IF, you are wondering where is the Part 2 to the READ :  The PAS formula, and on why , i had written that  Hong Seng Consolidated Bhd's announcement to the stock exchange last week was DISHONEST at worst and at best DECEPTIVE

TO recap , last week Hong Seng Consolidated told the stock exchange, READ : the company wants to revisit potential glove business expansion, but on smaller scale.

SO how can such a noble act, from Hong Seng Consolidated, be dumped to the sewerage sections of DISHONEST and DECEPTIVE? 

WELL,  because WE know what you did Last Summer. 

ACCORDING to CSH Holdings, Hong Seng Frontier Sdn Bhd , is the beneficial owner “and has full benefit and interest” over a building comprising a factory, warehouse, office and a canteen that are erected on a 21,680 sq metre leasehold plot in the Bakar Arang Industrial Estate in Sungai Petani, Kedah.

THE land’s registered proprietor is Perbadanan Kemajuan Negeri Kedah (PKNK) and the plot has been leased to HS Vision One Sdn Bhd (HSV) and charged to Public Bank Bhd for a loan facility to Hong Seng Frontier Sdn Bhd.

HONG Seng Frontier Sdn Bhd, however, has “full interest over the lease of the land pursuant to a sales and purchase of lease agreement dated May 31, 2023 entered with HSV,” CSH Alliance’s filing read.

TO cut a long story short, the land in question is part of the Kedah Rubber City Project, 

THEREFORE if there is NO either a real plan or a made up plan for a smaller scale project, the land grab can't happen, and if it can't happen, what do you think Public Bank  will do ?