THE story of Innov8tif Solutions is interesting because two top officials and former substantial shareholders from Greenpacket, who are very familiar with Innov8tif Solutions, having READ : sold Xendity for a RM10 million DISCOUNT to Innov8tif only for Hong Seng Consolidated to snap up the enlarged Innov8tif within days.
WERE Leong Seng Wui and Teh Chee Hoe pushing for the sale of Xendity really in the best interest of GreenPacket minority stakeholders back in February 2023, we will never know.
WHAT we do know is, the wankers Teh Chee Hoe and Leong Seng Wui, would conveniently appear in Revenue Group Bhd and by May 2023, decide to acquire READ :Innov8tif from Hong Seng Consolidated in RM36 million deal, allowing Hong Seng to book a profit of RM5 million.
CONVINENTLY, Leong Seng Wui, then becomes the substantial and major shareholder as well as READ:Hong Seng Consolidated Bhd (HSCB) has appointed Francis Leong Seng Wui as executive director with immediate effect.
REMEMBER, folks , Hong Seng had profited between RM5 million and RM5.5 million from the sale of Innov8tif, and Leong Seng Wui is now the dominant force in Hong Seng Consolidated.
NOW what does Leong Seng Wui do once he is sitting pretty in Hong Seng Consolidated? Well he and his fellow ex substantial shareholders of Greebpacket, Teh Chee Hoe decides that it's time for Revenue Group to sell Innov8tif to Datascan for a RM4 million profit. READ : Datasonic to acquire Innov8tif for RM40 million
NOW folks,doesn't this look like Leong Seng Wui has control of RM9 million of the RM10 million DISCOUNT which Greenpacket gave when it sold Xendity to Innov8tif. Do note at that point the sole director of Xendity was Leong Seng Wui.
COMING back to the correct question, which Bursa Malaysia should have asked is if in any of the documents specifically Revenue Group had submitted for public consumption to the exchange, with regards to Revenue Group's purchase of Innov8tif from Hong Seng Consolidated, did the company disclose that Teh Chee Hoe was in debt with the money lending unit of Hong Seng Consolidated?
IF no, why was this peace of information not disclosed? Yes minority shareholders couldn't have voted in the deal, but that should not prevent them from knowing, as the time Revenue Group decided to be generous with Hong Seng Consolidated, the shares supposedly owned by Teh Chee Hoe, was registered under a unit of Hong Seng Consolidated.
