THE questions that should be on everyone's mind is why is the Securities Commission allowing this uncertainty to brew, when by right it should be advising investors if they should attend the Velocity Capital advertised AGM for the benefit of Leong Seng Wui.
WHY is the merchant bank involved in this corporate exercise not doing the advertising on behalf of Leong Seng Wui and friends?
WHY is it instead, the money lenders,that too a money lender only licensed by the housing ministry doing the advertising?
IS this because, Velocity Capital is the registered shareholder of the stakes supposedly being held by Leong Seng Wui?
IF this is indeed the case, then the SC best start opening up a case against Leong Seng Wui and Teh Chee Hoe of Revenue Group Bhd.
WHY a case against the duo. Well do recall, back in Jan 20 2023, when Leong Seng Wui was the executive director of Green Packet Bhd, the company sold READ : Xendity Sdn Bhd to Innov8tif Holdings Sdn Bhd for a RM10.8 million discount.
THE final sale price of Xendity Sdn Bhd was RM17.5 million, and in what must definitely be a world record in integrating two different companies into one, 51 per cent of the combined Xendity and Innov8tif entities was sold off to Hong Seng Consolidated bhd READ : just 10 days latter for RM30.5 million.
SOME 94 days latter, both former Green Packet Bhd directors, Leong Seng Wui and Teh Chee Hoe now in the form of Revenue Group Bhd pays a steep premium in valuation of Xendity and Innov8tif READ : by dishing off RM36 million to take the company of the hands off Hong Seng.
THE worst part to this entire deal was, all during these time, the registered shareholder of Teh Chee Hoe's shares were none other than Hong Seng Consolidated.
ISN'T this a conflict of interest? Was any announcement specifically to the purchase of Innov8tif by Revenue Group from Hong Seng , mention the fact that the shares supposedly owned by Teh Chee Hoe, the executive director of Revenue Group was actually registered under Hong Seng Consolidated?
THE answer is a hell NO ...so why has the SC not stand up and shown any form of leadership?
