Revenue Group Bhd, the devil's detail in plain sight.

LOOKING at Revenue Group Bhd's latest results which was announced yesterday, it didn't surprise, that the Leong Seng Wui lead team, has no clue on how to  move the company forward.

ONE doesn't need to be as smart as Albert Einstein to come to such a conclusion, as a lack of a game plan sticks out like a sore thumb.

CONSIDER the following, to understand why a lack of a game plan or even a game plan to have a game plan is not there.

JUST READ : the outlook and prospect section of Revenue Group Bhd or better still  use a word count.

THE word count will show you, here is a loss making company, where directors have deliberated on the outlook and prospect of the company in a 340 word long essay.

58.5 per cent or approximately  199 words from the 340 word essay, was used to explain the company's prospects  in its non core money lending business.  SHAMEFUL 

WiseGuy inside The Corporate Mafia : First Blood comes gushing out from Datasonic Group Bhd.

APPARENTLY,  the  stink bomb squad has been ORDERED to get rid of the stinking smell coming from Datasonic, a company with a proven track record of winning national security related contracts.

ODDLY, it is Datasonic'  innovative dealing making in a company appropriately named Innov8tif , that have got the wheels spinning in motion. 

AS such being unable to equity account earnings of Innov8tif  at group despite earnestly wishing to acquire 51 per cent stake for RM40 million , shouldn't  be of concern to the hidden in plain sight,  new force in Datasonic.

THE arrogance of the Innov8tif deal READ : lays in the believe that certain parties want us to believe that a company bleeding red ink all it's life, is so sought after, that atleast four public listed companies have bought and sold the company in a very short period of time

 

TWO days back  I highlighted, that Datasonic is in for a shocker soon with regards to it's existing KDN sanctioned contracts. 

FIRST blood came soon after,  with Government Linked  Corporations, washing their hands from Datasonic, the new leper in town READ : URUSHARTA JAMAAH SDN. BHD, which manages funds GLC starts off with million share dumping of Datasonic

THE fall out when it does come, will definitely  mark the purchase of Innov8tif ,  as  the back breaking beast, which broke the camels status cue.

AT the end of the day, Anwar Ibrahim, as Finance Minister is answerable, for even the questionable decisions not of his own doing or even to his liking.

THE soundbites coming out, seems to be in agreement, the  definitely  legal and and innovative deal making is in for a RUDE  RESPONSE. 

WiseGuy inside The Corporate Mafia : Bang, Bang, My Baby Shooting You Down, Datasonic Group Bhd.

DATASONIC Group Bhd, recently got panned by the eagle eyed minority shareholders on the company's free warrants as they have potential of diluting minorities who opt not to convert them into mother shares. 

FOR good measure stabbed salt into the wound , rubbishing the new management`s eager decision to reward themselves with beyond generous ESOS options. READ : DATASONIC esos reward to freshly minted directors is ludicrous.

MARK my words, and I am not MOUTHING without  basis, that DATASONIC, heavily linked to the Victor Chin Boon Long is going to receive a nasty retribution. 

DATASONIC which has come to the rescue of Victor Chin Boon Long`s stupidly superstitious boy, the former manager of the car park at Federal Hotel, Francis Leong Seng Wui. 

THE rescue was in the form of DATASONIC , giving the cash strapped, loss making Revenue Group Bhd, RM40 million in exchange for Innov8tIv, an asset which the company will not be able to equity account into its consolidated earnings.  READ : Innov8tif being passed around like a groupie

TROUBLE is not a friend of DATASONIC,  as directors in the know of what is in store have been selling the company's shares in the open , market, despite DATASONIC buying back it's own shares. READ : Director Chew Chi Hong selling Datasonic shares in the millions, ticks suspicious minds that all is not well

BANG bang, the Madani Government  is going to shoot DATASONIC down, by revoking some of the national security related contracts. 

DATASONIC is in a mess, and the omens clearly show . It must be that the Victor Chin Boon Long`s making hay in the sun days, have passed it's prime,  as DATASONIC, seems to have difficulty finding talents . 

THE appointment of Puvanesan Subenthrian by DATASONIC, which has national security linked business, is a clear sign there is a bad moon rising. 

WHY is this so, you may ask? Well it is because that Indian chap happens to be the CEO of Privasia Technlogy Berhad, which is under investigations on what buttons were pushed for the company to receive READ :a RM1.2 billion contract on the eve Parliament was dissolved for GE 15

Closure for Artroniq Bhd ? leaves a deeper poser on Revenue Group Bhd.

WITH the resignation of VIEW : Liaw Way Gian as executive director of Artroniq Bhd on November 4 2024, it increasingly looks like Artoniq is  looking for closure.

CLOSURE, from the unfortunate  incident that snared : MITI Minister Tengku Zafrul as well as Artroniq in an allegedly scam MOU that would go on to raise some RM50 million for the company.

WITH Liaw Way Gian's departure almost the entire board of Artroniq has been replaced while the incident is said to be still being investigated by the Royal Malaysian Police. READ : Artroniq Deputy Chairman and three other directors quit the company on August 2024.

THAT, Artroniq  Bhd which is said to have the backing of a son of a powerful Sarawakian politician with enough clout to bring down the Federal Government, wasn't enough fire power for the same faces to be the public face of the company is REFRESHING. 

WHICH brings us to the question, what or who exactly  is behind the black hand protecting Revenue Group Bhd being put under the SAME microscope for more than RM46 million that flowed into Revenue Group Bhd.

THE transaction has all the hallmarks of money laundering, because seemingly minority shareholders converted more than 62.59 million warrants, paying 75 sen per warrant to convert them into mother shares.

THE mothers shares, were at that point of time trading at nearly a 300 per cent discount from the 75 sen paid by unknown minority shareholders to Revenue Group Bhd.

BANK Negara Malaysia, the Securities Commission and Bursa Malaysia's silence is deafening as well as shamelessly DISGUSTING.

State of The Nation : The Black Swan Called BERNAS.

THE  Prime Minister upon his return from abroad was supposed to READ: make an important announcement on Bernas in line with the still secret recommendations made by the MYCC, the nation's anti competitive board.

INSTEAD he will touch down in Malaysia on hostile grounds due to READ : an edited clip CNN clip on the Prime Minister's stand on Palestinian issue, as well as what looks like a well planned READ : game plan to bring down the Sabah state Government.

ALL these weeks after Anwar Ibrahim  was praised for finally bringing stability to Malaysia.

ALL these also took place after Malaysia was told that the Prime Minister was on the verge of making a ground breaking announcement on the rice monopoly and the secret cartels behind them.

IS all that is suddenly brewing up in Malaysia blackswan events or a repeat of what happened after August 2018, when the late Agriculture and Agro-based Industry Minister  Salahuddin Ayub READ : told the Dewan Rakyat that the Government plans to end Bernas rice monopoly.

BY, January 2019, the still then popular PH Government lose a crucial BY election in Cameroon Highlands and in the following year, they would be overthrown , after BERSATU abandoned ship. 

COINCIDENTALLY,  Syed Mokthar would latter go on to READ : donate RM195 million to BERSATU, making him the party's single largest funder ever.

Bursa Malaysia stop asking silly Questions to Revenue Group Bhd.

ON Wednesday, Bursa Malaysia send out a set of questions to Revenue  Group Bhd regarding the company's intentions to sell off Innov8tif Solutions Sdn Bhd. VIEW : Bursa Malaysia ask so many questions except the CORRECT question

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. 

Bank Negara Malaysia, what's your story, Morning Glory?

I bet the whole of Malaysia would want to know why is it Bank Negara Malaysia allowed Quantum Metal to send more than RM100 million to Australia, wheh obviously  the company, READ : hasn't been paying its taxes to the Malaysian Government

THE amount would have been much more than RM100 million if the Australian Reserve Bank hadn't stepped in an rejected Quantum Metal Malaysia's transfers to Australia.

I bet if the wider public  knew that nearly RM63 million was syringed into Revenue Group Bhd in a very suspicious manner, and no action was taken by Central Bank they would be disgusted with Bank Negara Malaysia .

DISGUSTED because READ : the RM63 million was pumped into Revenue Group via converting the warrants at 75 sen when the mother shares were trading at 25 sen a share.

THE general public would be screaming scandal that all this only took place  when Kamari Zaman Juhari joined Revenue Group.

 BEFORE Kamari Zaman Juhari joined Revenue Group NOT a single warrant WAS converted at such huge premiums.

WHY is this individual important in this conversation? Well because was a former chairman of Quantum Metal Malaysia and still a director in some of its subsidiaries, as well as a former senior official  in Bank Negara Malaysia

YES  the same Quantum Metal that hasn't repaid for nearly 12 months now the money it took from investors.

WHICH brings us to the question, why hasn't the central bank adhere to it's own VIEW :employee screening guidelines which would automatically disqualify Kamari Zaman Juhari from being the chairman of Revenue Group

Whats the price of potential?

POTENTIAL does not have a price tag  to it,  hence many claim that the price of potential  is infinite.

THERE is nothing wrong in backing potential, but things can get horribly wrong when you READ : back potential without following the rules.

WHICH brings us to the question of second finance Minister's statement in Parliament  that  READ : FashionValet had potential when Khazanah and PNB invested — Amir Hamzah.

SO where did it go wrong for FashionValet?  I believe to find the right answers to this question, we must first investigate the correct people. 

VIVY Yusof and her husband Fadzarudin Shah Anuar are abovious targets because they are the ones who financially  benefited from the cash outlay by Khazanah Nasional and Permodalan Nasional Bhd.

THEY should be the last set of people to be investigated by the authorities.  To understand why is this so, one  must first understand that  seed funding on potential is an investment into the company and not the owners.

THE first bunch which should be booked are tie board of directors, such as the Khazanah representative to the board and Aireen Omar, the former CEO of AirAsia who allowed all the supposedly ethics breaching transgressions to take place.

WITHOUT the board approval, VIVY Yusof and her husband Fadzarudin Shah Anuar  wouldn't gave been able to pay themselves  millions in dividend for a company in its entire existence,  couldn't manage to make even RM1 in profits 

Innov8tif, a diamond in the rough or money washing machine??

APPARENTLY  in Malaysia, if you are indebted to a company which wants to urgently sell their worthless assets at a premium,  you don't have to make any disclosure.

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IN fact, you can actually vote for it in the close door board meeting, and get the deal approved even if the entire deal is worth some RM40 million.

MlNORITY shareholders, meanwhile go fly kites or better still go fishing because the Minority Shareholders Watchdog Group, won't be barking for you,  because you don't have any BISCUITS for the dog.

BURSA Malaysia and the Securities Commission  won't take any action, perhaps on fear, once their personal once retired won't be hired by the CORPORATE MAFIA to sustain their drinking habits.

THE above is not a fictional piece or one that took place a decade ago,  but a factuall account of what took place at  REVENUE GROUP on 2023.

READ : And highest percentage ratio for the Proposed Acquisition pursuant to Paragraph 10.02(g) of the Main Market Listing Requirements, is 22.92%, being the Purchase Consideration over thelatest audited consolidated net assets of REVENUE as at 30 June 2022. As such, the Proposed Acquisition does not require the approval of shareholders of REVENUE.

BUT was the Minority Shareholders, Bursa Malaysia, and the Securities  Commission  informed in any of the publicly released sale document, that the director namely Teh Chee Hoe, who would latter publicly  back the purchase which READ : gave Hong Seng Consolidated a RM5.5 million profit from the sale of Innov8tif was HEAVILY  indebted?

AND who was he indebted too?  Who else but Hong Seng Consolidated Bhd . HERE is a filing in Bursa Malaysia to prove, that at the time Revenue Group was buying Innov8tif from  Hong Seng Consolidated,  the shares supposedly belonging to Teh Chee Hoe ViEW: was officially registered under the name of Hong Seng Capital, a unit of Hong Seng Consolidated 

WHY hasn't been dragged to court by the regulators ????

WiseGuy inside The Corporate Mafia : Quantum Metal in the line of fire.

LIM Khong Soon is running out of time, and his lies are becoming more blatant, which  makes it very easy to detect.

BEFORE, I get into the latest misleading statement by Lim Khong Soon, Malaysians should be asking themselves, should the Chinaman Lim Khong Soon be the only one going to jail, when the time comes.

What about hie two friends, who happens to be still serving directors of Quantum Bullion Exchange Board, specifically  Kamari Zaman Juhari, who now sits on the asset selling loss making entity Revenue Group Bhd, which received nearly RM60 million a year ago in manner that fits the definition of money laundering.

ALSO on the list should be Abdul Fattah Abdullah, the deputy permanent chair of UMNO.

NOW back to Lim Khong Soon's lie which makes the Malaysian Government looks like idiots in the eyes of FOREIGN INVESTORS.

IN  a filing to the Australian Stock Exchange, Besra Gold disclosed to the world  that READ :  That the petition to wind up Quantum Metal by the Government of Malaysia was with regards to the company not paying promptly its taxes.

NOW if Quantum Metal is telling the absolute truth, why is the Government  then inviting those who want to support the petition, which is actually a private matter between Quantum Metal and the Government of Malaysia?

HERE is a clue, the case against Quantum Metal was on the basis the company had breached paragraph 465(1)(e) of the Companird Act.

ONE of the grounds for a winding up of a company is prescribed under paragraph 465(1)(e) of the Act is “if the company is unable to pay its debts”.