FOR one, it has given those who control public listed companies, to give out monies raised via rights issue to a very selected few, who are not only their allies but also who happens to be their former employers who often are by their side.
THE challenge for Bursa Malaysia is to confront the embarrassing truth, that money borrowed out by these so called Kreditkomuniti entities controlled by public listed companies to acquire shares in entities trades on Bursa Malaysia, DO NOT EVEN REMOTELY CONFORM TO THE RACIAL COMPOSITION OF THIS COUNTRY.
DOES Bursa Malaysia have the moral courage to demand from the likes of Revenue Group Bhd and Velocity Capital Partners Bhd to publicly state the racial composition of the lucky borrowers given, credit facilities to acquire shares?
OR will Bursa Malaysia, only act once this issue blows up in the faces of politician.
ONE politician who definitely be in the firing line if such an issue were to blow up, will definitely be the housing minister Nga Kor Ming.
THIS, would be grossly unfair to Nga Kor Ming but fit into the narrative of a supposedly secret evil agenda of the DAP, when infact the main culprit is Bursa Malaysia, which has allowed the likes of Revenue Group Bhd to classify these loans as SME LOANS.
POLITICS, aside this left of centre liberalism also goes against the fair play dogma of the environmental, social, and governance (ESG) playbook.
THE following is what I had written months ago ;
TEH Chee Hoe by right should be charged for fraud and when found guilty be jailed for deliberately not informing Revenue Group minority shareholders in any of the documents submitted to Bursa Malaysia pertaining to the purchase of Innov8tiv from Hong Seng Consolidated, that the shares he claimed as his own were actually registered to Hong Seng Capital.
DO note at the time when Teh Chee Hoe was publicly using the mainstream media to meet his personal agenda, the executive director of Revenue Group owed millions of Ringgit, to a money lending company owned by Hong Seng.
REVENUE Group went out of its was way to ensure minority shareholders didn't get to vote on the deal by stating the following;
THE 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 the
latest audited consolidated net assetsof REVENUE as at 30 June 2022. As such, the Proposed Acquisition does not require the approval of shareholders of REVENUE.
CONTRAST this to Revenue Group's sudden interest in getting minority shareholders to vote on a proposal to sell Innov8tiv to Datasonic Group Bhd. READ ; Revenue Group suddenly has minority shareholders interest in sight?
BY having minorities vote, it seems Revenue Group is looking to use the vote as an endorsement in retrospect in favour of Teh Chee Hoe.
BURSA Malaysia, if it had any dignity left, should file criminal charges against Teh Chee Hoe.
