WiseGuy inside The Corporate Mafia: Datasonic, Green Packet, Innov8tif, Hong Seng Capital, What A Mess!!!

DID the independent director who quit DATASONIC merely quit the board of the company because he couldn't see eye to eye with the other directors, or did he spot something that won't sit well with the companies act and corporate governance? 

VIEW : YM TUNKU DATUK NOORUDDIN BIN TUNKU DATO' SERI SHAHABUDDIN resigns from Datasonic citing different views on the company's future.

WHILE, we may never know the answer to the question, unless the gentleman speaks up to the investment community

 WHAT I can tell you with certainty is that a couple of influential parties have urged Bursa Malaysia to have a close look at the Datasonic and Revenue Group Bhd deal involving Innov8tif Holdings Bhd.

IF the acquisition materialise, Datasonic will be the fifth public-listed company that is involved with Innov8tif in less than five years.

REVENUE Group, led by former Green Packet Bhd executive director Leong Seng Wui, and it's chief technology officer Teh Chee Hoe  rail roaded a deal to but a 51 per cent stake  in Innov8tif from Hong Seng Consolidated Bhd for RM36 million, cash in May 2023.

ALSO do note, 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

 HONG Seng had booked a RM5.15 million new gain, despite disposing of the technology company some ten days after it had gained control of Innov8tif Consortium Sdn Bhd for RM30.9 million.

WHILE many of those urging Bursa Malaysia to have a closer look at the Datasonic and Revenue Bhd deal for Innov8tiv,  READ : which has now been extended for another two months to April 2025.

I am of the opinion that Bursa Malaysia need to call in the Commercial Crime Unit of the Royal Malaysian Police and  the MACC to determine if TEH CHEE HOE is actually an agent for Hong Seng Consolidated Bhd .

YES, previously I had underlined that READ : Teh Chee Hoe's shares in Revenue Group Bhd were at that point financed by Hong Seng Capital and registered under Hong Seng Capital's name.

BUT I am afraid Teh Chee Hoe's  relationship with Hong Seng Capital leaves a little too much for comfort considering his bizarre pick up of a Green Packet Private Placement for about RM15 million, and then the dumping  of the 200 million Green Packet shares also registered under Hong Seng Capital s name.

VIEW : April 29 2022, Teh Chee Hoe takes 200 million share Green Packet placement using money from Hong Seng Capital

VIEW : May 23, 2022, Teh Chee Hoe sells off the 200 million shares.

HOW  now Bursa Malaysia? When are you going to do your civic duty and the authorities..as fraud or even an attempt to defraud is a jailable offence due to the criminal nature of the act itself.