TO recap, last week, VIEW : Revenue Group Bhd won shareholders approval to make money lending its core business.
REVENUE Group, which is led by its executive director Leong Seng Wui, had courted controversy this year READ : over the sale of Innov8tif to NexG Bhd, a loss making company which had exchanged hands three times in less than 24 months.
THE issue of that sale, shouldn't be a bother for the DAP strongman from Perak, but will likely return and haunt, and possibly even derail his career, is what happened between April 19 2023 until May 29 2023.
DURING the said period somewhere between RM45 million and RM55 million was funneled into Revenue Group via a conversion, which was 300 per cent higher than the value of the mother shares.
READ : Nga Kor Ming, Leong Seng Wui and the now failed attempt to implant Revenue Group into KTMB's open payment system. P.S details of Revenue Group's warrant conversion supposedly all done by minority shareholders is in the said link.
SINCE the conversion itself looks very highly suspicious and there are no black and white indications via announcements to Bursa Malaysis that Revenue Group had reported those transactions to Bank Negara, the Housing Minister could be setting himself up, by allowing Revenue Group to maintain a money lending license.
WHY is this so, one may ask? Well it is because on how the READ : The Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA) is structured.
THE act clearly states, that the onus is on the entities receiving money, to report to the authorities if there are transactions, that look suspicious.
SURELY, the Housing Minister must that it's his ministries job to investigate on the public listed companies integrity before issuing a license to their subsidiaries.
