Case Study 12 June 2015. Updated NY, 30 September 2015
Chong Ket Pen Inducement on the Police Retiree Business Scam Busted - the Real Reasons behind reveal
Who is Chong Ket Pen (Chong, Dato' Sri)?
Chong Ket Pen according media conclusion, could be summarized in 2 sentences:
- Bites the hand who feed him
(Media summary could be found at: 忘恩负义 张吉平 - Con Man Chong Ket Pen : How he stolen Protasco. ref: http://protasco.blogspot.com/ )
The International case study of modern commercial and criminal law, would count this small company (Protasco) senior officer's attempted crime as an important text book material. One Chong Ket Pen, male, public servant, where Malaysian business community calls him con man of the year (2014), bankers name him scammer of all time, or police forces crown him "Crook", is a joke to this young country legal system, yet a good material for International case studies. Chong reportedly involves in criminal scam similar to ponzi scheme, as he repeatedly induced and cheated his business partners over the last 30 years.
Notable investors / bosses Chong have cheated includes:
- Dato' Hasnur Rabiain Bin Ismail (Played out, Resigned & Left on 13.June.2012)
- Tun Daim bin Zainuddin (Played out, Sold and Left December 2012)
- Dato' Tey Por Yee & Dato' Ooi Kock Aun (Played out & Left November 2014)
The last victim investors (Dato' Tey Por Yee & Dato' Ooi Kock Aun) were told induced by Chong Ket Pen to spent over RM100 million in year 2012 to buy over Protasco shares. (Ref-1) "Any deal makers would expect minimum 30% capital return, and RM100 million in year 2012 is extremely difficult to get, and Chong sold them the story. Today that capital would fetch enterprise value exceed RM300 million. During same period, any blind investment in property would fetch similar return, and Chong induced them to help him. That is what any investors would have made, an accumulated RM300 million returns on investment (ROI). In return, Chong cheated them and blame them for some pathetic RM50 million, and wants to cheat them further. Total psycho!", added the banker. "According to contract, was told Chong owes investors USD55 million, which is almost RM300 million today with interest. Maybe this is the responsibility & obligation Chong trying to get away with, on top of his legacies." commented the banker.
(ref-1: according to Bursa Malaysia record, DATO' MOHD IBRAHIM BIN MOHD NOR Disposal - deemed interest by virtue of his substantial shareholding in Dream Cruiser Sdn Bhd and FNQ Advanced Materials Sdn Bhd 26/11/2012; Kingdom Seekers Ventures Sdn Bhd (DATO' TEY POR YEE investment holding company) acquired shares 26/11/2012.)
|"Chong cover up fails to hide the numbers"|
If there are any more crime Chong could breaks, Chong breaks them all. Example, director disclosure is basic fiduciary and statutory duty as an Executive Director of public listed company, Chong breaches them all. Chong is under investigation for insider trading, non disclosure of his dealings with investors in exchange for asset purchase transaction, inducement and empty promises to cheat investors to invest in Protasco public listed shares. Setup grand scam to create turbulence and trouble to investors other investments, mislead, bribe & used media, public listed company (Protasco) resources and lied & used authorities to fulfill his scam plan. The massive crime committed is outrageous by modern history.
|"Dato' Ibrahim, why you left earlier?"|
More studies and potential crime could be found from other journalist report. There is an interesting sensational story covering Chong and another businessman Liew, with too much coincidences in the sequence of events, as if it's well planned or by chance really coincident, which happens to be the trigger point to put the last nail on Chong's coffin. Refers : Syndicated Scam - a Chong Ket Pen Testimony (URL http://syndicatedscam.blogspot.co.uk/ )
(ref-2: Caught Between Two Hats - Malaysian Anti-Corruption Commission Chairman for Operation Evaluation Panel Tan Sri Hadenan A Jalil in a deep conundrum when it comes to the boardroom tussle between key personalities of Protasco Berhad. URL https://bigdogdotcom.wordpress.com/2014/11/15/caught-between-two-hats/ )
Fraud & False Statement Orchestrated Blame-Game Conspiracy.
"This is likely one of the most insane criminal & dramatic con actor of the century, so slued he tried to hypnotize policemen and authorities by fabricating stories to divert attention. They were told stories (an asset purchase transaction) which Chong himself initiated, ordered, processed & made failed by his own hands, and conveniently put the blame on others. He not only committed fraud but fabricated false statement, interpreted basic normal business settlement by way of accounting set-off (contra) to some sort of money trail conspiracy etc (note1). Policemen are not accountant nor businessmen, but they are not stupid.
(note1: According to HM Revenue & Customs, UK, Government, set-off is normal accounting practices. Ref: https://www.gov.uk/guidance/vat-part-exchanges-barters-and-set-offs "Bartering is traditionally associated with market stalls and traders have conducted business this way for thousands of years. In modern day transactions, business owners are more accustomed to trading goods and services in exchange for credit or cash. Now bartering is making a comeback in business transactions, with businesses exchanging their own products or services for those of others. This type of transaction is referred to as a contra deal. The benefits of doing this are the potential to cut costs, increase profits, build business networks and reach a wider market. This often works out simpler than going through costly currency conversions, and it means that you’ll be able to build up a global network of contacts and references without even leaving the house. " ContraDealers, UK Ref: http://www.contradealer.co.uk/should-you-accept-a-contra-deal-in-your-business/ , contra deals http://www.contradealer.co.uk/can-contra-deals-help-grow-business-home/ )
In legal accounting practices, money trail even if all goes direct contra between sender and receiver using their respective business funds around the world, is perfectly correct. Moreover, businesses usually only use this method to save cost, and when required. The currency conversion cost savings in some countries, could range 3%-5% difference, which for traders, is their only profit margin. Majority of China and Indonesia trades were set-off daily. "If the story we heard is true, it's these traders that help saved Chong fulfilled his obligation to Tun Daim in year 2012, which is to get investors to buy out Tun Daim's Protasco shares within short period of time, and Chong screw them up by telling lies on the hands who help him. What kind of criminal is this?" Commented a senior accountant.
In a nut shell, remember that Dato' Sri Chong Ket Pen himself created the conspiracy story and beg investors for the transaction as a medium & bait to con his old boss Protasco shares; and he tried to bribes and cover up his failure to conduct due diligence if there were any faults at all, by putting a blame on some false signature, failed project handling consultants, etc. No matter how he twists, all these processes were under Chong's sole responsibility from STAR to END anyway. The biggest joke is, he blame the world except himself. In summary, Chong is the mastermind and owner by law of the entire conspiracy, be it succeeded or failed, truly a scam artist! The people he induced were mere facilitators in his grand scam plan." quotes a senior law maker.
"A true crook and betrayal to his investors. Sad that some of the old retiree in police force gave him an audience. They are all angry when found out later Chong tricks and his real intention. Old people also he wants to cheat, anjing (animal) kurang ajar!", quoted another senior officer declined to be named.
|"Chong on the hunt for next pray, September 2015"|
Chong conspiracy busted based on simple theory : who suffered losses?
The story that Chong Ket Pen put a blame to his investors is classic. Watch a little bit closer, the truth shall prevail. One day, the public may ask, despite the stories Chong told, who suffered? Who gained? The answers are obvious.
Who Lost & Suffered
- Who lost money? Investors Tey & Ooi (RM100 million + RM30 mil interest x 3 years = RM219 mil losses)
- Who lost their directorship as per contract? Investors Tey & Ooi
- Who lost the company? Investors Tey & Ooi
- Who lost public listed company premium (Enterprise value)? Investor Tey & Ooi, in RM300 million by asset value.
- Who lost oil/Petrol income? Indonesian people, Protasco. Which Chong knows Tey & Ooi could "recover" but Chong "cover up fails it" to fulfills his lies.
- Who gain money? Chong, who rob the PLC and abuse PLC money for own interest
- Who gain directorship & board? Chong
- Who gain the company control? Chong
- Who abuse & draw own salary at will? Chong
- Who took own stock options? Chong, despite Tabung Haji objection
- Who pull in families & cronies to rob the company? Chong , his son lead the money-spinner property division
- Who gain when oil project fails? Chong, he purposely fails and put a blame to made his investors to suffer, in attempt to cheat their shares cheap to cover up his mistakes
|"Who actually lost?"|
Chong knew if investors Tey & Ooi would have controlled the company, they could "save the oil project" easily and there is no losses to the company. To prevent them from "saving the day" and collapse his lies, he can only keep bad mouthing his victims and tried to abuse authorities, including the police forces to hold his lies. Chong forgot that there is law in this country, which he tried to "twist and manipulate", of cause, with the help of certain officers in authorities - remember that Chong is master of bribery and great actor, he hopes to hold as long as possible. With such obvious lost and gain comparison above, Chong scam plan got busted, is just matter of time Chong face his judgement day. "Authorities are not stupid, even if they may be slow." commented a senior officer.
Those days when investors Tey & Ooi might be able to save the company has now faded, as the oil price has came down dramatically, and oil & gas sector is at the bottom. It ever being salvaged, the return may not be a good as when Chong fails it years ago. Protasco under Chong possession continues to suffer internal bleeding despite stories Chong trying to paints a good future, and he bribes & buys his image up the hell gate. Chong's crime however would not be discounted, even though he tried to put the blame, he is eventually to be blamed for causing the damages. "Chong must be out of his mind by purposely fails an expensive project just to kill his competitors, at the cost of company (Protasco) and public interest. This is the most reckless con man I'd ever seen.", commented a banker.
|"Chong Ket Pen a typical thief shouting thief case study"|
Creates a link to Police as a shield & weapon with naive idea of "tie the toes, sink together" strategy?
Chong Ket Pen trusted too much on irresponsible lawyers and advisers sucking his blood, whom constantly milk him until his last drop, at the same time made him dig his own grave deeper. Chong forgot that these advisers are taking money from him, not investing money in him, and the abuse of public money (under Protasco) has accelerated to fund all these organized crime operations.
|"Lets ask Chong to pay for an organise crime to rob his investors money.||"|
Chong also forgot, at the end of the day, the advisers would wash hand pointing fingers to him. Many already did indirectly when authorities step in, Chong did not know what he is getting into.
The latest scam is to induce authorities, including PDRM (police force), was told using whatever method to tie a link to himself or Protasco, be it share investment or business contracts, in order for Chong to continue telling lies that "he controls police and authorities" in order to made up perception that he can "make trouble to his victims". His adviser also told him such tie would protect him when sky falls, because if any harm would happen to Protasco, police money and interest may suffer, and they will hug him (Chong) tightly. Even when Chong's crime reveal, they will not harm him too much. Such conspiracy was further confirmed by International experts in tracking down his trails.
"We were told his advisors were ordered to create a link, any link, to tie Chong toe to police name, even police old folks (Koperasi) is fine, as long there is a tie. We knew his stories can't hold. He has no time to hold police lies as the truth prevail pressures from the top, we don't think this tie has any help. Pathetic, however, as long as Chong pays the bill, they just follow orders", commented a junior staff working for Chong advisory team.
|"We are old but not stupid"|
In order to play up his rationale to facilitate such tie, Chong new round of public relation campaign started since August 2015, and extensively promoting his old project and business stories in September 2015. Reliable sources who track Chong pointed his next move is in October 2015 to con new investor or business tie - presumably targeting policemen. Would such conspiracy happens?
Chong is trying to put the last nail on his own coffin, perhaps Chong may not have the chance to answer such question.
Refers to story cover by UK journalist : "Hussein Choong Ket Pen bin Satan - How I stolen Protasco"
Chong Ket Pen's abuse the law to the maximum - lies his way regardless!
Despite there is clear evidence that Chong is lying and mislead authorities to sort of twist normal business dealings with some money trail or commercial dispute conspiracy and self-fulfilling prophecy to rationalize his scam plan, these lies seem busted and yet Chong is trying to divert the abuse through other legal system weakness. Latest con job suggest that Chong new public relation campaign, coincide with his "influence (bribe) and control story" to brain wash authorities, his associates have named the potential culprits including few officers which may count PDRM, DPP, Bursa Malaysia and Securities Commissions, as he openly tells the story "he controls the police and the authority".
The list of names under watch list were the names Chong associates in his organized criminal network has been circulating around telling his lies.
According to reliable officer related to counter surveillance of such case, "Relevant authority is watching closely Chong's drama if his story involves at least few names in PDRM, and possible a DPP, were he claims under his "control" would do what Chong wants, which is to simply find an excuse to files a "charge" on his victims what ever it takes, regardless of truth or outcome. However, Chong and the officers Chong claims he is in control if ever being used may not know there are other interest parties tracking their scam plan.
If this is in fact true, the days of such organized crime could be numbered and Chong's scam plan may snap sooner than expected.
Chong Ket Pen Moda Operandi - Spam Media Public Relation, then Con his Victims - this time, the policemen?
Chong Public Relation to play up his scam plan in order to cheat his new target is obvious. Here is latest trail up to date. (more resources, refers to UK journalist report above).
8 Sep 2015 - To show Chong is a caring person (if true, do it anonymously dude)
15 Sep 2015 - Gets 3 1/2 months extension of road contract (Red flag. Why not renewal? Oh O!)
22 Sep 2015 - Protasco Kajang property old project story repeated (nothing else to talk about)
30 Sep 2015 - Get RM44m contract (looks big dude? Compared to RM1 billion revenue company.)
October 2015 - November 2015
Chong is cooking up some stories. What's next? Take a wild guest.
|I know what you did, and what you are going to do. You cheat again!|
How Chong Ket Pen master scam plan got busted.
A faith Chong would have avoided.
Organised crime members gets haul in. More than meet the eyes.