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kakikaka Member Star
Total Cumulative Posts 1
Joined Nov 2014


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STOCK: PRTASCO (5070)

Blog 23 Nov 2014, 5:22:05 PM
I'm very worried about what I read here: https://bursasyndicate.wordpress.com/2014/11/22/tey-por-yee-and-his-magical-arms-length-deal-with-protasco/

"Just to go back a little Tey Por Yee had in 2012 brought to the attention of Protasco a deal to invest in an oil and gas venture in Indonesian concern PT Anglo Slavic Indonesia (PT ASI).

As part of the deal some RM50 million was paid upfront, and as collateral shares in a seemingly unrelated Indonesian company PT Inovisi was pledged as collateral to Protasco.

It should be noted that all this while the Protasco board (the innocent members of the board that is) thought they were dealing with Indonesian companies and businessmen.

Tey Por Yee was allegedly arms length away from the deal. His only interest or so he was to lead the board to believe was with Protasco benefiting from the deal.

Now back to the PT Inovisi shares pledged for the deal. These shares were in the name of Acclaim Investments, a company registered in the BVI with a paid up capital of US$100.

It has now emerged that Acclaim Investments was set up in 2009 with just two shareholders. Guess who? Tey Por Yee with 85 shares and his sidekick Ooi Kok Aun with 15 shares."

Should I be worried about their EGM this coming Friday?

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