http://cgmalaysia.blogspot.com/2014/09/protascos-puzzling-purchase-6.html
Wednesday, 24 September 2014
Protasco's Puzzling Purchase (6)
Protasco further announced the following details:
Total amount of claims against the defendants
Against the 1st Defendant
- A payment of USD22 million;
- Pre-judgment interest on USD22 million pursuant to Section 11 of the Civil Law Act 1956 from the date of the Writ of Summons until the date of judgment at an interest rate of 5% per annum;
- Post judgment interest on USD22 million pursuant to Order 42 Rule 12 of the Rules of Court 2012 from the date of judgment till full and final settlement thereof at an interest rate of 5% per annum; and
- Damages for the breach of the Restated SPA.
Against the 2nd and 3rd Defendants
- A payment of USD27 million;
- Pre-judgment interest on USD27 million pursuant to Section 11 of the Civil Law Act 1956 from the date of the Writ of Summons until the date of judgment at an interest rate of 5% per annum;
- Post judgment interest on USD27 million pursuant to Order 42 Rule 12 of the Rules of Court 2012 from the date of judgment till full and final settlement thereof at an interest rate of 5% per annum;
- Damages for fraud and conspiracy; and
- General damages, aggravated and exemplary.
Protasco must have filed their version of the chain of events related to the mysterious purchase with the court. These documents (and the possible articles the defence might produce) must contain many interesting details that are still unknown to many at this moment.
Except for this court case, the big question is if the authorities should take further action. The severity of the alleged events seems to suggest that they might have to look into that.
Total amount of claims against the defendants
Against the 1st Defendant
- A payment of USD22 million;
- Pre-judgment interest on USD22 million pursuant to Section 11 of the Civil Law Act 1956 from the date of the Writ of Summons until the date of judgment at an interest rate of 5% per annum;
- Post judgment interest on USD22 million pursuant to Order 42 Rule 12 of the Rules of Court 2012 from the date of judgment till full and final settlement thereof at an interest rate of 5% per annum; and
- Damages for the breach of the Restated SPA.
Against the 2nd and 3rd Defendants
- A payment of USD27 million;
- Pre-judgment interest on USD27 million pursuant to Section 11 of the Civil Law Act 1956 from the date of the Writ of Summons until the date of judgment at an interest rate of 5% per annum;
- Post judgment interest on USD27 million pursuant to Order 42 Rule 12 of the Rules of Court 2012 from the date of judgment till full and final settlement thereof at an interest rate of 5% per annum;
- Damages for fraud and conspiracy; and
- General damages, aggravated and exemplary.
Protasco must have filed their version of the chain of events related to the mysterious purchase with the court. These documents (and the possible articles the defence might produce) must contain many interesting details that are still unknown to many at this moment.
Except for this court case, the big question is if the authorities should take further action. The severity of the alleged events seems to suggest that they might have to look into that.
Protasco's Puzzling Purchase (7)
Three independent directors of Nexgram resigned according to announcements on the Bursa website (here, here and here).
The three directors were unanimous in their reason to resign:
"Because of the newspaper report on Protasco Berhad filing legal suit against a director of the Company."
Quite remarkable to give a development in another company as the reason for ones resignation.
The Star published an interesting article regarding this same matter: "More than meets the eye".
"The resignation of three Nexgram Holdings Bhd directors, following a suit by Protasco Bhd against Nexgram founder Tey Por Yee, has raised some eyebrows within industry circles. Observers are questioning the reasons for the directors resigning from Nexgram right away following the suit. The directors in question are Leou Thiam Lai, Ungku Razak Ungku Rahman and Yap Siok Teng. Nexgram, in announcing their resignations to Bursa Malaysia, said that they had resigned “because of the newspaper report on Protasco filing a legal suit against a director of the company”. It, however, did not elaborate. Questions are being raised as to whether there is something else brewing in Nexgram which caused this succession of events."
For the time being it seems Nexgram is "rather light" on independent directors. That however didn't stop the company (listed on the ACE market) from making anotherannouncement, from The Star again:
"Nexgram, which started off as a mobile applications and platform provider, said the proposed acquisition would allow it to “participate in Fiji’s economic development and growth process, which is still currently in the early stages of development” and that the proposed deal would be financed by a combination of internal funds and/or bank borrowings."
I don't immediately see the synergy between a Malaysian based tech company and a Fiji based developer.
Regarding Protasco, an interesting situation seems to be that the company is not taking any steps to remove Tey Por Yee and Ooi Kock Aun as directors, despite filing a legal suit against them for "breach of their fiduciary and statutory duties including the duty to disclose their interest in the transaction, conspiracy to defraud Protasco and the making of secret profit".
Apparently, both Tey and Ooi are still welcome to stay on as directors of Protasco and to join board meetings.
There is quite an interesting web of connections between Protasco, Nexgram and PT Inovisi Infracom Tbk. To be continued.
Three independent directors of Nexgram resigned according to announcements on the Bursa website (here, here and here).
The three directors were unanimous in their reason to resign:
"Because of the newspaper report on Protasco Berhad filing legal suit against a director of the Company."
Quite remarkable to give a development in another company as the reason for ones resignation.
The Star published an interesting article regarding this same matter: "More than meets the eye".
"The resignation of three Nexgram Holdings Bhd directors, following a suit by Protasco Bhd against Nexgram founder Tey Por Yee, has raised some eyebrows within industry circles. Observers are questioning the reasons for the directors resigning from Nexgram right away following the suit. The directors in question are Leou Thiam Lai, Ungku Razak Ungku Rahman and Yap Siok Teng. Nexgram, in announcing their resignations to Bursa Malaysia, said that they had resigned “because of the newspaper report on Protasco filing a legal suit against a director of the company”. It, however, did not elaborate. Questions are being raised as to whether there is something else brewing in Nexgram which caused this succession of events."
For the time being it seems Nexgram is "rather light" on independent directors. That however didn't stop the company (listed on the ACE market) from making anotherannouncement, from The Star again:
"Nexgram, which started off as a mobile applications and platform provider, said the proposed acquisition would allow it to “participate in Fiji’s economic development and growth process, which is still currently in the early stages of development” and that the proposed deal would be financed by a combination of internal funds and/or bank borrowings."
I don't immediately see the synergy between a Malaysian based tech company and a Fiji based developer.
Regarding Protasco, an interesting situation seems to be that the company is not taking any steps to remove Tey Por Yee and Ooi Kock Aun as directors, despite filing a legal suit against them for "breach of their fiduciary and statutory duties including the duty to disclose their interest in the transaction, conspiracy to defraud Protasco and the making of secret profit".
Apparently, both Tey and Ooi are still welcome to stay on as directors of Protasco and to join board meetings.
There is quite an interesting web of connections between Protasco, Nexgram and PT Inovisi Infracom Tbk. To be continued.
The three directors were unanimous in their reason to resign:
"Because of the newspaper report on Protasco Berhad filing legal suit against a director of the Company."
Quite remarkable to give a development in another company as the reason for ones resignation.
The Star published an interesting article regarding this same matter: "More than meets the eye".
"The resignation of three Nexgram Holdings Bhd directors, following a suit by Protasco Bhd against Nexgram founder Tey Por Yee, has raised some eyebrows within industry circles. Observers are questioning the reasons for the directors resigning from Nexgram right away following the suit. The directors in question are Leou Thiam Lai, Ungku Razak Ungku Rahman and Yap Siok Teng. Nexgram, in announcing their resignations to Bursa Malaysia, said that they had resigned “because of the newspaper report on Protasco filing a legal suit against a director of the company”. It, however, did not elaborate. Questions are being raised as to whether there is something else brewing in Nexgram which caused this succession of events."
For the time being it seems Nexgram is "rather light" on independent directors. That however didn't stop the company (listed on the ACE market) from making anotherannouncement, from The Star again:
"Nexgram, which started off as a mobile applications and platform provider, said the proposed acquisition would allow it to “participate in Fiji’s economic development and growth process, which is still currently in the early stages of development” and that the proposed deal would be financed by a combination of internal funds and/or bank borrowings."
I don't immediately see the synergy between a Malaysian based tech company and a Fiji based developer.
Regarding Protasco, an interesting situation seems to be that the company is not taking any steps to remove Tey Por Yee and Ooi Kock Aun as directors, despite filing a legal suit against them for "breach of their fiduciary and statutory duties including the duty to disclose their interest in the transaction, conspiracy to defraud Protasco and the making of secret profit".
Apparently, both Tey and Ooi are still welcome to stay on as directors of Protasco and to join board meetings.
There is quite an interesting web of connections between Protasco, Nexgram and PT Inovisi Infracom Tbk. To be continued.
http://cgmalaysia.blogspot.com/2014_09_01_archive.html
Protasco's Puzzling Purchase (8)
A new, not completely unexpected, twist in this saga, from The Star website:
Protasco lodges police report against Tey and Ooi over aborted Indonesia O&G deal
Things have taken a turn for the worse between Protasco Bhd and Tey Por Yee with the former lodging a police report over an aborted oil and gas deal on an asset in Indonesia.
Protasco, a construction and property outfit, said in a filing with Bursa Malaysia yesterday that it had lodged a police report against Tey and Ooi Kock Aun – both directors at oil and gas firm PT Anglo Slavic Utama (ASU) following its recent filing of a civil claim against both individuals.
The latest development has put a strain on the relationship between Protasco and Tey who established a partnership in December 2012.
At that time, Protasco had entered into a sale and purchase agreement (SPA) with ASU to buy 76% of its unit PT Anglo Slavic Indonesia (ASI) for US$55mil (about RM180mil).
I assume that Bursa and/or the Securities Commission are on the case as well.
Protasco lodges police report against Tey and Ooi over aborted Indonesia O&G deal
Things have taken a turn for the worse between Protasco Bhd and Tey Por Yee with the former lodging a police report over an aborted oil and gas deal on an asset in Indonesia.
Protasco, a construction and property outfit, said in a filing with Bursa Malaysia yesterday that it had lodged a police report against Tey and Ooi Kock Aun – both directors at oil and gas firm PT Anglo Slavic Utama (ASU) following its recent filing of a civil claim against both individuals.
The latest development has put a strain on the relationship between Protasco and Tey who established a partnership in December 2012.
At that time, Protasco had entered into a sale and purchase agreement (SPA) with ASU to buy 76% of its unit PT Anglo Slavic Indonesia (ASI) for US$55mil (about RM180mil).
I assume that Bursa and/or the Securities Commission are on the case as well.
Real business or another scam?
Why don't you give coverage to this counter. I think can be interesting.
An interesting article on Nexgram