Chong Ket Pen and The Bad Story Goes

When I talked about the profile, I used to be love to talk about good people around us. But now. I am so sorry because I will talk about the bad profile of Chong Ket Pen. Who is he?


Dato Sri Chong Ket Pen is one of a powerful person in Malaysia, especially for Protasco Berhad. He is Managing Director of Protasco Berhad. He has about 15.5% Shareholder in Protasco Berhad. So, what we need to Know about Protasco Berhad? oke, let me tell you a short story. Hope you not bored, because I thought this is a bad story.

Protasco Berhad for now become highlight issue because of his scandal to Global Capital of Indonesia. The story began when  Chong Ket Pen for alleged misuse of his power. And in the end, Global Capital Limited (GCL) filed a civil suit for him as the company’s Group Executive Vice-Chairman and Managing Director and fraudulent.

Initially, on November 3, 2012, Protasco Berhad entered into an agreement with Global Capital Limited (GCL) and Indonesia Venture Capital. Then Chong Ket Pen personally approached GCL to buy Protasco Berhad shares from its former owners in return for Chong Ket Pen to make the investors become board members at Protasco Berhad. Even though all of that was done only to maintain his position as Managing Director.

After that, a new agreement took place from Chong Ket pen to the Protasco Board to establish a new subsidiary in the OIl and Gas field. Finally, GCL acquired 27.11% of Protasco Berhad shares by making a premium agreement because it was engaged in the oil and gas sector.

Actually, in the civil suit, it has been stated that "The acquisition of the shares at a huge premium was a risk for the plaintiff, given the performance and financial situation of Protasco Bhd. Nevertheless, that risk was undertaken, given that the plaintiff was under the impression that their investment was protected by the assurance given by the defendant, inter alia his guarantees and obligations under the Investment Guarantee Agreement".


In fact, Protasco Bhd announced that it would buy a 76% equity interest in PT Anglo Slavic Utama (ASU), an Indonesian oil and gas company that operates in Aceh. But it turned out that the deal failed with a loss of USD 88 million. including loss of investment and future profits for thRe stake in Protasco Bhd.

By this scandals, Chong Ket Pen turned the story around by blaming investors from GCL (Tey Por Yee and Ooi Kok Aun) and accused them of being criminals of non-disclosure of interest in a transaction involving USD 20.3 million. However, in September 2017 the investors of GCL were granted a discharge not amounting to an acquittal by the sessions court in, which also proved that Chong Ket Pen brought sham documents.

After that, Malaysian stock information reported that Chong Ket Pen had made an unusual transaction as long as he was managing director. Chong Ket Pen failed to convince investors that Protasco Bhd was profitable for investment.
during the leadership of Chong Ket Pen also Protasco Bhd lost a large contract due to late work. even CIMB IB Research lowered its rating because its stock price was burdened by weak performance.

from the profile of a Chong Ket Pen, we can learn many meanings of honesty, trust and leadership. whereas a leader in a large or small community, honest and trust are often tempted by wealth and power. Once you weak, you will always continue to make many mistakes to cover up that weakness.

Trust is very expensive. Even if the deceived party does not give a reply, usually God will automatically give justice. If we can become leaders who are professional, honest and trustworthy, of course, the results will not betray.

5 comments :

  1. Yup, trust is very expensive. Especiallyvin this case ��

    ReplyDelete
  2. honesty, trust and leadership -- emang berarti banget :)sekali ini hilang, habislah masa depan perusahaan..

    ReplyDelete
  3. Please no lie between us jar. Dalam berbisnis nih memang resikonya lumayan besar apalagi kalau berani berbuat curang wih..serem

    ReplyDelete
  4. Setuju sama kata-kata kalau kepercayaan itu mahal karena orang kalo sekali dibohongi, besok-besok ga akan percaya lagi kalau pun mau percaya, itu tidak sungguh-sungguh mempercayainya.

    ReplyDelete
  5. Thank you mbak Ruli.
    From here, i know about chong ket pen and his story.
    And thankyou, because his story i know that being honest is most important than everything :D

    ReplyDelete

Terimakasih sudah meluangkan waktu membaca tulisan saya, Semoga bermanfaat. Ambil baiknya tinggalkan buruknya. Silakan tinggalkan komen yang santun ya tapi jangan tinggalin link hidup. Apalah arti tulisan saya tanpa kehadiran kalian..