Protasco Vice-chairman Chong buys bigger stake. (The Star) PETALING JAYA: Protasco Bhd’s executive vice-chairman and group managing Datuk Seri Chong Ket Pen (pic) has forked out some RM2.5mil to buy 1.28 million shares in Protasco, a company in which he is in a dispute with investor Tey Por Yee, filings with Bursa Malaysia revealed. ----------------- Profit.at.Bursa ----------------- This nudged Chong’s shareholding, which is already the largest in the company, to 21.61% while Tey is the second largest shareholder with a 17.69% stake. Over the last few weeks, the dispute between Chong and Tey had gotten uglier with both parties hurling accusations at each other. To recap, there are two ongoing legal suits involving Chong and Tey. On Sept 22, Protasco filed a suit against Tey, an Indonesian-based company and non-executive director of Protasco, Ooi Kock Aun, claiming a refund of the purchase price and damages for Protasco’s acquisition of an Indonesian oil and gas company. The suit also claimed that Tey and Ooi breached their fiduciary duties as directors and alleged a conspiracy to defraud Protasco and make secret profits. Tey and Ooi had denied all the allegations. Following that, Tey filed a derivative action against Chong and six other parties including Protasco, for the recovery of RM10mil. Through Tey’s Kingdom Seekers, he was suing the defendants for and on behalf of Protasco to recover the money, which Chong had allegedly benefited from, via the latter’s private company RS Maha Niaga Sdn Bhd. Chong denied the allegations, claiming that Tey’s derivative action was completely devoid of merit and appeared to have been actuated by malice. ----------------- Profit.at.Bursa ----------------- | #saham | #prtasco |
Posted on: Thu, 13 Nov 2014 13:30:00 +0000
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