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Who is Chong Ket Pen?

Who is Chong Ket Pen? How does his story with Global Capital of Indonesia?  Nowdays we are reading some news about Dato Sri Chong Ket Pen. Do you know who is Dato Sri Chong Ket Pen? Okay, in this blogpost, I am going to let you know about Protasco Berhad’s Group Managing Director Chong Ket Pen. 

Dato’ Sri Chong Ket Pen (Chong Ket Pen) was the Executive Director at Protasco Berhad (Protasco), he is owning 15.5% shares of the company. He is one of a powerful person in Malaysia, especially for Protasco Berhad. Now Protasco Berhad becomes highlight news because of Chong Ket Pen scandal to Global Capital of Indonesia. How does the sroty?

Initially, on November 3rd, 2012. The suit revolves around an Investment Guarantee Agreement initiated by Chong Ket Pen with an Indonesian venture capital and asset management company Global Capital Limited. In this case, Chong Ket Pen, under his personal capacity approached Global Capital Ltd to assist in buying over major shares of Malaysia’s Protasco Bhd from its former beneficial owner – also known as business take-over. In return, shall nominate Global Capital Ltd’s investors as Board member in Protasco Bhd, and all that he wanted is to maintain his position as the company’s Group Managing Director.

So, the result of that day was Chong Ket Pen assured Global Capital Ltd that he will propose to the Board of Protasco Bhd to undertake a new oil and gas business subsidiary. then, Global Capital Ltd acquired a 27.11% stake in Protasco – a deal concluded within one month of discussions and negotiations, for USD 24 million or a 33% premium over the market price. The deal, viewed as a ‘premium’ was done on the assurance of Protasco Bhd’s planned venture into the oil and gas sector.

“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”. His stated 

After that Protasco Bhd announced that it was set to buy 76% of equity interest of an Indonesian oil and gas company, PT Anglo Slavic Utama (PT ASU) with a value of USD 55 million (Rp800 billion). The deal, however, did not materialize due to non-fulfillment of conditions.

The Indonesia-based company is claiming USD 88 million from Chong Ket Pen over his act of contract breach, including loss of investment and future profits for the stake in Protasco Bhd; loss of margin to finance the acquisition of shares up to USD 18 million; liability of USD 55 million to PT ASU – as guarantor for Chong Ket Pen pursuant to the Investment Guarantee Agreement; and USD 15.5 million as payment for the profit guarantee under the Investment Guarantee Agreement. Subsequently, it was discovered that Chong Ket Pen had made the proposal for the transaction of Protasco Bhd’s shares without disclosing to the Board that he has personal interest in obtaining control over the company, through the Investment Guarantee Agreement.

September 2014, Due to this discovery, Chong Ket Pen maneuvered by putting the lame on GCL investor Tey Por Yee. Chong Ket Pen and Tjoe Yudhis Gathrie fabricated false information by alleging Tey Por Yee for conducting insider trading, accusing him of discreetly being the beneficial owners of PT ASU. They, however, were granted a discharge not amounting to an acquittal by the sessions court in September 2017, which also proved what was brought by Chong Ket Pen as sham documents.

After Chong Ket Pen gained control over the company in 2017, Bursa Malaysia public information revealed that he has been drawing unrealistic remunerations from Protasco Bhd at the peak of USD 576,000. It was also happened in 2016 at peak of USD 1 million. This suggested that Chong Ket Pen entered into business transactions and decisions on operation, remuneration, payments of dividends and salaries for his own benefit at the expense and the best interests of the company.

Global Capital Ltd came into the thought that Chong Ket Pen has failed to ensure that Protasco Bhd was profitable, with a profit before tax of USD 7.1 million and USD 8.3 million in the third and fourth year under the Investment Guarantee Agreement. In another mean, a total of USD 26.2 million profit was also guaranteed over the four years. So, yeaah.. that was the fastastic profit, right?

Furthermore, it was also reported that Protasco Bhd had recently lost a huge contract, as its subsidiary HCM Engineering Sdn Bhd received a letter of termination from Turnpike Synergy Sdn Bhd (TSSB) due to delays in the project, suggesting a USD 622,000 earnings impact. Following this, CIMB IB Research has therefore maintained its “Reduce” rating on Protasco Bhd at MYR 20 cents with a lower target price of MYR17 cents (from MYR 30 cents). Weak job execution and poor contract visibility is likely to weigh on its shares price.

It was great when this Desember 2018, finally PT ASU has filed a report to the Indonesian police on fraudulence committed by Chong Ket Pen and Tjoe Yudhis Gathrie, againist PT Anglo Slavic Utama (PT ASU). so, hopefully we can learn about what happened with Chong Ket Pen and Global Capital Limited Indonesia.
Noorma Fitriana M. Zain
Noorma Fitriana M. Zain, seorang Ibu Rumah Tangga dengan dua anak perempuan yang cantik, hobby menulis dan berselancar di dunia maya, Ia berasal dari Kesesi - Pekalongan, dan kini domisili di Semarang. Lulusan Pascasarjana Unnes ini bercita-cita ingin menjadi Abdi Pendidikan yang bermanfaat di dunia maupun di akhirat. Amin

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