Who is Chong Ket Pen? - Cah Kesesi AyuTea

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.

37 comments:

  1. I search on internet news about Chong Ket Pen, is the one of businessman from Malay, isn't right?
    And from i know, he is very talented person from a good university.

    It's so amazing.

    ReplyDelete
  2. Chong ket pen, pebisnis yang punya filosofi bisnis yang keren ya

    ReplyDelete
  3. Oo... ini tuh pebisnis sukses dari Malaysia ya ternyata

    ReplyDelete
  4. aku mah harus pake google translate baca ini.

    jadi intinya chong pet ken itu penipu ya mba.

    ReplyDelete
  5. Aku jadi tahu kasus penipuan yang dilakukan Chong Ket Pen pengusaha asal Malaysia ini semoga kasusnya bisa terselesaikan

    ReplyDelete
  6. Karena kurang paham perusahaan besar, kubaru ngeh tentang Chong Ket Pen ini. Macam drama ya ada naikin saham biar jadi pemimpin

    ReplyDelete
  7. Chong ket pen ini terkenal banget di malaysia semoga polemiknya segera menemukan titik terang

    ReplyDelete
  8. Jadi belajar Bahasa Inggris setelah baca postingan ini. Nice sharing, Mbak Noorma. Kapan-kapan bikin postingan pakai Bahasa Inggris lagi ya.

    ReplyDelete
  9. Pengusaha yang bertangan emas, apapun yang diakuisisi sering sukses meraih laba besar ya. Eh bener nggak sih, aku belajar enggreeesss lagiiii 😁😁

    ReplyDelete
  10. englishnya kereen, aku ga begitu memahami sektor oil dan gas juga perusahaan2nya, tapi at least jadi tau insight bagaimana 'gejolak' mereka di indonesia hehe

    ReplyDelete
  11. Huaa berat topiknya hahhaa.. Mr. Chong dan Protasco ini dari Malaysia ya mba?

    ReplyDelete
  12. Pertama kali tahu tentang dia. Kirain orang Indonesia, ternyata Malaysia ya. Well, I think he is a good business man.

    ReplyDelete
  13. I hope the Malaysian Attorney General's Office can process Chong Ket Pen :(

    ReplyDelete
  14. wkwkwkw, saya kemaren baca artikel ini di blog nya siapa ya, karena bahasa Inggrisnya yes no doang, jadinya agak kurang paham.
    Dari komen2 di sebelah menjelaskan kalau ybs pengusaha sukses yang patut ditiru, sedang di sini ada beberapa yang mengatakan hal sebaliknya wkwkw
    Emang saya kudu belajar bahasa Inggris lagi nih, *toyorin pala sendiri :D

    ReplyDelete
  15. aku selalu seneng baca postingan bahasa Inggris,karena sedkit demi sedikit aku belajar juga. Pernah dengar namana, Mr Chong Ket Pen ini, aku kira bukan dari Malaisya

    ReplyDelete
  16. Sepertinya saya ketinggalan berita, nih. Saya malah baru tau tentang sosok Chong Ket Pen. Coba saya cari tau lebih banyak dulu infonya

    ReplyDelete
  17. lalu aku jadi ingat lee kwan yew yang disiplin, bertangan besi, tapi terlihat sekali hasil dari kepemimpinan dia di singapura. orang sukses begini pasti kegigihannya maksimal dan disiplin meski terhadap diri sendiri.

    ReplyDelete
  18. Baru tahu nama ini deh Mbak, kudetnya saya soal bisnis dunia :D

    ReplyDelete
  19. Ngeri ya kalau berhubungan dengan kasus penipuan dan pemalsuan. Semoga kasus Chong Ket Pen segera diselesaikan

    ReplyDelete
  20. Before reading your article, I actually have no idea who Chong Ket Pen is. It's interesting case, I think i should learn more about Global Capital Limited Indonesia.

    ReplyDelete
  21. Pengusaha yang mempunyai polemik itu hal biasa. Cara dia dalam menyelesaikan masalah yang perlu kita pelajari. Semoga kasus selesai

    ReplyDelete
  22. Pake gugle translet aku biar jelas. Semoga polemiknya segera selesai dg damai ya

    ReplyDelete
  23. Aku gak paham sektor ini sih, semoga saja kedepannya enggak ada lagi kejadian serupa...

    ReplyDelete
  24. Ndak tau siapa beliau 😅 syukurlah terbantu setelah baca artikel ini mba :)

    ReplyDelete
  25. Sukaa ..bahs inggrisnya keren Mba..jd oengen nulis berbahasa Inggris jg tapi sdh lvma gadipakai pasti effortnya lumayan..hehe..

    ReplyDelete
  26. Akhirnya aku translate dulu Mbk, enggak jago english nih. Jadi penasaran kisah lengkapnya deh

    ReplyDelete
  27. baru tau soal kasus Chong Ket Pen ini aku sekarang

    ReplyDelete
  28. Aku baru tau tentang berita ini, semoga orang ini bisa di proses secara hukum ya.

    ReplyDelete
  29. Baru tahu aku masalah jgk gini mba,, semoga saja bisa mnjadi pelajaran khususya untuk orang2 Indonesia yba

    ReplyDelete
  30. Aku baru tahu tentang Chong Ket Pen ini. Seorang pengusaha besar, ya. Semoga semua permasalahannya segera selesai. :)

    ReplyDelete
  31. Baru tahu sosok Chong Ket Pen ternyata pengusaha sukses dan orang terpandang ya di Malaysia

    ReplyDelete
  32. Jadi sebenarnya Chong Ket Pen ini wanprestasi terhadap kesepakatan kerja sama? Gitukah? Hihiii Bahasa Inggrisku amburadul soalnya.

    ReplyDelete
  33. Stories that teach us a lot ya mba.. hope they manage to settle it

    ReplyDelete
  34. Jujur ga kenal, dan salut sama kamu kak. Englishmu keren kali kakkkk

    ReplyDelete
  35. Di satu sisi Chong Ket Pen ini menginspirasi sbg pengusaha bertangan dingin, tapi di sisi lain, entahlah hehe...

    ReplyDelete

Terima kasih sudah berkunjung di Blog Cah Kesesi Ayutea ini, Silakan tulis komentar untuk postingan ini.. :)

Mohon maaf.. spammer atau komentar dengan menyertakan link hidup akan saya hapus .. :)