Friday 10 October 2014

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.

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