Saturday, 16 January 2016

Former Protasco director charged with RM 68 Million fraud

From Bernama:

"A former director of Protasco Bhd was charged in the Ampang Sessions Court today with fraud involving RM68 million, and making a false declaration, four years ago.

Datuk Tey Por Yee, 40, claimed trial to both charges.

On the first charge, he is accused of concealing information from the company's board of directors and officers that he had a vested interest in a company, PT Anglo Slavic Utama in Indonesia.

In so doing, he allegedly misled the victims into entering into an oil and gas investment agreement with PT Anglo Slavic Utama through the purchase of 63 per cent of PT Anglo Slavic's shares in Indonesia worth USD22 million (RM68,393,170).

The payment for the shares was allegedly channeled in stages to two CIMB PT ASU accounts.

Tey is accused of committing the offence at Protasco Bhd's office at Corporate Building Unipark Suria, Jalan Ikram-Uniten, Kajang here, between November 2012 and Jan 30, 2014.

On the second charge, he allegedly made a sworn false statement before Wern Li Morsingh, a Commissioner of Oaths that he did not have any vested interests in PT Anglo Slavic Utama, whether as a director or shareholder.

He is accused of committing the offence in the company's conference room at the same place on July 25, 2014."

Almost exactly three years ago I wrote "Protasco's Puzzling Purchase", the start of many articles about Protasco.

I wrote:

"The vendor is 99% owned by Anglo Slavic Petrogas Ltd, a company registered in the British Virgin Islands, no background is given, a search on the internet returns nothing; who is behind this company, what is their track record?"

In the second instalment of the series of articles I asked the question:

"An anonymous person pointed at the possible role that Adrian Ooi Kock Aun plays in the deal, he was appointed to the board of Protasco just before the deal was announced December 2012. He is the CFO of PT Inovisi Infracom Tbk, an Indonesian listed company that also invests in oil & gas. The guarantees that are given out are based on a large block of shares of PT Inovisi Infracom Tbk. Surely Adrian Ooi must be aware of the identity of this large shareholder who is most likely the person/company behind Anglo Slavic Petrogas, the seller. Should this information not be made public?"

It looks like the announced court case is hitting directly at the above issued raised, it will be interesting to follow.

Another question that remains unanswered: should the Board of Directors of Protasco have been more active in digging for information in this case? The same question can be asked regarding the authorities.

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