Protasco’s Tey files suit to recover RM10m from 6 persons

KUALA LUMPUR: Protasco Bhd non-executive director Tey Por Yee has filed a derivative action against six board members of RS Maha Niaga Sdn Bhd – some of whom are Protasco’s senior management.

Together with his counsel Gideon Tan, Tey found the shareholders of Maha Niaga are Protasco project director of property development Edward Khoo Mong Wei, corporate adviser Lim Yew Ting. 

Khoo is also a director of Maha Niaga, together with Protasco Trading Sdn Bhd (a Protasco subsidiary) general manager Low Kian Seng. 

Khor Hooi Ling is the company secretary for both Protasco and Maha Niaga. Both companies have the same correspondence address and telephone contacts.

The other two are Protasco managing director Datuk Seri Chong Ket Pen and his son.

Tey told reporters that the suit was filed on Tuesday through his private vehicle Kingdom Seeker Ventures Sdn Bhd.

In the derivative action, Tey alleged a money trail showed evidence where monies paid by Protasco weaved through two layers of companies ended up with a RM10mil cheque being drawn and paid for the benefit of RS Maha Niaga Sdn Bhd’s account with United Overseas Bank (M) Bhd. 

Indonesian oil and gas company PT Anglo Slavic Utama (PT ASU) vide its lawyers informed Tey that the RM10mil was Chong’s financial gain from two contracts. 

The two contracts are the oil deal with PT ASU, and bitumen and coal trading with Indonesian company PT Goldchild Integritas Abadi.