Highlight Tey Por Yee sues Protasco’s top brass to recover RM10m

by **Cals** Tue 28 Oct 2014, 21:18

Highlight
Tey Por Yee sues Protasco’s top brass to recover RM10m

KUALA LUMPUR (Oct 28): Protasco Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) non-executive director and substantial shareholder Tey Por Yee has launched legal proceedings against six board members of RS Maha Niaga Sdn Bhd, to recover RM10 million to Protasco.
He has listed Datuk Seri Chong Ket Pen, Kenny Chong Ther Nen, Low Kian Seng, Edward Khoo Mong Wei and RS Maha Niaga as six of seven defendents named in the suit, while Protasco is listed as the seventh defendant.
In a press conference this morning, Tey said Maha Niaga is a company owned by Protasco's senior management.
Tey also said he had discovered evidence of money trail where money paid to Protasco was flowed through layers of companies before a RM 10 million cheque was drawn and paid for the benefit of Maha Niaga's account with United Overseas Bank (Malaysia) Bhd.
Tey claimed that PT Anglo Slavic Utama (PT ASU) vide their lawyers have informed him that the money was Protasco managing director Datuk Seri Chong Ket Pen's financial gain from two contracts.
The two contracts comprised an oil deal with PT ASU, and bitumen and coal trading with another Indonesian companies.
On an earlier lawsuit Protasco had brought against PT ASU, Tey and another non-executive director Ooi Kock Aun, Tey stressed that he is not holding any shares in PT ASU and PT Anglo Slavic Indonesia (PT ASI).
"Neither me nor Ooi Kock Aun are directors in PT ASU and PT ASI," he said.
In a filing with Bursa Malaysia this evening, Protasco said it has appointed lawyers to defend the claim by Ter.