Questioning the Hat Party Master of Ceremony

Protasco Bhd. Chairman and MACC Chairman of OEP Tan Sri Hadenan Abdul Jalil

Mainstream media has begin to question the possible issues of integrity and corporate governance on the stance and actions that Protasco Bhd. Chairman Tan Sri Hadenan A. Jalil is taking in the case of boardroom tussle between Deputy Chairman and Group MD Dato’ Sri Ir. Chong Ket Peng against two directors and shareholders Tey Por Yee and Ooi Kock Aun.

Utusan Malaysia story:

Kedudukan Hadenan dalam Protasco jadi tanda tanya

20 November 2014 3:04 AM

KUALA LUMPUR 19 Nov. – Kedudukan Tan Sri Dr. Hadenan Abdul Jalil sebagai Pengerusi Protasco Berhad (Protasco) menimbulkan persoalan dalam kalangan sesetengah pihak apabila syarikat tersebut menghadapi krisis di peringkat pengurusan tertinggi.
Persoalan timbul apabila pihak yang bertelagah di dalam syarikat itu dikatakan perlu merujuk kes tersebut kepada Suruhanjaya Pencegahan Rasuah Malaysia (SPRM) mengenai dakwaan wujud salah laku membabitkan pengurusan syarikat terbabit.
Apa yang menimbulkan persoalan pihak terbabit ialah kedudukan Hadenan selaku Pengerusi Panel Penilaian Operasi SPRM dan status beliau tersebut dikhuatiri boleh menimbulkan konflik kepentingan selain aspek soal integriti urus tadbir korporat.
Kemelut dalam Protasco timbul setelah Pengarah Bukan Eksekutifnya, Tey Por Yee dilaporkan memfailkan tindakan mahkamah bagi pihak dan kepentingan syarikat untuk menuntut semula wang sebanyak RM10 juta daripada Pe­ngarah Urusan, Datuk Seri Ir. Chong Ket Pen yang didakwa diperolehnya secara rahsia daripada urus niaga pembelian 68 peratus saham syarikat minyak dan gas Indonesia, PT ASI.
Krisis tersebut berpanjangan apabila Protasco pula dilaporkan bertindak balas dengan memfailkan tindakan mahkamah ke atas Por Yee dan seorang lagi Pengarah syarikat itu, Ooi Kock Aun pada 22 September lalu kerana didakwa melanggar kewajipan fidusiari membabitkan tuntutan ganti rugi sebanyak AS$27 juta (RM88 juta) atas penipuan dan konspirasi dalam urus niaga pembelian saham sebuah syarikat minyak dan gas Indonesia, PT ASI.
Tidak cukup dengan itu, syarikat dilaporkan turut membuat laporan polis ke atas Por Yee dan Kok Aun yang dikatakan mahu mengadakan mesyuarat agung luar biasa (EGM) dijadual 28 November ini bagi menyingkirkan Chong.
Krisis dikatakan semakin panas apabila Chong pula dilaporkan memanggil EGM pada 26 November ini, bagi menyingkirkan ke­dua-dua seterunya itu.
– See more at: http://www.utusan.com.my/bisnes/korporat/kedudukan-hadenan-dalam-protasco-jadi-tanda-tanya-1.26827#sthash.zrQ7PKIW.dpuf

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It is obvious that Hadenan is caught between two if not three hats when the two shareholders went to him as Protasco Chairman on 27 October to initiate a shareholders’ called EGM set for 28 November, to get the shareholders to throw Ir. Chong out.

Ooi made a report of corrupt and CBT allegations with MACC against Ir. Chong on 29 October, of which Hadenan was told about it. Hadenan acts as MACC Chairman for Evaluation Operation Panel.

Instead, Hadenan presided the BoD Meeting on 31 October which decided that the management requested EGM is to be held on 26 November, which is with specific intention to throw Ooi and Tey out from the board for the allegations made by Ir. Chong against them.

Did Hadenan as EOP Chairman of MACC give the due consideration for the alleged wrongdoings of Ir. Chong which Ooi officially complained to MACC, in decision to go with management called EGM on 26 November?

There is obvious there are grave issues of perception here, as what Hadenan said in the Youtube video. Members of public are very confused, not to mention shareholders who would attend the two EGMs and vote.

Father and Son: Ir. Kenny Chong Ther Nen (left) and Dato’ Sri Ir. Chong Ket Peng (centre)

Tey and Ooi alleged that Ir. Chong as the sole management personality in the Protasco board, dragged their feet in realising the deal in Indonesia for the marginal oil concession even though there exists technical due diligence reports which supported the project.

Tey and Ooi also alleged that Ir. Ooi’s son, Ir. Kenny Ooi who is Protasco MD for property development and  infrastructure oversee the developments of the technical due diligence reports which eventually is in favour for the deal to be completed and exercised to monetise the investment.

Some of the BoD of Protasco Bhd; Tan Sri Hadenan A Jalil, Dato' Ir. Chong Ket Peng, Dato' Ibrahim Mohd. Noor and Larry Tey

Some of the BoD of Protasco Bhd; Tan Sri Hadenan A Jalil, Dato’ Ir. Chong Ket Peng, Dato’ Ibrahim Mohd. Noor and Larry Tey

There are obvious corporate governance issues in here in play. Not with standing issues of corrupt practices, CBT and integrity, which are entwined to make the boardroom tussle more complicated.

Hadenan is definitely caught between all these hats.This is not withstanding that he also sits as BoD member on the largest banking group, Maybank and he was once the Auditor General to His Majesty’s Federal Government.

Dato' Ibrahim Mohd. Nor receiving a souvenir from Dato' Sri Ir. Chong Ket Peng at Protasco's annual dinner November 2013

Dato’ Ibrahim Mohd. Nor receiving a souvenir from Dato’ Sri Ir. Chong Ket Peng at Protasco’s annual dinner November 2013

Adding another twist to this, Dato’ Mohd. Ibrahim Mohd. Nor still remain as an independent non-executive director despite relinquishing his position via Cruise Dream Sdn. Bhd. upon the entry of Ooi and later Tey into Protasco almost two years ago.

Ibrahim had always been a corporate personality who is closely to former Finance Minister Tun Daim Zainuddin.

The other question probably lurks in the minds of people who are watching this boardroom tussle as it unravels fresh information, ahead of the two peculiar EGM next week; is Hadenan is in cahoot indirectly with the invisible hand of Daim Zainuddin.

Published in: on November 20, 2014 at 08:00  Comments (9)