Local institutions fall victim to MITI scam

In the midst of the shock from new Auditor General Datuk Wan Suraya Wan Radzi's report on LTAT and Felda in her findings on GLCs, a story broke out yesterday of a scam in which an actor may have been hired to scam MITI into a FDI signing ceremony involving a PLC. 

All looks like any typical corporate signing of a business venture with news report of a RM36.8 million private placement of new shares to finance the venture. That was till the hired actor uploaded a video on his Tik Tok and it went viral overnight. The video have been taken down but the one distributed in one  Whass App group is shared above.

It means the venture do not exist and it was all a show to convince the necessary financial institutions and approving bodies as though it was a bona fide deal. All along it was merely a scam to raise money from the public. 

The shares would likely be subscribed by institutional investors such as LTAT, EPF, KWAP, Felda, LTH and such. Auditors from the Auditor General office would not have known the legit looking shares in their portfolio are from scams that will turn out later to be worthless. 

Market sources claimed it a Corporate Mafia group stock market scam. 

This blog and few other whistleblowing blogs and portals have been revealing on the Corporate Mafia activities for the past two years but to no avail. 

It is a timebomb waiting to explode. The way things are happening in this country of late, Murphy's law will apply. Despite being warned, SC and Bursa bosses chose to be bureaucratic and legalistic. 

Sleeping or in-cahoot?

Below is taken verbatim from Nuclearbursaman:

Wednesday 6 March 2024

Tik Tok Clip on fake Artroniq signing ceremony , taken down, so here is the Actor's Tik Tok Account

TWO days ago, an actor had made a claim that he was paid RM800 to act out a part in a signing ceremony attended by Tengku Zafrul.

THE signing ceremony was with regards to READ : Artroniq to assemble US-based Beno e-bikes in Malaysia.

AS a result of the deal, Artroniq READ : managed to raise some RM36.8 million via a private placement exercise.

ABOVE is a snap shot of the actor, whoes Tik Tok Clip making the allegations against Artroniq Bhd, which has been taken down.

MEET VIEW : Sufian , the American Actor Living In Malaysia.

iF you don't know what the heck I am blabbering about, READ ;

1.Pay RM800, to Raise RM32 million: Malaysia's E vehicle sector in tatters, as paid actor makes damning allegations against Tengku Zafrul and Artroniq Berhad.

2. I said it, the actor confirmed it.

3. Tengku Zafrul to lodge report over scam video

Its partly the reason there are sceptics to Tengku Zafrul's announced FDI of RM326 billion. 

Apparently, MITI seemed to be in a rush to organise as much signing ceremonies for the media to show off the numerous non-committal MOUs. Media people tipped off that not sufficient due diligence were done on the investors. 

Talk is FDI consultants hired to create the false impression of massive FDI coming into the country. 

Despite supportive of the Madani Government due lack of a better alternative, this blog will not be silent on blatant scams to dupe the public.