6 Jan, 2021
Court papers as attached.
Plaintiff - SC
Defendants - Ricky Wong, Wong's Mother, Wong's company
A simple summary:
SC freezes assets of all defendants amounting to RM169.2m.
Defendants required to detail and explain:
1) RM35m relating to rights issue by Bright Packaging
2) RM7.8m relating to private placement by Bright Packaging
3) RM13.3m relating to ESOS by Bright Packaging
4) ALL OTHER ASSETS/MONIES owned by the defendants or where defendants are the beneficiary owners.
RM169.2m - 25m - 7.8m - 13.3m = RM123m
Where could this RM123m be traced from? From where did they loot this RM123m?
As the public is most aware that apart from Bright Packaging, Ricky Wong's other listed co under his control last time was ASIA MEDIA GROUP. Cumulative losses of AMG for the past 5 years totalled more than RM100m!!
Most losses of AMG were attributed to depreciation and write-off of inferior equipments purchased under the ex-CEO. It is most likely that the ex-CEO looted this RM123m from AMG and AMG is set to claim MAJORITY of the RM169m frozen by SC.
Apart from this potential windfall to AMG that could have sparked interests amongst potential takeover parties, it has been rumored that AMG is set to be a target for an RTO exercise. Given that AMG is pretty much an empty shell with most historical baggage written off from the books, AMG is well suited as an RTO shell candidate.
Stay tuned for the upcoming FIGHT between shareholders to wrest control of the board and control of AMG. An OPEN MARKET SHARE GRAB is already happening and won't be stopping until the day of the EGM!
Who will emerge victorious in this first battle of 2021?
Happy grabbing and best of luck to all fighting parties!