Edwin Ng's career in one quick story
Anyone remember this jewel :
"JAKARTA, Indonesia, March 12, 2020 /PRNewswire/ -- KinerjaPay Corp (OTCQB: KPAY) announced today that Mr. Edwin W. Ng, the Company's Chairman & CEO is investing $1,000,000 into the Company. Mr. Ng stated "I decided to inject my own capital from recent asset sales to jumpstart our micro-lending operation, using our KFUND platform. The opportunity for the Company to rapidly grow in Indonesia's alternative lending market is a once-in-a-lifetime opportunity. I also want to demonstrate my commitment to our loyal shareholders. KFUND's recently received license gives us the opportunity to generate significant earnings for KPAY this year."
1. His $1,000,000 purchased Series L shares
2. On August 31, 2018, the Company completed the acquisition of its licensor P.T. Kinerja Indonesia
3. PT Kinerja was owned by who? You guessed it Edwin Ng. 75% worth
4. In consideration of the acquisition of PT Kinerja Indonesia in August 2018, the Company issued a Promissory Note of $1,200,000 with interest of 6.00% per annum. The note is due twenty-four months from August 31, 2018
5. So Edwin was getting paid interest on this note, and the company was paying down the principal. (already knew this)
But the best part:
"On March 18, 2020, the 100,000 Series L Preferred Shares were issued to Company’s CEO and Chairman, Edwin Ng at $10.00 per share, for a purchase price of $1,000,000. $664,534 of this amount was used to pay down the Promissory note, related party, leaving a balance of $231,706 still due on the note."
His $1,000,000 went right back into his own bank account.
