THESE entities, were truly weaponsied and collectively rebranded as Kredit Komuniti during the Covid years, by the then Minister in charge of housing, Zuraida Kamaruddin.
THAT being said, the inherited problem lays entirely now in the hands of the current minister in charge of housing Nga Kor Ming.
WE have already seen one public listed company, hostily taken over and then raped of its cash, sorely by the power of licensed money, known in the streets as Ah Longs.
IN 2023, Leong Seng Wui and Teh Chee Hoe grabbed Revenue Group Bhd in very suspicious manner via money powered by Ah Longs.
FOR example, Teh Chee Hoe was given VIEW : more than RM9.5 million by Hong Seng Capital to acquire some 26 million shares in Revenue Group .
THE shares are now trading at 14.5 sen, and there has been zero disclosure in Bursa Malaysia if Teh Chee Hoe has redeemed the debt or is still beholden to Hong Seng Capital.
WHAT, we do know as a FACT are as follows, that as soon as Teh Chee Hoe landed in Revenue Group Bhd, his first major acquisition was an asset from Hong Seng Bhd, at a steep premium.
TODAY Revenue Group Bhd is attempting to sell off those assets, gaining more controversy in the process. READ : Innov8tif Solutions being passed around like a WHORE
LEONG Seng Wui, meanwhile was given VIEW : 100 per cent of the money required to buy 275 million Hong Seng Consolidated Bhd shares, by Velocity Capital Partners Bhd.
VELOCITY 'S money lending license too can be traced back to the housing ministry's arm pit.
IN the clearest sign that either Nga Kor Ming is fast asleep on the job or as suspicious minds would have it, is building a war chest to boot Anthony Loke from his job in DAP, has been in the manner Velocity has fired up Leong Seng Wui. ADDITIONAL READIng : Ministry's awards ceremony for money lenders, pawnbrokers causes stir.
TODATE, some VIEW: RM30.03 million has been given by Velocity Capital Partners Bhd to Leong Seng Wui to acquire up to 15 per cent of South Malaysia Industries Bhd.
MIND you, one should be asking oneself, why on earth is Leong Seng Wui, earnestly wanting to pay more in interest to a money lender rather than pay a much lower interest rate to a registered merchant banker?
DOESN'T Leong Seng Wui qualify for banking loan, or are the money lenders merely using him as a pawn since the shares are actually registered under their name? READ : Velocity's strange announcement in SMI.
WHATEVER the case might be, since Leong Seng Wui and his friends have an eye to own 100 per cent of SMI Bhd, Velocity will need to be forking out another RM70 million or so to get the job done.
THE Kredit Komuniti scheme originally designed by MCA as means to have a direct line with smaller chinese businesses was never intended to be turned into a tool to help suspicious individuals to acquire public listed companies, raid their cash and enter into new debt traps.
