VELOCITY Capital disclosed that it gave out a single cash loan amounting to RM120 million to an individual , who in turn had pledged RM321 million in assets.
NOW, we all know that Farhash Wafa Salvador took a cash loan from Velocity Capital Partners where interest rates could go up as high as 12 per cent per annum, which is about 200 per cent higher even if you take a personal loan from a bank to buy MMAG Bhd shares.
WE also know since all of Farhash Wafa Salvador's MMAG shares are pledged to Velocity Capital, and that READ : the 20 per cent of MMAG shares acquired by Farhash Wafa Salvador is valued at between RM280 million and RM330 million.
NOW that alone would suggest, there is a mis match with what Velocity Capital had disclosed to the stock exchange.
BUT then again, this argument can easily be explained that Farhash had taken more loans using sole proprietary, which Velocity could list as companies since the Bursa Malaysia listed only Farhash Wafa Salvador's name as the shareholder with Velocity Capital Partners Bhd being the registered owner of the shares.
OR that Farhash Wafa Salvador could have purchased some of the shares in cash and pledged them to Velocity for additional cash , but the hick up to these argument is why is then Velocity Capital Partners the sole registered owner of the shares.
BUT the question most Malaysians would want answered is why Velocity Capital Partners having a 51 per cent single exposure to one individual from the total RM253 million it loaned out?
HOW much interest is Velocity Capital Partners charging Farhash Wafa Salvador? Is it market rates, below market rates and the so called RM321 million assets pledged are they really worth that much or is it based on a best case scenario?
MARKET players will definitely not be getting this set of information from the stock exchange but it reflects badly on the housing minister Nga Kor Ming, the housing minister who is on RECORD VIEW : stating that Kredit Komuniti entities are here to help the SMALL MEN OF Malaysia.
HAVING assets valued above RM320 million must surely discount the the individual as a small men, and then when you take into account that Velocity Capital Partners Bhd READ : has ties with people and companies acting as fronts for Tedy Teow Wooi Huat's MBI, who shall we fault for the narrative that something is rotten in the state of Denmark?
