DISTURBING but factually accurate is Velocity is now working closely, with Quantum Metal's partner, Angkatan Koperasi Kebangsaan Malaysia Berhad or ANGKASA with hopes to dominate the very lucrative private loans to civil servants sector. READ : The Demon's Wisdom ; Velocity Capital Partners to provide private loans to Civil Servants.
IF you wish to know on the depth and velocity of ANGKASA's involvement with Quantum Metal, just go check out VIEW : ACO Gold where Abdul Fattah Abdullah the chairman of Angkasa in also the chairman, ably assisted by Lim Khong Soon, the executive chairman.
THE demon's in Velocity Capital Partners Bhd, however goes beyond this, and Housing Minister Nga Kor Ming is either OPTIMUS PRIME in the scheme of things, or a politician who has failed Malaysia and Malaysians by not putting the brakes on Velocity Capital Partners Bhd.
WHY is there a need to put the brakes on Velocity Capital Partners Bhd?, a company which generated a revenue of RM53.97 million in the nine months ended 31 March 2024.
WELL, look closer at the accounts put out by Velocity Capital Partners Bhd, and you will notice the PORTRUDING FACT. VIEW : FINANCING Receivables up by RM57 million for the nine months ended 31 March 2024.
RECEIVABLE financing is when a business transforms its outstanding accounts receivables (AR) into cash via a financing facility using the receivables as COLLATERAL.
IN plain English, what this mean is NONE of the RM53 97 million in REVENUE, has been in CASH, making it merely a fancy accounting paper entry.
IF you find the following the above disturbing, the following shall distress you.
VELOCITY'S exposure to loans given to Francis Leong Seng Wui, would certainly raise alarm bells of a honest housing minister, who has the power to revoke the license to lend money.
ON July 9th 2024, Velocity informed the stock exchange VIEW : the total outstanding loans it had given out stood at RM228 million.
WHAT that was not revealed in any of those documents given to Bursa Malaysia was that from the RM228 million loans outstanding, loans given out to Francis Leong Seng Wui accounted for 11 PER CENT of TOTAL LOANS.
NOW, we know that Francis Leong Seng Wui is RICH, but he certainly is not RICH enough to be financing a non commercial bank loan, which comes with a very steep INTEREST RATE.
THE Income Tax Department is going to have a field day, with Francis Leong Seng Wui...to be Continued TOMORROW.
