Dato Ben, Velocity and MMAG: RM60 million in, about RM9.43 million out

Bought for RM60 million, sold for RM9,425,976. In less than a year, the difference between Velocity's purchase and sale prices for this block of MMAG shares reached RM50,574,024.

The gap of more than RM50 million is real, but calling it “Dato Ben personally lost over RM50 million” puts the amount on the wrong person's ledger.

First, consider how Dato Ben enters this corporate picture.

On 2 January 2025, his DB Atlantic Capital (M) Sdn Bhd acquired approximately 398 million shares in Velocity Capital Partner Berhad, representing 28.79% at the time. The shares came from interests associated with Liu Han Ming and Tan Yip Jiun. On 3 January, Fam Chee Way, also known as Dato Ben, was appointed a non-independent non-executive director of Velocity.

First the shareholding, then the board seat. Both connections to Velocity have documented dates, but that does not make every subsequent company transaction his personal operation.

Two months later, Velocity put RM60 million into MMAG.

On 3 March 2025, the company bought 150 million MMAG shares from Chan Swee Ying at 40 sen per share. Chan Swee Ying is Victor Chin's wife. At purchase, the company's explanation focused on logistics synergies: how its Line Haul business might work with MMAG's Line Clear.

The announcement then put the prospects for cooperation up front.

By January 2026, the figure in front of investors was the exit price.

On 9 January, Velocity sold 32.6 million shares for RM2,119,000. On 12 January, it sold the remaining 117.4 million shares for RM7,306,976.

Together, the two sales brought in RM9,425,976. The entire original block of 150 million shares was disposed of.

RM60 million went in; just over RM9 million came back. The difference between cost and proceeds was RM50,574,024, approximately 84.3% of cost. That is a corporate investment difference calculated from disclosed amounts, not a loss statement from Dato Ben's personal account.

So why was the additional loss on disposal finally recognised in the announcement only about RM324,000?

Because most of the fair-value losses had already been recognised in earlier accounting periods. Only the remaining portion was recognised at disposal; the earlier reduction was not booked a second time. Separate accounting entries do not erase the gap between RM60 million and just over RM9 million.

At purchase, the explanation was synergy. At exit, it was limiting further downside and reallocating funds. Placed together, the company's explanations at the two stages clearly show the investment's turn from expectation to retreat.

At this point, another block of MMAG shares must be kept separate.

Farhash Wafa Salvador acquired 462 million shares in March 2025. The registration involved a pledged-securities account maintained for him by Velocity Capital Sdn Bhd. Financial reporting later recorded that this block was transferred to Future Star Sdn Bhd on 31 December 2025.

The 150 million shares bought and sold by Velocity and the 462 million shares involving Farhash are not the same block. Similar company names and entries in MMAG's shareholder records do not turn them into one sum of money.

A pledged account establishes a registration connection; it does not replace a loan agreement. The amount borrowed, its purpose and the security arrangements are not facts a shareholder list provides by itself.

Dato Ben's business footprint also extends beyond Velocity.

Harvest Miracle's 2026 annual report lists Fam Chee Way with approximately 16.26 million shares, or 0.79%, in the shareholding list dated 22 June. That entry identifies a shareholder, not a director. Graphjet's shareholder information as at 23 December 2025 also includes his name.

In property, Kanger's February 2026 reply document disclosed a proposed sale of 23 Genting apartments for approximately RM25.93 million to Pioneer Resources Development. The buyer's shareholder table shows Fam Chee Way, Pang Kong Hong and Liu Han Ming holding 15% each.

Several people appearing together in a proposed transaction can establish an investment relationship. Whether it completed requires subsequent documents. “Proposed sale” cannot be written as “completed sale,” and a supplementary reply cannot become a finding of illegality out of nowhere.

Director, shareholder, indirect interest, pledged account and co-investment are different positions. Names connect quickly; responsibility and funds must still be assigned to the correct accounts.

Return to the most striking transaction: the promise behind a RM60 million purchase ended in proceeds of about RM9.43 million. The company said it wanted to avoid further downside, and the investment losses were already recorded.

As for what the recovered money was intended to do next, a supplementary announcement supplied one purpose: moneylending.