How is that loan coming along Terry?

Not looking good if the NBR is anything to go by:

Controversial lender Western Gulf Advisory and its founder Ahsan Ali Syed have defaulted on payments related to the purchase of Spanish Racing Santander football team, triggering moves to strip Mr Ali of ownership.

WGA took control of the football team in early February with part of the deal involving taking over the €6.7 million debt owed by the club to the local government. While the first €2 million payment was made, the second payment’s deadline of Friday was missed, Bloomberg reported.

WGA and Mr Ali’s lending practices – charging millions in upfront fees for undelivered loans – have come under enormous scrutiny in New Zealand and Australia.

Wellington developer Terry Serepisos is waiting for a $US100 million loan from the lender, and last week NBR broke the news another New Zealand “borrower” has contracted a former police detective to look into WGA.

Looks like Ahsan Ali Syed go chop your dollar Terry.


THANK YOU for being a subscriber. Because of you Whaleoil is going from strength to strength. It is a little known fact that Whaleoil subscribers are better in bed, good looking and highly intelligent. Sometimes all at once! Please Click Here Now to subscribe to an ad-free Whaleoil.

  • Mike Readman

    Their website sure makes it look like a Nigerian scam –

    • But. but. but Terry check them all out

  • whafe

    I mean, where there is smoke there is fire… Did you see the sleazy Terry on Close Up?

    What a tosser. He sounded about as honest as Trevor Mallard!