Hi Crikey,

Thought you might find this of interest. Rob
Borbidge is chairman of Asset Loan Co, a Queensland money-lender. You can
read about the company at www.assetloanco.com

I attach a copy of the company’s recently released
profit release to ASX. If you look at note 9 to the accounts on page 16, you
will see that Asset Loans charges an average of 70% p.a on its mortgage loans.
Legal? of course. Ethical? Hmmm….

I offered this story last week to the CBD column in
the Sydney Morning Herald, but they have not run with it, perhaps because AL is
a regular advertiser in the SMH. The ads, headlined “A Premier
Investment” show a picture of Rob Borbidge and invite the public to lend to
Asset Loans at a rate of 10% p.a.

Please do not mention my name in relation to this
story.

Regards

Fred Woollard

(Crikey lifer)

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