RM40 million interest-free loan!

Posted: 26 May 2014 06:48 AM PDT

Wow! A businessman took a RM40 million loan from Bank Rakyat without having to pay any interest after getting a minister's assistance.

No interest means a 'pinjaman buta' to him!
Former Bank Rakyat chairman Tan Sri Sabbaruddin Chik has spilled the beans on cronyism and abuse of high office in Putrajaya by revealing that his tenure was not extended due to a RM40 million loan application made by a person linked to Putrajaya.
Sabbaruddin told The Malaysian Insider that the individual had used his political connections to settle a loan amounting to RM32 million without any interest calculated.
"The individual who owed the money should not be discussing it with a minister. His debt is with Bank Rakyat, why does he need to see a minister?"
Sabbaruddin revealed that the individual had sought the assistance of Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek.
"When the minister found out, he said 'I can sack all of you'," Sabbaruddin said, referring to Hasan.
Sabbaruddin told the Bank Rakyat board of directors to initially reject the compromise offered by the individual to settle his outstanding debt.
The individual had offered 120 post-dated cheques to be cashed in by the bank over a 10-year period.
"Ten years to pay off a debt without interest, that means the bank will be the big loser in the end," Sabbaruddin said.
According to Sabbaruddin, after the decision was made, Hasan was dissatisfied and refused to sign the letter extending his tenure as Bank Rakyat chairman.
"My term ended on April 8 and Bank Negara had agreed to extend my contract, but Hasan refused to sign it," Sabbaruddin said.
He also revealed that Hasan had a meeting with the individual without Bank Rakyat's knowledge in January.
"It was only after that we discovered that the two had met, as cheques for January, February and March had been prepared, waiting to be cashed."
The Malaysian Insider understands that the debtor is the owner of a carpet firm in the capital who has sparked controversy in the past.
This is too much. Please make public the debtor's name, Sabbaruddin.

And what has Hasan Malek got to say about this!

NOTE: Also read Sanusi Junid's blog


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