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MACC and Bank Rakyat, '2 x 5'! Posted: 01 Jun 2014 08:25 PM PDT The Malaysian Anti-Corruption Commission (MACC) found no elements of corruption in Bank Rakyat's RM32 million interest free loan to a businessman. MACC in a statement yesterday said initial investigations found it was more a bank governance issue. Wow! What a summary by the MACC! I suppose those who took loans from Bank Rakyat should be exempted from serving the interest. What they need to do is get Hasan Malek's endorsement for a 'sweetheart deal'. "However, the commission will take appropriate follow up action including calling the relevant parties if we receive new information," the statement said.It was and is never easy to secure even a RM10,000 personal loan from the banks, including Bank Rakyat, without hassle. The Malays and Bumiputras, especially are subjected to stringent terms and conditions before having their application approved. Interest is a must, regardless of the amount of loan given. Banks survive on interest and additional packages. However, it was shocking that a RM32 million loan got an 'abang-adik' deal, as if the bank was instituted to help non-Bumi tycoons only. While others must service the interest, Deepak Jaikishan got it waived. If a 4 per cent per annum interest is imposed, the amount for 10 years can easily finance a few small and medium-scale entrepreneurs who always find it difficult to get funding to start or enhance their operation. It's not about graft but more about moral. The rakyat, especially Bank Rakyat's depositors and clients are now giving the bank an askance perception - that the government-owned bank are at the disposal of politics. Datuk Seri Hasan Malek has challenged anyone to prove that he had committed a wrongdoing by persuading Bank Rakyat to give controversial businessman Deepak Jaishikin a sweetheart deal which involved an interest-free RM32 million loan.This is pure favoritism. Politics and business could bring down an institution by whim and fancy. MACC should, at least, investigate whether there are other Deepaks with Bank Rakyat. If we have a few more similar deal, may as well the government close it down! So powerful are our ministers! The MACC is just like Bank Rakyat - pecking at small fish (loans) but leaving the big ones off the hook! |
Posted: 01 Jun 2014 09:44 AM PDT During his 6-day visit to China, which concluded today, Prime Minister Najib Tun Razak did raise concern about the issue but played down Malaysia's tone by calling a comprehensive dialogue among the countries involved in the dispute. Speaking at the Shangri-La Dialogue, Wang Guanzhong, deputy chief of the Chinese general staff, lambasted Japanese Prime Minister Shinzo Abe and Chuck Hagel, US defence secretary, for telling the forum of Asian defence ministers that China was using intimidation to assert its territorial claims. China has erected an oil rig platform in the Paracel Islands which Vietnam claimed as part of its territories, and naval forces from both countries were already involved in sporadic tussle which saw a Vietnamese patrol bot sank last week. Hanoi accused Beijing of sinking its boat. Asean must combine its diplomatic effort to halt China's territorial expansion in the South China Sea which is rich with natural resources like petroleum and natural gas. However, we must not resort to any confrontational with China as the issue can always be resolved by diplomatic means, unless China really wants to become another imperial and colonial power in Asia. |
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