How can anyone obtain RM90m in loans without alarm bells ringing?

Angry Malaysian finds it difficult to fathom how anyone could muscle such a large amount out of the banks.

I refer to the curious but amazing reported case of the crook who managed to successfully apply for business loans totalling RM90m from various banks and then abscond.

How is this possible? To me, this is mind boggling.

When my company wanted to increase our overdraft cover by RM500,000 from the existing RM1.8m, with asset cover valued in excess of RM4.5m, it was rejected on some silly grounds connected to the personal financial situation of a non-executive director.

In this case, surely alarm bells should have rung as CCRIS (BNM credit reports) would have alerted those responsible that this person already had massive loans, unless of course he used different relatives’ names for each transaction.

In any case, the collateral offered should have shown the underlying caveat and mortgage attached to it. As a person well versed in financial affairs, I find this totally unbelievable.

PDRM and MACC need to investigate if there was any breach of fiduciary duty by bank personnel or any sign of collusion.

In this day and age, I find it far-fetched to fathom how anyone could muscle RM90m out of the banks. Normally, the banks are muscling astronomical charges and whatnot out of us!

Angry Malaysian is the pseudonym of an Aliran reader who is always angry because the bright future of Malaysia has been eroded by incompetence, nepotism, apathy, laziness, racism, double standards and arrogance.

The views expressed in Aliran's media statements and the NGO statements we have endorsed reflect Aliran's official stand. Views and opinions expressed in other pieces published here do not necessarily reflect Aliran's official position.

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