Evidence of foreign-controlled companies receiving over NPLs notwithstanding BNM denial
THURSDAY, JUNE 21, 2012 15:26
by Terence Fernandez (The Malay Mail)
Location:
KUALA LUMPUR
CERTAIN banks have been flouting promissory note as well as monetary regulations in a disposal of non-performing loans (NPL) right under Bank Negara's nose.
Despite a regulatory physique claiming which banks can only draw up of NPLs under strict guidelines, there is justification which some internal banks have been receiving Bank Negara as well as consumers for a ride.
While Bank Negara says which promissory note institutions have been authorised to sell their NPLs to third parties, there is explanation which some of these disposals have been not finished in suitability with a Banking as well as Financial Institutions Act (BAFIA) 1989.
"Banks can only sell to locally incorporated companies, whereby a purchaser is majority owned by made at home shareholders, as a purchaser is theme to a unfamiliar equity top of 49 per cent," Bank Negara pronounced in a statement, yesterday.
Bank Negara was responding to The Malay Mail's front-page inform on Monday which promissory note institutions were selling NPLs to foreign-controlled companies in which a banks as well as sometimes their competitors have a interest in.
However, documents reproduced in The Malay Mail indicated which a debt pciking up agencies were not majority-owned Malaysian companies as compulsory by BAFIA.
Sinesniaga Sdn Bhd, for example, lists its shareholders as dual Malaysians holding 26 as well as 25 shares as well as Standard Bank London Holdings with a lion's share of 149.
All three directors of Resolution Alliance Sdn Bhd, prior to well known as Glorious Flame Sdn Bhd, have been ! foreigne rs. Its shareholding additionally illustrates a unfamiliar equity tenure of more than a 49 per cent compulsory by BAFIA Golden Maestro Sdn Bhd with 51 shares, Orix Leasing Malaysia Berhad (39) as well as Standard Chartered Bank (Hong Kong) Limited (110).
Mystique Bay Sdn Bhd has dual internal directors as well as dual directors who have been United States nationals; zero wrong with that, but its shareholding raises questions Beukhen & Pokhrell (M) Sdn Bhd with 790,051 shares as well as CVI GVF (Luxembourg) Master S.A.R.L. with 9,122,268 shares.
Bank Negara additionally pronounced which these monetary institutions have been available to sell their NPLs to non-banking institutions supposing which a sale of NPLs is made in suitability with BAFIA.
It went on to contend which banks have been additionally compulsory to inform a borrower of a sale of a NPLs as well as which a sale of NPLs does not start any debt restructuring agreements.
It additionally refuted The Malay Mail inform which RM60 billion in NPLs have left out of a nation given 2005.
It pronounced which a volume reported "is grossly overstated" as well as less than RM3 billion.
A investigate of a Act additionally reveals which prior to approval from a Minister of Finance is needed for a disposal or send of a whole of any part of its business to another protected institution which contingency be locally incorporated, as well as a resident for tax purposes.
"There have been questions over either some of these debt pciking up agencies are, in fact, monetary institutions protected by Bank Negara," pronounced a counsel representing a customer who is suing his bank for auctioning his home.
The counsel combined which banks have been additionally not available to divulge information regarding to a customer as well as which a agree of Bank Negara contingency be obtained prior to such disclosures can be made.
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