MACC and Bank Rakyat, '2 x 5'!

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.
A news portal recently quoted the bank's former chairman Tan Sri Sabbaruddin Chik, as claiming the businessman sought the intervention of a politician to get the loan.
The commission, however, pointed out that not all complaints or allegations reported by the media or raised by any party is corruption.
"The MACC Act 2009 only provides provisions for investigating cases with elements of corruption.
"In this regard, the commission hopes this case is also investigated by other related agencies under the relevant laws so that action can be taken against a certain party because of failure to comply with regulations," the statement said. – Bernama

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.
Despite the deal being unprecedented, the Domestic Trade, Cooperative and Consumerism minister, who had earlier refused to answer questions on the loan, told The Malaysian Insider that "everything was done above board".
Hasan was accused of giving Deepak a deal where the carpet dealer could pay off the loan, without interest, and through post-dated cheques for the next 10 years.
"I am ready to face the opposition if they claim (there were) any wrongdoings. Everything in that matter was done according to government policies,law and regulations," Hasan shot back at the Malaysian Insider after attending the ministry's monthly gathering and its enforcement agency day celebration in Putrajaya yesterday.
Opposition lawmakers are demanding that Putrajaya and Bank Negara explain how Deepak was given such a deal.

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!