Zafrul explains how Genting HK got RM2.5bil in unsecured loans

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Malaysia's banking sector remains resilient in facing operational challenges, says Finance Ministry

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said unsecured loans are regular occurrences in the banking sector, and Genting Hong Kong’s bankruptcy declaration was deeply regrettable.

"When Covid-19 hit, many companies that depend on tourism were affected, and this is, of course, something that cannot be expected when the loan was approved,” said Tengku Zafrul in a post on his Facebook page on Saturday . He said the banks would also have to comply with the internal guidelines as well as the guidelines of their respective central banks before granting loans.

He explained that the decision to lend was not determined by the Finance Minister, the Finance Ministry or shareholders, but by the banks themselves through a due diligence process and credit assessment by their respective Credit Committees to assess potential borrowers' ability to repay their loans.

"That means for every RM1 borrowed, only almost 60 sen was allocated to address the possibility of non-payment of loans,” he added.

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Can you still be trusted Rakyat knew the only way for you to speak truthfully is to wait for a NEW GOVT AFTER GE15. Rakyat knew what they have to do come GE15. Just have to wait for now...

Talk is cheap. Kerp giving out unsecured loans.

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Pencuri masa dan wang rakyat dijadikan pahlawan

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