Everything with regard to carpet trader Deepak Jaikishan's loan was done according to the law and his loan was part of a debt restructuring scheme, Domestic Trade, Cooperatives and Consumerism Minister Hasan Malek said today.
In a statement, Hasan said the amount of RM32 million was the debt remaining, and was classified as a non-performing loan.
"As such, the management has the responsibility to shareholders to get back as much of the remaining debt as possible to avoid loss."
Pandan MP Rafizi Ramli yesterday showed a letter that he claimed was proof of Hasan's involvement in the management of Bank Rakyat regarding Deepak's (left) loan.
The letter urged Bank Rakyat to postpone any legal action to be taken against Deepak and for the remaining debt of RM32 million to be settled through a monthly payment of RM270,000 for a maximum of 10 years.
Meanwhile, Hasan stressed that the loan was an old one which was approved before he was appointed domestic trade, cooperatives and consumerism minister.
"The decision for debt restructuring was made by the management and is better than taking legal action (against Deepak)," he said.
The dollar-to-dollar recovery, he added, is a style of restructuring that would ensure that every cent from the original loan will be returned.
"The loss due to late payment will be minimised through the cash payment made by the debtor," he said.
He also affirmed that the bank will take legal action if Deepak fails to settle the loan.
On the allegations by Rafizi (left), Hasan said all the necessary documents have been given to the Malaysian Anti-Corruption Commission (MACC) and Bank Negara.
"If he (Rafizi) wants to make a report over the matter, I have no problem in assisting the investigation and to give a statement.
"All decisions made by the bank and I were based on what is best for the shareholders, and according to the norms of the banking industry," he added.
In a statement, Hasan said the amount of RM32 million was the debt remaining, and was classified as a non-performing loan.
"As such, the management has the responsibility to shareholders to get back as much of the remaining debt as possible to avoid loss."
Pandan MP Rafizi Ramli yesterday showed a letter that he claimed was proof of Hasan's involvement in the management of Bank Rakyat regarding Deepak's (left) loan.The letter urged Bank Rakyat to postpone any legal action to be taken against Deepak and for the remaining debt of RM32 million to be settled through a monthly payment of RM270,000 for a maximum of 10 years.
Meanwhile, Hasan stressed that the loan was an old one which was approved before he was appointed domestic trade, cooperatives and consumerism minister.
"The decision for debt restructuring was made by the management and is better than taking legal action (against Deepak)," he said.
The dollar-to-dollar recovery, he added, is a style of restructuring that would ensure that every cent from the original loan will be returned.
"The loss due to late payment will be minimised through the cash payment made by the debtor," he said.
He also affirmed that the bank will take legal action if Deepak fails to settle the loan.On the allegations by Rafizi (left), Hasan said all the necessary documents have been given to the Malaysian Anti-Corruption Commission (MACC) and Bank Negara.
"If he (Rafizi) wants to make a report over the matter, I have no problem in assisting the investigation and to give a statement.
"All decisions made by the bank and I were based on what is best for the shareholders, and according to the norms of the banking industry," he added.
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