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Wednesday, October 8, 2014

Cops must probe into carpet dealer’s deal with bank, says Mahfuz

It was revealed that carpet dealer Deepak Jaikishan had borrowed RM32 million from Bank Rakyat and had offered to repay the loan interest-free with 120 post-dated cheques over a 10-year period. – The Malaysian Insider file pic, October 8, 2014.It was revealed that carpet dealer Deepak Jaikishan had borrowed RM32 million from Bank Rakyat and had offered to repay the loan interest-free with 120 post-dated cheques over a 10-year period. – The Malaysian Insider file pic, October 8, 2014.
Police should investigate the special deal offered to carpet dealer Deepak Jaikishan by Bank Rakyat over a RM32 million loan, Datuk Mahfuz Omar (PAS-Pokok Sena) said.
Mahfuz questioned Domestic Trade, Consumerism and Cooperatives Minister Datuk Seri Hasan Malek’s direct involvement in a loan restructuring deal involving Deepak and Bank Rakyat.
Deepak had borrowed RM32 million from Bank Rakyat and had offered to repay the loan interest-free with 120 post-dated cheques over a 10-year period.
He had defended his actions, and said it was done in the best interests of the bank's shareholders.
Mahfuz (pic, right) said the government and minister should not interfere and should have given full trust to the bank's board to solve the issue of Deepak's loan.
He questioned if late payment charges were factored into the special instalment deal and weather there were losses incurred by Bank Rakyat.
Mohamed Hanipa Maidin (PAS-Sepang) questioned the special treatment to Deepak.
"It appears he is being protected," Hanipa added.
Datuk Johari Abdul (PKR-Sungai Petani) said that it appeared not to be a Bank Rakyat management problem, but caused by outside pressure on the bank and its board of directors.
Mahfuz recalled that Bank Rakyat had struggled to come up after it nearly collapsed.
"Efforts should be made to protect the interests of the bank's cooperative members, made up mostly of the Malays and  Bumiputeras, don't just talk about Bumiputera and Malay rights," he said when debating the Malaysia Co-operative Societies (Amendment) Bill 2014 today.
A letter made public revealed that Hasan had instructed Bank Rakyat to postpone all legal action against Deepak, who owns Carpet Tile Sdn Bhd, which had a long-term loan with the bank.
The remaining balance of a RM32.2 million loan was to be settled through monthly instalments of RM270,000 for a maximum period of 10 years unless the loan was settled earlier.
- TMI

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