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Borrowers Purposely Declaring Bankruptcy

Jan 19, 2025

Financial institutions have been urged to put tougher conditions for approving personal loans.  

The Insolvency Department says as of last year, such loans accounted for almost half of all bankruptcies, and they mainly involved those aged 25-44.  

It adds that the situation is worsened by high credit card interest rates, of between 15-18% 

The Department also pointed out that some borrowers are abusing the system, by intentionally declaring bankruptcy just to bring down their repayment rates!  

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Separately, the MACC has detained four more bank officers, over a loan syndicate accused of targeting civil servants.  

This is in addition to the 12 individuals who were detained previously.  

The anti-graft commission previously said that the syndicate helped civil servants with bad debts secure personal loans, in exchange for 1% of the loan value. 

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The four people who died in the Bandar Sunway New Years Eve concert HAD drugs in their systems.  

According to Subang Jaya district police, this was confirmed by lab tests conducted by the Chemistry Dept.  

Cops add that so far, they’ve recorded statements from 50 individuals over the matter, including survivors and concert staff.  

The deceased were among seven people who fell unconscious after attending the event.  

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The government is considering making it compulsory for Umrah operators to put up a bank guarantee of at least RM250,000. 

The Tourism, Arts and Culture Ministry says the amount will be higher for large-scale operators, depending on the size of the company.  

This comes amid a reported rise in umrah package scams.