KUALA LUMPUR – The Malaysian Association of Tour and Travel Agents (Matta) has pleaded for the government to intervene over credit and leasing companies’ failure to extend the loan moratorium as advised by Prime Minister Tan Sri Muhyiddin Yassin.
In a statement today, the association requested for the government to consider appropriate and necessary action to ensure that the moves made by credit and leasing companies are in line and compatible with the welfare, public interest and good order of the nation during the Covid-19 pandemic.
Quoting a media report, Matta president Datuk Tan Kok Liang said about 10,000 bus operators owe some RM3 billion to such companies.
“Bus operators have had no business since March, yet, they are still required to make repayments to credit and leasing companies. It is ironic that despite being in the business of lending and leasing, credit and leasing companies are not regulated under Bank Negara Malaysia (BNM).
“It has been more than six months that the tourism industry, in particular, coach operators, have been highlighting this issue, yet, to date, no proactive action has been taken to tackle this serious issue.”
Tan urged the government to regulate credit and leasing companies under the provisions of the Financial Services Act or other relevant legislation.
He said the matter was previously brought up in March, when Matta received complaints from its members that leasing and credit companies have created their own rules and practices with regard to the moratorium, instead of applying the directions issued by BNM.
“However, none of the relevant ministries directly involved in the matter has shown any interest in resolving the tourism industry’s predicament.
“Failure to address the issues and concerns of the tourism sector will greatly affect the intended tourism restart in the near future next year, and may lead some parties to conclude that the government views the industry as dead in 2021.”
Matta is of the view that the failure to place credit and leasing companies under BNM’s purview during the pandemic – specifically regarding the moratorium issue – has added to the misery of the tourism industry, he said. – Bernama, November 15, 2020
