Follow BNM, leasing companies told

KUCHING: The Malaysian Association of Tour and Travel Agents (Matta) claimed to have received numerous complaints from its members that leasing companies have created their own set of moratorium on repayment of loans instead of using the one issued by Bank Negara Malaysia on Mar 24.

Matta president Datuk Tan Kok Liang said, “We are shocked by their attitude that in this time of crisis they provide little to help.

“The automatic moratorium for loan instalments is for the period of six months but these leasing companies offer a mere two months to the land transporter tour operators.”

He added that these leasing companies may be under the purview of the federal housing and local government ministry, but in this period of extraordinary crisis, everyone and all companies must come together as one united nation instead of, certain party exercising the rights provided under the law.

“The travel industry today has no business, and no income for the tour operators to pay for the lease payments of their vehicles. Just like the banks that are having the six months’ moratorium, the leasing companies should do the same for their clients.

“For leasing companies to aim for good returns at this challenging period when there is no business, could easily result in total loss when the lessees decide to surrender their tour vehicles because they cannot repay the loans. If this were to happen, leasing companies would be saddled with a huge fleet of vehicles.

“Hence, it would serve the best interest of leasing companies to help rescue transport operators by being business friendly and acknowledge the fact in the current circumstances that the lessees are unable to fulfil the contract, to pay their loans.”

Tan mentioned that imposing existing payment conditions or reducing a little bit the amount of payment is nothing more than lip service.

He said Matta was seeking the cooperation of the leasing companies that they to be guided by the moratorium by Bank Negara Malaysia to the financial institutions, when helping their clients during this very difficult period.