KUALA LUMPUR: The Malaysian Association of Tour and Travel Agents (MATTA) has urged the government to intervene on the failure of credit and leasing companies to extend loan moratoriums to its members.
MATTA president Datuk Tan Kok Liang said they have received complaints from members that leasing and credit companies have created their own rules in respect of moratorium repayment.
This is also not in line with the directive issued by Bank Negara Malaysia (BNM) on moratoriums, he said.
“According to a media report, about 10,000 bus operators are currently owing up to RM3 billion of debt. Bus operators have had no business since March, yet they are still required to make repayments to the 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 BNM,“ he said in a statement today.
According to Tan, the failure to place credit and leasing companies under the purview of BNM or other authorities during this pandemic, specifically on the moratorium issue, has resulted and added to the misery of the tourism industry.
He said in the last eight months since the Covid-19 pandemic, tourism vehicles stand idle with no movement and revenue.
“It is high time for the government to regulate these credit and leasing companies under the provisions of the Financial Services Act or other relevant legislation,” he added.
He said MATTA also requested the government to consider appropriate and necessary action to ensure that the actions of credit and leasing finance companies are in line and compatible with the welfare, public interest and good order of the nation during this time of unprecedented crisis. — Bernama