Siena:Representatives of families of 54 Malaysians still missing after the Nepal flood disaster met with Bank Negara Malaysia (BNM) to discuss ways to ease their financial burdens.
According to BERNAMA News Agency, Solidariti Malaysia Keluarga Dalam Harapan (MASFIH) spokesperson Dr. Manivannan Rethinam stated that the meeting resulted in a positive response from banking and financial institutions. They expressed willingness to assist by potentially implementing a moratorium on loan repayments and halting collection actions against the affected families.
Dr. Manivannan presented a 35-page proposal titled 'Proposal for a Special Humanitarian Financial Relief, Liability Standstill, Asset Protection, and Business Continuity Frameworks' during the meeting. He emphasized the need for a structured framework under BNM's oversight to provide clarity on available support to families, as they cannot access the missing individuals' bank accounts and investments due to their uncertain status.
The banks agreed not to pursue outstanding loan repayments for now, and BNM will appoint five representatives to coordinate the proposed mechanism for the victims' next of kin. MASFIH also stressed the importance of ensuring that any moratorium does not increase financial burdens through accrued interest or penalties.
Dr. Manivannan called for the Attorney-General's Chambers to intervene in establishing legal mechanisms for next of kin to access financial information of the missing individuals. The tragedy, entering its 48th day, has left families uncertain about their loved ones' fate while managing financial obligations.
On October 3, BNM stated that financial service providers were ready to offer assistance, including repayment deferments, fee waivers, and document flexibility, while legal processes are underway. The floods on August 26, caused by an ice and rock collapse in Tibet's Lhende Khola, resulted in over 1,450 deaths and thousands missing.
BNM, along with financial industry representatives, reiterated their commitment to providing relief and support to affected families. The meeting included representatives from various banking and insurance associations and was organized to address the challenges faced by the next of kin in managing the missing individuals' financial affairs.