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Thursday, April 12, 2007

Is There More to the PTPN Loans Scandal?


I found these emails posted in the PROMUDA newsgroup and it could be just the tip of the recalcitrant students’ loans repayment problem.

The emails have been shortened for brevity and names have been omitted – you can join the newsgroup if you want to read the full story.

Post1

"When I was studying in Australia, I remember having to work at 2 part time jobs to pay for my living expenses, etc whilst my friends who were on government scholarship had a few hundred dollars banked into their account every forthnight.
To earn what they were getting as allowance I would have had to work full time in a pretty decent job. I remember telling my friend,"Why don't you put some of it into Fixed Deposit and earn some interest or pay back some so that you don't have to pay back later" and her answer to me was. "Aiyah, no need to pay back one, no one does."

I also remember feeling SO angry with her because I thought of all the
Malaysians who would have really appreciated the scholarship, especially
those from the rural and interiors and she was the daughther of a rich man
who could have afforded to send her anyway, she was failing subjects (but
when you are on a Malaysian Govt scholarship, it seems the University can't
expel you!) and every 2 weeks when her allowance came in, she would go out
and spend it on the latest CDs and clothes.

The only people these delinquents are hurting is their future generation,
really. Don't they realise (after getting a degree, no less) that without
paying their loan back (interest-free some more!) that the Govt won't have
enough to fund others who will eventually be their own offspring?"


Post2"After finishing my SPM, I did my matriculation in UKM... we were the last
batch to go for matriculation under different universities, instead of being
under the ministry. Once I finished my matriculation, I used the results I
achieved to apply for a place in universities in UK. Alhamdulillah, I got
accepted for a place to do my BEng over there.

Since the academic term in Malaysian universities start in June or July, and
the academic term in UK doesn't start until end of September, I decided to
go for the first semester in UKM, which ran from June to September. In the
meantime, I was actively searching for sponsorship for my education
overseas. Alhamdulillah again, MARA agreed to sponsor my education, so I
knew that I would be leaving UKM at the end of the semester.

During that first semester, we were given the option of applying for PTPTN
loan. Since I already knew that I was leaving, I didn't apply for any loans, I didn't sign any agreements, nor was I in contact with anyone regarding the PTPTN loan.So imagine my suprise when last year, I received a letter from PTPTN saying
that I owed them RM7000 for the PTPTN loan during my studies in UKM. A loan that I never applied for, I never signed any agreement for, and I never accepted any amount of money from. I was all that while studying overseas and receiving funding from MARA.

I already contacted them, and an officer said, "Oh, in that case, just
return the money la..." But what money? I didn't receive anything?

Then a couple of weeks ago I received a letter from a legal firm asking for
the money. I already told them that I didn't receive anything, and all these
while I was a MARA scholarship holder, and I have all the documentation to
support my claims.

There's obviously something really wrong about the whole PTPTN management.

How many more cases were like me, where they just gave out money to people who didn't apply for any loans?
How could they have given loans to people when no agreement were signed?
How much from the RM12Billion are actual loans, and how much are the 'missing' amounts?"


Now if some students did not receive the loans there are some really serious implications for the missing amounts.

The following come to my suspicious mind:

1.Loan details actually were not properly documented and borrowers cannot be traced or no receipts obtained.

2.Monies have been stolen by loan officers with the connivance of banks.

3.Bank officers took the monies when they realised that PTPN had a bad record of getting defaulters to court and it was monies to be given away anyway.

4.Officials at universities cashed in the loans of the undocumented students.

A public inquiry could uncover the sordid details but after the disappointing saga of the IPCMC, that may also prove a waste of time and more money.
Remember the saying, "You can't put monkeys in charge of bananas!"
photos: Thanks to http://usera.imagecave.com/liveplants/wiholene.jpg and
http://7art-screensavers.com/screenshots/animals/clever-monkeys.jpg

3 comments:

Trashed said...

Both posts are very revealing and reflect the ills of Malaysian society.

How does one change mindsets ?

Andrew said...

Anything that is government related, there is monkey business. These monkeys not only steals bananas, they will steal everything, from trash to cash.

Puteri Nur IzzEdah said...

excuse me.may i know if there's any difference in PTPTN and PTPN? or was it the same?