Here is more info. Talk is they have defaulted on their bank borrowings with at least one local bank. Which bank? The one that carries the logo of that endangered species. Cap Rimau.
But "officially" it is not a default because the bank has "rescheduled" the loan half an hour before they defaulted ( missed their payment lah). Baik punya friendly banker.
Kalau Cikgu Hamid tak bayar instalment depa lelong rumah. No "rescheduling" anything.
The bank (which is a GLC) can now become an endangered species as well. So the bank put some conditions. The bank told the plantation giant to get a guarantee from the gomen. (Spellcheck says "Gomez" Adam's family 😂 😂 !)
So they just called MOI and got a gomen guarantee. Baik punya friendly gomen.
Can I have a gomen guarantee too? I want to borrow some money too. I know something about steel. Kan dulu I belajar engineer sikit. I nak buat special steels mini-mill. Weapons grade steel. Kan orang Arab suka bunuh membunuh. Not much lah tapi mini steel mill pun about RM1.5 billion saja. Boleh tak gomen bagi guarantee, then Bank endangered species tu pinjam RM1.5b kat saya?
They rescheduled the loan but where is the cashflow to repay the loan?
The plantation giant has no money to pay the thousands of vendors and suppliers who do business with them. Their suppliers (especially SMEs) now have to wait up to six months to get paid for supplying materials, equipment etc. Lorry contractors have to wait 3 months or more. Some of the suppliers are facing financial difficulty.
To bridge their cash shortage some of the SME suppliers have applied for bank loans - including from the same "cap endangered species" bank. Knowing that the plantation giant has defaulted the "endangered species" bank does not want to extend loans to SMEs doing business with the giant. It's double jeopardy isn't it? A huge section of the bumiputra SME supply chain is now at great risk.
So online media, ask the right questions.
Without anyone asking - except blogs like this one - our Pension Fund said that the plantation giant has not defaulted on their loans. Maybe yes and no. If they could not pay the loan instalment yes it is a default. But if our friendly Pension Fund "rescheduled" their loan repayment then technically there is no default by the giant.
Just like what our friendly "cap endangered species" bank has done - they rescheduled the loan BEFORE a default could happen.
So online media call the Pension Fund and ask them, "Thank you for the info. Can you confirm if you have rescheduled any loans extended to plantation giant?"
Call the Pension Fund, the bank and the plantation giant as well and ask them "Is it true that some of plantation giant's loans from Pension Fund, "endangered species bank", Ah Long, Muthupalaniappan Pillai Chettiar etc have been rescheduled?"
Call and ask lah. Let's see what they say?