By now everyone has heard of PTPTN's problem. For those outside of Malaysia, a little background here and here. In my opinion everyone is missing the real issue. Of course the loan defaulters should pay up. Of course the Government should use every means necessary to ensure collection.
Mark my word, hardly any money will be collected. Why? Because I guarantee you that PTPTN does not have any idea how to track down these culprits. I moved to Malaysia three years ago and I still get loan letters for the previous owner from Standard Chartered (despite writing 3 letters to let them know he moved). Just think what the database of a Government Agency will look like? Land Office anyone? Good Luck.
I guess they will have trouble tracing a number of people who have since changed their address. However, I think is wrong for these people not to pay back, unless of course they are not working or something. But I know for a fact that many of them are in good positions now. Sometimes I think our Govt. is too soft.
Posted by: Adam | 23/02/2005 at 03:35