tip-off system - Avicennia Capital

,I
816
I BUSINESS
TIMES
MONDAY, JAIYUARY 26, 2OIS
NEWS
CTOS stands by
Avicennia
gets nod for
new directors
'credit tip-off system
tEss rHAN rpc GoMPLAINTS: Agency processes
ffi
Data Systems Sdn Bhd
Chamber of Commerce and Industry of Malaysia (NCCIM) urging the
to
government
*
revoke the credit
(CRA) licence,
The response came after the NC' CIM last week called on the gov-
'.leporting agency's
ernment
about l-4 million credit reports each year
Doing Business Report 2OL4 has
identified Malaysia as one of the
a
easiest countries to get credit.
CTOS said this was largely due to
"During the period,
only 188 complaints about CTOS consumers, while providing
to eliminate the CTOS
(credit tip-off system), saying it has
caused undue burden for both in-
dividuals and entrepreneurs tb acCess loans for either their business
or personal use.
CTOS said in a statement that the
agency processes around L4 million credit reports each year, with
less than one per cent complaints
Agencies.
"This represents
mere
O.OOO4
a
per cent
of the total credit re-
"This represents
0 mere o.ooo4
Per cent of the
totol credit
ports generated'in the
-same period, all of
rePorts
which have since been
resolved," it said.
CTOS is one of the
six private CRAs reg-
istered under the Registrar of Credit Reporting Agencies, an agen-
Nasional Bhd's insurance holding
2OL4. Agencies Act 2OLO, which was put
there were in place to safeguard the rights of
received between 2OL2 and
I^TOS
_(cToS) is standing its ground
\ragainst calls by the National Credit Reporting
KUATA LUMPUR: Bank Negara
generoted
between 2072
and 2014, oll of
which hove since
been resolved."
cy under the Ministry
work for the credit reporting industry to
operate.
"In this regard,
€s,"
This follows the Credit Reporting
obtaining credit information
provided by the CRAs.
*CTOS, ttS the leading
as
Malaysia, is committed to play its
collect and process
pertinent informa-
businesses obtain credit.
reports for credit
granters to accurately
evaluate
the credit-
worthiness
of
indi-
viduals and business-
of Finance.
a healthy financial system in the
country supported by the ease of
CRAs are regulated
under the Act and are
legally empowered to
tion to prepare credit
it said.
The recent World Bank's Ease of
Malaysia has approved the appotntment of six directors of Avicennia
Capital Sdn Bhd, which is Khazanah
CRA in
part in helping individuals
and
*We would like to reiterate our
commitment to engage in dialogues or discussions with all key
stakeholders, including the regulators, NCCIM and the media, with
the aim of increasing awareness on
the importance of CRAs and their
positive contribution to the national economy," it added.
company.
Avicennia Capital, in a statement
last week, said Bank Negara also approved the appointment of Alexander Ankel as the company's executive director.
"Thig follows the earlier administrative approval of his (Ankel) appointment as chief executive officer
(CEO)," the company said.
Ankel was previously the regional
chief executive officer of Allianz's
Asia Pacific region. He has more
than 25 years experience in the life
and general insurance sectors in
Asia and Europe.
"One of his priorities is to expand
Avicennia Capital's footprint across
Asean's emerging markets, including Malaysia, Indonesia, the Philippines, Singapore and Thailand, as
well as in Turkey," it said.
The other members approved as
directors are Tan Sri Arshad Raia
Tun Uda, Joseph Dominic Silva,
.'A badge of courage in theface
of b one- crushing adversity'
PROF SALLEH BUANG
toinorl
him in Alor Star more than
Ll.l.r.[M.r
1960 (which applies only to Peninsular Malaysia). The former does not
guarantee speedy payment of compensation, which is clearly spelt out
in the latter.
On the positive side, this book
gives a refreshing account of the per-
Authority against a Malaysian cit-
severance and resilience of two
brothers, of unstoppable
t'^
v^r^lv
Bslllv^
v
L
izen,who was despatched
to that part of the world
A'by his own prime
minister
to carry out a public duty.
i fn*k,wiffi
It is an awful indict- i............:.
ment of a defaulting state
and its public officials, seemingly
acting in concert with a succession
of elected officials over an unbeliev-
able period of more than three
decades.
It is not only a portrayal of ar-
rogance in deffing the written law of
the land, it is also at the same time, a
testimony of blatant contempt of the
clear terms of a judicial order.
The court had ordered compensation to be paid to Syed Kechik's
Lcompany arising out a compulsory
acquisition of the company's private
property
- aright of every citizen as
guaranteed under Article 13 of the
Federal Constitution.
It was a constitutional right, which
Sabah State Authority continued to
ignore for more than three decades.
This book is a reminder that the
law in Sabah is not necessarily the
"1"same
in Peninsular Malaysia.
The Sabah Land Acquisition Or-
Life Malaysia Takaful Bhd.
brother, Syed Salem, having met
Tlllc hnnk hrr nrnlifin crrthnr T)r
J
a 49 per cent stake in Sun Life
Malaysia Assurance Bhd and Sun
dinance does not have the same
safeguards for the citizens as con-
Shaari Isa on the life and times of
Allahyarham Tan Sri Syed Kechik
Syed Mohamed Albukhary and his
sibling Syed Salem Albukhary is a
chronicle of shame, a dark record of
blatant abuse bf power and an inexplicable vendetta by Sabah State
v
Datuk DrSyed Muhammad Syed Abdul Kadir, Pushpanathan Kanaganayar and Mustafa Kemal Olgac. ,
Avicennia Capital currently owns
in th'p
lll
LlM/G]ll\I
T
qnrl Annrricitinn
.r\\,qgf\)ILlLrll
But I know personally his younger
Anf
n\/L
ago, when he was
in the fight against Sabah state ap-
paratuso
I can
in the library of his home in Alor
Star, deliberating the various options and strategies of how to end his
duel against the state authority on
fair and favourable terms as provided in the law.
i ll:, iff,,Ji,;t".;"?,:ffil
serve his elder brother
in an un-
known and unfamiliar land, fully
aware of his sibling's heavy task and
official mission (on behalf of the federal government).
The book is a heart-wrenching lesson of sibling loyalty, which many of
us can only "find in movies, but seldom (if ever) in real life.
But to my mind, perhaps more
important than anything else, this
book is about a long and arduous
struggle to restore and preserve fam-
ily honour
-
the "maruah" of the
"
still rememberthose tranquil
late afternoons when I sat with him
dercrmination to nght
...........i quest for that elusive
ius_
tice, never doubting that
victory will prevail in the end.
In simple terms, this book symbolises a badge of courage in the face
of unending and bone-crushing adversity.
It is also a record of a tireless
youth, who willingly gave us his
dream of an exciting and rewarding
life in foreign lands, and instead
chose to devote his prime years to
a decade
still deeply mired
Never for a moment then did I
doubt that Syed Salem would finally
win. I am a born optimist, and a long
Albukhary family.
The reader will find across the
pages of this book vile accusations
and vicious statements hurled by
several people in high places against
the nvo brothers.
A weaker person would be weakened, crippled and incapacitated,
unable to counter such attacks.
The mistake of these misguided
peopld is that they underestimated
the fighting spirit of nrro brothers
especially the younger sibling, Syed
Salem, who continued his quest for
iustice long after his elder brother's
ill-health and demise.
I did not have the pleasure
time ago I was taught this lesson
"If you do the right thing, Allah will
you
find
the way".
The "way" finally materialised in
July 2OO8 when the highest court in
the land (in a different case) issued a
mandamus against the Sabah Minister of Finarlce.
Taking advantage of this newly-
discovered judicial remedy, Syed
Salem obtained a mandamus
against Sabah State Authority to dis-
charge its statutory duty, which it
had stubbornly refused to carry out
more than three decades. "
Though belated and at such a high
cost, it was indeed a sweet victory for
Syed Kechik and Syed Salem.
Readers
and
privilege of knowing the elder brother despite the fact that we are both of'
Lincoln's Inn, one of England's famous Inns of Court.
will definitely enioy read-
ing this book as I had enjoyed read-
ing
it even whilst it was in draft
stage. Dr Shaari, the author, must be
congratulated for his marvellous
work.
ASNB
Temerloh
branch
reopens
After being closed
dqe to the floods, Permodalan NaKUALA'LUMPUR:
sional Bhd's unit Amanah Saham
Nasional Bhd (ASNB) branch in
Temerloh, Pahang, reopened for
business last Friday.
The branch has resumed full op-
erations as usual, starting from
B.15am
until 4pm, €nabling
unitholders to make cash and noncash transactions.
Unitholders who were affected by
the floods will also be able to renew
their damaged or lost ASNB account
books at this bianch by presenting
their identity card (MyKad) and the
police report verifying their status as
flood victims, while those who lost
their MyKads are required to present
relevant documentation from the
National Registration D epartment.
As announced on January 2, flood
victims will be exempted from the
renewal fee of RM2O inclusive of
stamp duty for each ASNB account
book, until March 31 at any ASNB
branches nationwide.