Elderly couple expressed shock when bank told them they still owe over RM80,000

 KUCHING, February 21, 2022 - An elderly couple, who thought that they have settled their housing loan with a bank, was shocked to learn they still owed the bank of over RM80,000.

Picture: Stampin MP Chong Chieng Jen (right) talking to the couple outside the bank.

They took their case to Stampin MP Chong Chieng Jen after the bank insisted that they must settle the outstanding amount.

According to Chong, the couple, identified as Mr and Mrs Jee, both retirees, had been paying their loan for 20 years and were shocked to learn that they have only settled one-third of the loan.

“This is the distressing and shocking encounter of Mr and Mrs Jee when they found out that, after they have regularly made monthly repayment towards their housing loan for more than 20 years, there is still an outstanding of more than RM80,000 owed by them to the bank,” he said after meeting the couple.

He said that the couple told him that in the year 2000, they borrowed a housing loan of RM125,000 from to part-finance the purchase of their house.  

“Under the loan agreement, the repayment term is 240 months, that is 20 years.

“From year 2000 till 2021, over a span of 21 years, the couple have dutifully repaid the bank the monthly instalments.  

“Though there were a few rare occasions of delayed payments over the years, they have made up for the delayed payments.

“However, in 2021, the retired couple approached the bank, with the intention to fully settle the outstanding loan to discharge their house from the bank.  

“They thought, given that they have been regularly paying their monthly instalments to the bank for more than 20 years and that there is no letter of demand from the bank for any default on the repayment, the loan would have been substantially repaid.  

“They expected that the outstanding loan amount would, at most, be a few thousand ringgit.  

“They would use their retirement savings to clear the loan.

“However, that was not the case.  They were informed that as at December 31, 2020, there was still an outstanding amount of RM80,362.17 owed by them to the bank under the loan.  

“They were shocked and totally devastated.  Mr and Mrs Jee are now 68 years old and 63 years old respectively.  

“Having retired, they would have no income to continue paying their loans.

“As such, they approached me for help,” Chong said.

He said he brought them to discuss the matter with the bank and he also helped to draft a letter addressed to the bank seeking explanation on why, for a loan the repayment tenure of which was 20 years, there is still an outstanding of about tw-thirds of the loan amount.

He said in the course of the discussion with the bank’s manager, it was disclosed that there had been some variation of interest by the Bank as a result of which, the main bulk of their repayment were mainly for the interest charged.  

“Even if such were the case, there could not have been such a great disparity in the outstanding amount,” he said.

Chong said he had also sought the intervention of Bank Negara Malaysia to ensure that justice be done.to the couple.

“This is a battle between the ordinary helpless people against a giant corporation, in a battlefield where rules are set by the government in favour of the giant corporation,” he said.

“On a general note, all borrowers should regularly check their loan accounts to ensure that the interest rates charged by the banks are in accordance with the loan agreement and not unilaterally increased by banks,” he said.

Sarawak CM praises Sarawak Energy for transforming itself into a global energy industry player

KUCHING, February 21, 2022 - Chief Minister Datuk Patinggi Abang Johari Openg today heaped praises on Sarawak Energy Berhad (SEB) for transforming itself into an international energy industry player, in the process carrying Sarawak’s flag at internationally and regionally energy industry platforms.

Picture: Chief Minister Datuk Patinggi Abang Johari Openg (centre) with Deputy Chief Minister Datuk Sri Dr Sim Kui Hian (third from left), SEB group CEO Datuk Sarbini Suhaili (third from right) with other invited VVIPs at the centenary townhall.

He said for SEB to survive and thrive for 100 years is an exceptional feat, one which SEB has managed to accomplish.

“The longevity and achievements of your organisation are something all of us are very proud of,” he said at SEB Centenary Townhall here.

 “As Sarawak's primary power utility, your efforts and contributions have been key in supporting the government's efforts to drive socioeconomic development in Sarawak towards our ambition of becoming a high-income state by 2030,” he said.

Picture: Chief Minister Datuk Patinggi Abang Johari Openg launching the centenary townhall.

“Our goal is to ensure all Sarawakians have equal opportunities to participate in the state’s overall development and enjoy equitable distribution of wealth through jobs and business opportunities.

“Rural areas of Sarawak must be equipped with all the basic infrastructure and facilities to enable communities to participate in wealth creation activities, improving the standard of living in these areas,” he added.

“In comparison to 2009 when the rural electrification rate was only at 56%, today about 97% of our rural communities have access to 24/7 reliable, renewable and clean electricity via a suite of grid and off grid solutions including solar and micro hydro power systems,” he said.

SEB group chief executive officer Datuk Sarbini Suhaili said SEB has achieved remarkable milestones over the last 100 years.

“We can say with a strong measure of pride that we are now ahead of the sustainable energy development curve, transitioning from a generation mix that was 100% fossil fuel when we began in the 1920s to over 90% fossil fuel in 2010 to predominantly renewable hydropower today.

“We are now Malaysia’s largest renewable energy developer, we have almost met our target of achieving full electrification of Sarawak by 2025.

“From a customer base of just 84 in southern Sarawak in the 1920s, we now provide electricity to over 740,000 accounts, serving a population of almost 3 million people in Sarawak, with customers in Indonesia.

“We started with around 30 staff and today, we are among the largest employers of professional Sarawak talent with 5,400 purposeful and dedicated employees.

“In fact, our subject matter experts are sought after to share their knowledge and technical expertise beyond our borders,” Sarbini said.

He said these accomplishments were made possible by the support and strategic direction of the Sarawak government, with much of today’s major corporate achievements a direct result of SCOREwhich was launched in 2008,” he said.

He said the period 2010 to 2020 was an important decade for Sarawak Energy as a direct result of its investment in hydropower development and focus on SCORE.

He said it has allowed SEB to support Sarawak’s economic growth and significantly transform Sarawak’s energy sector.

He said many important milestones were achieved during this period including the commissioning of the 944MW Murum Hydroelectric Plant as well as the delivery of Sarawak’s first interconnection to West Kalimantan, Indonesia.

He said during the past decade, SEB increased its installed generation capacity by 3.8 times to 5,233MW, with large hydropower contributing 3,452MW to the total capacity and increased its annual revenue by 3.6 times and reached the RM5 billion mark.