Monday, November 19, 2012

Dirty data behind PTPTN's mountain of debt



Dirty data behind PTPTN's mountain of debt

EXCLUSIVE As politicians butt heads over the possibility of providing free tertiary education in Malaysia, the mountain of debt owed to the National Higher Education Loan Fund (PTPTN) is unlikely to be recovered soon.

Sources close to the agency claim that this is because much of the RM45.41 billion loans approved as at Aug 31, 2012, were given out to students whom PTPTN can no longer trace.

Electronic data sitting in its 10-year-old Education Loan Management System (Elmas), sources claim, remain seriously outdated, leaving PTPTN little hopes of retrieving the unpaid debt...

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Malaysian Born Clearly this entire exercise was badly handled right from the beginning, the lack of accountability and oversight further compounded the problem to the crisis we see today. The numbers involved are mind numbingly high but the reality is that there is no point now throwing road blocks in front of them, RM26 million is an acceptable figure under the circumstances when you are looking at a system to manage and recover RM45billion which you cannot afford to lose. They should be allowed to move ahead but there must be real accountability and oversight, with the officers in charge such as Agos Cholan and others must be made to understand that there will be severe ramifications to them if they do not deliver. Not only should the system be successfully commissioned but every recipient must be traced and given the friendly option to start repayment or face immediate legal action. The figure in question dwarfs all other financial scandals and cannot be ignored for political expedience.
20/11/2012 8:58:19am | Report
Anonymous #41463424 What do they mean THEY cannot be traced? Unless they are fictitious names!! Try outsource to us, taxpayer to recover the monies and I will guarantee you we will locate them!!! Must appoint an independent credible accounting body to recover !!!!
20/11/2012 8:58:04am | Report
Tembikai Umno and the civil servants who are inefficient, lazy and wasted so much of tax payers money are the most sinful people on earth. They will be the first one in the queue when they are sent to hell.
20/11/2012 8:54:08am | Report
doomedrakyat This is how the government dumps our hard earned money for sheer waste.
20/11/2012 8:07:39am | Report
righteous The "Chethiars"of yesteryears have a better system of "Loan and Recovery."You see them at your office gate ,3 white stripes on the forehead and and a black umbrella in the underarm.."ahem.".as you walk past, on your payday.Wow.Wasalaam.
20/11/2012 8:00:22am | Report
Anonymous #45610822 Another scam job by the Government today..what i waste of our Hard earn $$$$..this government is throwing away our hard earn $$$$..
20/11/2012 6:57:04am | Report
Timothy Sources close to the agency claim that this is because much of the RM45.41 billion loans approved as at Aug 31, 2012, were given out to students whom PTPTN can no longer trace.---This smells very fishy! Are they students or used for other purpose by.......... Thats a huge sum of money!!! Within 3 months after approval PTPTN dispersed RM45 BILLIONS................to who knows?
20/11/2012 6:55:35am | Report
Rakyat Malaysia In the course of fixing all these, Paradigm seems to profit a lot of money from this, wasting more taxpayers money providing problems and solutions to their problems in the system? Why the system is not developed properly first before PTPTN start operation? Guess, UMNO cronies can't wait to eat money? Can't trace them? Why have a system with loopholes in it when it started? Obviously, PTPTN is never meant to recover loans properly or more like disbursing free money to students to holiday and have honeymoons in university campus.
20/11/2012 6:04:19am | Report
Anonymous #47435535 Not a SINGLE system/institution under this BN / DUMNO Government works well. All right thinking Malaysians can see the "END" of this nation where it will deteriorate further to become Zimbabwe, etc............unless PR comes into power. Even as BN / DUMNO alleges that they do not have the experience, any alternative is better than BN / DUMNO.
20/11/2012 5:55:34am | Report
cocomomo Untraceable? Unacceptable! Tax on my hard earned money(I never received any scholarship or loan and my poor parents slogged to enable me to be educated and become an accountant) thrown away or given away again. Engage a recovery firm to pursue for collection - maybe the people involved would not want that as their mismanagement and/or corruption will be exposed. Pay them based on the amount recovered.
20/11/2012 5:08:07am | Report
ABU, Don't Play Play !!! Agos, why are you reluctant to say that Paradigm is some HUMNo's Crony's company.. To spend RM26 mil to repair & customise an IT system these days is NONSENSE.. You ought to be SHOT and HUNG to DRY.. Tell us how much of the RM26 is "padded" for HUMNo's elections fund ???..Quote.PTPTN had to pay Elmas developer, Paradigm Systems Sdn Bhd, another RM26 million to re-do the job - a cost PTPTN chief executive officer Agos Cholan is reluctant to confirm, citing sensitivity.... However, industry players claim that instead of building a customised system, PTPTN should instead buy an existing system used by banks for under RM10 million and tweak it to fit its requirements.Unquote..
20/11/2012 4:58:23am | Report
Vgeorgemy BN won't give any damn as long as taxpayers are there to pay. Sickening.
20/11/2012 4:40:28am | Report
Nambekei 7 PTPTN is a disgrace then & now....mismanagement all the way....in Malacca where they set up a branch, the system is down all the time depriving students the loans for 2 semesters....better to have a central body which is efficient than have branches all over that are useless...
20/11/2012 4:19:52am | Report
RA 1 1.14 million have not yet paid. If you employ 1000 clerks, each clerk will handle 1,140 cases. If he handle 10 cases per day, can settle 1,140 cases in 114 working days. Give it a year. Sure can settle in ONE year. What's the problem?
20/11/2012 4:09:54am | Report
Anonymous$&@? That the result of giving loans to not qualify student that probably well connected.
20/11/2012 4:08:55am | Report
Odin Cut the crap, Agos. Note what ANONYMOUS #19098644 and PEMERHATI below have said. I share their views. One would be willing to accept thatyou cannot trace either 0.001% of the debtors or those who have emigrated. The ‘untraceable former students' have to be Umno-BN thieves.
20/11/2012 3:47:58am | Report
Senior What difference if cannot recover scholar loan and providing free education?
20/11/2012 2:28:28am | Report
Plainly Giving out loans to such to poor attitude students and not repaying ...... BNajis boleh !
5 minutes ago | Report
Anonymous #19098644 How incompetent can this BN administration be. Definitely they must have the IC of the borrower. All they need to do is run the IC number against the data base of the NRD and EPF. The EPF base will be the most updated and current and for those without an EPF account they can cross reference the social security and EPF and passport data base. people don't just disappear from the data base unless they are dead renounced their citizenship or decided to disappear and become a hermit in the jungle. Money down the drain and some UMNO crony is walking around looking for the next deal !!!
14 minutes ago | Report
Pemerhati PTPTN cannot trace the students who took the loans? We know that Umno is an expert in creating phantoms. We have heard of phantom voters and most probably the other Umno created schemes to dish out money like PTPTN, BR1M, etc. have phantom recipients too. This is another nice and easy way for the Umnoputras to siphon off the people’s money in addition to the other well known methods such as buying unnecessary military hardware at exorbitant prices and collecting huge kick backs (e.g. about RM400 million in the case of Scorpene submarines) and giving negotiated contracts for mega projects to cronies at very high prices and then getting huge kick backs from them as was the norm under Mahathir and which was continued by Badawi and Najib.
46 minutes ago | Report

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