OCBC Bank vs a credit card debtor in Sarawak

By Editorial Team -
This is a minor case with a relatively small loan of RM 9,000. It's a bit funny that the bank is going after a RM9,000 debtor instead of going after the much bigger corporate debtors probably owing the bank in hundreds of millions. Maybe the bank has a perfect 0% corporate non-performing loans.

Is the bank interested to bankrupt the RM9,000 debtor? To be a bankrupt, his total debt must me above RM30,000. That's why the amount has been accumulated above the RM30,000 mark? This case is weird, may not be as simple as that. More than meets the eye. Read more here on bankruptcy law.

The morale of this case is that the debtor could have contacted the Credit Counseling and Debt Management Agency (an agency set up by the Central Bank of Malaysia). This case could have been easily managed by the agency.
........................................................................................
Lawyer cries foul over debtor's legal trouble
Free Malaysia Today
A court case initiated by OCBC Bank in Kuala Lumpur involving a credit card debtor in Sarawak has drawn attention to a transgression of the legal system.

According to lawyer Chong Chieng Jen, there is no reason why the case should be heard in Kuala Lumpur when Sabah and Sarawak had its own High Courts.

Chong was alluding to a Sarawakian debtor named only as Woo who has been ordered to appear at a magistrate’s court in Kuala Lumpur on Nov 22.

Woo, who initially borrowed RM9,000 from his credit card in 2007 from OCBC Kuching, has been charged with accumulating debt totalling RM45,000 ...

Read more here:
http://www.freemalaysiatoday.com/2011/10/28/lawyer-cries-foul-over-debtors-legal-trouble/

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