{"id":4759,"date":"2009-05-14T11:02:47","date_gmt":"2009-05-14T03:02:47","guid":{"rendered":"http:\/\/poobalan.com\/blog\/?p=4759"},"modified":"2009-05-14T11:02:47","modified_gmt":"2009-05-14T03:02:47","slug":"defaulters-owe-mied-rm60-million","status":"publish","type":"post","link":"https:\/\/poobalan.com\/blog\/indian\/2009\/05\/14\/defaulters-owe-mied-rm60-million\/","title":{"rendered":"defaulters owe MIED RM60 million!"},"content":{"rendered":"<p style=\"text-align: justify;\">In July 2007, <a href=\"http:\/\/poobalan.com\/blog\/borninmalaysia\/2007\/07\/24\/mic-run-education-institute-to-take-loan-defaulters-to-court\/\" target=\"_blank\">it was RM30 million<\/a>. At that time, the plan was to issue legal notice to defaulters.<\/p>\n<p style=\"text-align: justify;\">March last year, <a href=\"http:\/\/poobalan.com\/blog\/indian\/2008\/03\/19\/mied-loan-repayment-only-34-percent\/\" target=\"_blank\">it was announced<\/a> that only 34% of the RM86 million (about Rm23 million) has been collected back and about 2000 people were served with legal notices.<\/p>\n<p style=\"text-align: justify;\">In February this year, MIEd said <a href=\"http:\/\/poobalan.com\/blog\/indian\/2009\/02\/13\/mied-to-sue-4000-borrowers\/\" target=\"_blank\">it will sue some 4000 borrower<\/a>s to reclaim some money.<\/p>\n<p style=\"text-align: justify;\">Yesterday, the default amount has ballooned to RM60 million!<\/p>\n<blockquote style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">Education loan defaulters owe the MIC about RM60mil and the party-owned Maju Institute of Educational Development (MIED) will come down hard on defaulters.<\/p>\n<p>According to MIC president and MIED chairman Datuk Seri S. Samy Vellu, only RM34,907,357.83 has been repaid from loans amounting to around RM90mil.<\/p>\n<p>\u201cLegal action will be taken against the defaulters and the guarantors,\u201d he said during the MIED\u2019s second cheque presentation ceremony of the year at Dynasty Hotel yesterday.<\/p>\n<p>\u201cTheir names will be blacklisted to prevent them from obtaining other loans and they will also be slapped with travel bans.\u201d<\/p>\n<p>Samy Vellu added tha<span style=\"color: #ff0000;\"><strong>t around 95% of students <\/strong><\/span>tried to avoid repayment and some even went to the extent of changing their addresses after completing their studies.<\/p>\n<p>MIED, the educational arm of MIC, has disbursed around RM90mil through 12,500 study loans for around 9,500 students since its inception in 1984.<\/p>\n<p>The MIED stopped approving loans of RM40,000 and above in March last year as many borrowers had difficulty repaying them.<\/p>\n<p>Loans amounting to RM1,171,270 were handed out to 143 varsity students yesterday.<\/p>\n<p>Medical students took the lion\u2019s share totalling RM692,000, followed by dentistry students at RM106,500, while engineering students were given RM75,000.<\/p><\/blockquote>\n<p>This is one of those cases where MIC is let down by the community instead of the other way around. Shameful indeed that we have so many people who are evading paying back the money which can be used for other students.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In July 2007, it was RM30 million. At that time, the plan was to issue legal notice to defaulters. March last year, it was announced that only 34% of the RM86 million (about Rm23 million) has been collected back and about 2000 people were served with legal notices. In February this year, MIEd said it [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[19,84,86,225,53],"class_list":["post-4759","post","type-post","status-publish","format-standard","hentry","category-indian","tag-education","tag-funds","tag-mied","tag-politicians","tag-student-statistics"],"_links":{"self":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/posts\/4759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/comments?post=4759"}],"version-history":[{"count":2,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/posts\/4759\/revisions"}],"predecessor-version":[{"id":4762,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/posts\/4759\/revisions\/4762"}],"wp:attachment":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/media?parent=4759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/categories?post=4759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/tags?post=4759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}