KUALA LUMPUR: A group representing the next of kin of 54 Malaysians missing in the Nepal floods has submitted a proposal to Bank Negara Malaysia for a structured financial protection framework to safeguard the families.
The group's spokesman, R Manivannan, said the proposal details solutions for liability defence, asset protection, and business continuity.
A separate 20-page document was presented to banking, finance, and takaful association representatives.
Following a meeting with BNM officials, Manivannan said the financial institutions have agreed in principle to halt debt collection efforts while formal guidelines are finalised.
"In principle, everyone agreed that for now, no action will be taken until an agreement is reached. They will not chase the families for payments," he told reporters outside the Asian Institute of Chartered Bankers building here today.
Under the proposed framework, the group wants banks to grant full loan moratoriums that explicitly waive accrued interest, late payment penalties, and arbitrary loan tenure extensions.
Manivannan did not disclose the proposal's other contents.
He said the status of the missing victims left their families in legal limbo and unable to access bank accounts, investments, or insurance policies because court-issued death certificates cannot be obtained without confirmed remains.
Nonetheless, he said, Nepal's recent decision to allow victims to be presumed dead 45 days after going missing, instead of the previous 12 years, would resolve the matter sooner, with the 45-day mark already passed.