FAMILIES of 54 Malaysians still missing following flash floods in Nepal-Tibet are seeking protection from debt collection, loan penalties and asset repossession while they wait for their loved ones’ fate to be established.
Malaysia Solidarity: Families in Hope (MASFIH) spokesman Dr R. Manivannan said the group had asked Bank Negara Malaysia (BNM) to consider a six-month moratorium on eligible financing facilities, with a further six-month extension if the missing individuals’ legal status remained unresolved.
The proposal covers personal financing, vehicle loans and hire-purchase agreements, with no interest or profit accumulation, late-payment charges or penalties during the moratorium.
“These requests are not because the families are unable to meet their financial commitments. Rather, they are facing difficulties managing accounts, savings and investments when the owners remain missing and have not been legally declared dead.
“The situation has also raised concerns that vehicles could be repossessed, assets disposed of or enforcement action taken before families have the legal authority to manage the victims’ property,” he said at a press conference after a meeting with BNM today.
Six family representatives attended the meeting, which involved about 40 participants, including representatives of BNM, banking associations, insurance companies, takaful operators and financial institutions.
Manivannan said MASFIH had submitted a 35-page proposal for a special humanitarian financial assistance framework covering liability freezes, asset protection and business continuity, alongside a separate 20-page presentation.
He said BNM was coordinating with financial institutions, with action targeted by Oct 16 and a review proposed within two weeks to assess the measures’ effectiveness.
“Several banks have indicated their willingness to help, including AmBank, which we understand has taken the approach of contacting families directly to identify the assistance required.
“However, the proposal for a moratorium without interest and penalties still requires further consideration and confirmation. It cannot be regarded as a final decision approved by the entire banking industry,” he said.
As an interim measure, families were told after the meeting that debt-collection action and calls demanding payment would not be made while further decisions were being reached. BNM was expected to monitor the approach, he added.
MASFIH is also seeking urgent intervention by the Attorney-General’s Chambers (AGC) to establish a legal mechanism enabling families to manage the financial affairs of missing relatives without waiting for formal confirmation of death.
Manivannan identified access to the Central Credit Reference Information System (CCRIS) as a pressing concern, saying families needed a lawful means of identifying outstanding loans, undisclosed debts and financial assets they could not currently access.
“However, access to this information is subject to legal requirements and confidentiality. Therefore, we are asking BNM to refer the matter to the AGC if a special mechanism cannot be implemented under the existing framework,” he said.
The group is also seeking a meeting with Prime Minister Datuk Seri Anwar Ibrahim to coordinate action among ministries, enforcement agencies, legal authorities and financial institutions.
Other issues raised include insurance and takaful coverage, personal accident policies, vehicle financing protection, mortgage protection plans, pawnbroking arrangements, Social Security Organisation (Socso) benefits, employer group insurance and unit trust investments.
MASFIH has proposed appointing a senior liaison officer at each financial institution to provide families with accurate information through official channels and reduce repeated document submissions.
Manivannan said the families should not face additional hardship because existing financial and administrative procedures were not designed for cases involving mass disappearances without confirmed deaths.
“We hope immediate action can be taken within existing powers, while matters requiring legal clarification are resolved through cooperation among agencies,” he added. - October 12, 2026