The Malaysian Association of Tour and Travel Agents (MATTA) has expressed its concerns around the failure of credit and leasing companies to extend loan moratoriums as advised by the Prime Minister.
MATTA president, Tan Kok Liang, said in a press release: “According to a media report, about 10,000 bus operators are currently owing up to RM3 billion (US$730.2 million) of debt in total. Bus operators have had no business since March, yet they are still required to make repayments to the credit and leasing companies.
“It is ironic that despite being in the business of lending and leasing, credit and leasing companies are not regulated under Bank Negara Malaysia (Central Bank of Malaysia). It has been more than six months that the tourism industry, in particular the coach operators, have been highlighting this issue, yet to date no proactive action has been seen taken to tackle this serious issue.
“This matter had previously been brought up in March 2020 when we received complaints from our members that leasing and credit companies have created their own rules and practices in respect of moratoriums on repayment of loans instead of applying the directions issued by Bank Negara Malaysia.”
Tan claims in his statement that none of the relevant ministries directly involved such as Ministry of Domestic Trade, Ministry of Housing and Local Government, Ministry of Transport or the Ministry of Finance have shown interest in resolving the predicament of the tourism industry.
Tan noted that the recent Budget 2021 had provided for sales tax exemption for the purchase of new coaches without acknowledging the reality that many of these coach owners have and will default in repayment obligations, and their buses, coaches and vans may then occupy the yards of credit and leasing companies. MATTA saw no effort and measures in the proposed budget to address these and other industry issues.
Tan said: “Failure to address the issues and concerns of the tourism sector will greatly affect the intended tourism restart in the near future in 2021 and may lead some parties to conclude that the government views the industry as dead in 2021.”
He added: “MATTA views the failure to place credit and leasing companies under the purview of Bank Negara Malaysia or other authority during this pandemic specifically on the moratorium issue has resulted and added to the misery of the tourism industry. In the last eight months of facing the Covid-19 pandemic, tourism vehicles stand idle with no movement and revenue.
“Despite the credit and leasing companies being aware of the dire and desperate situation of the tourism industry, MATTA has received some reports from its members that credit and leasing companies have insisted on not extending moratoriums. In short, we are being told that they have turned a deaf ear.”
MATTA calls for immediate government regulation and to place the credit and leasing companies under the provisions of the Financial Services Act or other relevant legislation. It also urges the government to consider appropriate and necessary action to ensure that the actions of credit and leasing finance companies are in line and compatible with the welfare, public interest, and good order of the nation during the crisis.
Sydney Harbour Bridge was transformed into a massive birthday cake complete with illuminated LED candles for Qantas Airways’ 100-year anniversary on Monday evening.
More than 1,300 LED tubes, 126 LED fixtures and 38 searchlights were used in the city’s birthday bash for the airline, which started off as Queensland and Northern Territory Aerial Services on November 16, 1920. The projection of 60 historic images and two, 65-metre-high birthday candles onto the southern and northern pylons completed the transformation.
A low flying Qantas 787 ‘blew out’ the candles as it went over the Sydney Harbour Bridge.
New South Wales minister for jobs, investment, tourism and Western Sydney, Stuart Ayres, said: “Sydney has benefited immensely from 100 successful years of business for Qantas – from bringing visitors to the state and boosting our visitor economy to providing local jobs.
“What better way to mark such an important milestone for Qantas than with a celebration in the city it has chosen as its headquarters for the last 82 years involving another much-loved Sydney icon, the Harbour Bridge.”
Almost 200 passengers, including 100 Qantas staff, were on board the 100-minute flight which was a special Centenary Scenic Flight to mark the airline’s 100th year.
The candle-blowing moment was a surprise for those on the ground and on board the flight.
The activation, executed by Destination NSW, complements a new campaign of activity designed to support the recovery of Sydney hospitality and tourism businesses.
Destination NSW CEO, Steve Cox said the Qantas Centenary provided an opportunity to send out a message of hope, both to Sydney businesses and to residents of Sydney and New South Wales.
“This stunt was just the beginning of what will be a truly amazing line-up of events coming up across the city, and we are looking forward to welcoming visitors from across Australia to Sydney this summer,” said Cox.