A collective representing the families of 54 Malaysians reported missing in the devastating floods in Nepal has formally submitted a proposal to Bank Negara Malaysia (BNM) to establish a structured financial protection framework. Spokesperson R Manivannan stated that the comprehensive proposal outlines key solutions concerning liability protection, asset preservation, and business continuity for the affected families.
Following a closed-door meeting at the Asian Institute of Certified Bankers building, Manivannan confirmed that financial institutions have agreed in principle to halt debt collection efforts pending the finalization of official guidelines. The proposed framework specifically demands a full loan moratorium, complete with waivers on accrued interest, late payment penalties, and arbitrary financing extensions, though other details of the 20-page document remain confidential.
The families have faced immense legal and administrative uncertainties because the victims' bodies have not been recovered, preventing courts from issuing death certificates required to access bank accounts, investments, and insurance policies. However, a recent legal development in Nepal—reducing the waiting period for missing persons to be legally presumed dead from 12 years to just 45 days—is expected to significantly accelerate the resolution of these estate and financial matters, as the required timeframe has already elapsed.
