Sunday, February 4, 2018

KWAP is receiving regular payments on its SRC loan.....but perhaps not in cash

by Ganesh Sahathevan




Copied and pasted below is page 218 of   KWAP's 2016 Annual Report. As readers can see there has been  a sudden and unexplained increase in receivables from brokers. One would think that a RM 700 million increase in receivables would be explained, but not here.
Interest income from receivables has also risen, by RM 70 million.Interest on THAT loan ,  the "SRC International money in Singapore loan", would be about RM 132 million per annum, assuming a rate of 3% on about RM 4.4 Billion.
In 2014, interest receivables were only about RM 121 million. 





Meanwhile , KWAP  CEO  Datuk Wan Kamaruzaman Wan Ahmad  has had this to say about the SRC loan:


Currently, they are paying the interest on their loan which comes into two tranches of RM2bil each, due in 2021 and 2022, respectively,” he said to reporters on the sidelines of the Invest Malaysia 2016 here yesterday.
According to the terms of the loan, he said that the company was required to service interest on the loan in the first five years and interest and principal in the remaining five years.
“The loan is guaranteed by the Government to safeguard the interest of KWAP stakeholders,” he said.

END 






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