MyCV cracks down on companies owing over RM25mil
Communications Minister Datuk Fahmi Fadzil said that of the 21 cases brought to court, two borrower companies had fully repaid their loans amounting to RM1,005,493.15.
"As of Aug 15, 49 companies were found to be delinquent in their loan repayments. Legal action has been taken against 28 companies, with 21 cases concluded in court. Of these, two companies settled their debts in full, while enforcement proceedings are under way against 19 companies involving RM29,525,164.20," he said in a parliamentary written reply.
MyCV, an agency under the ministry, supports local creative industry players by providing financial facilities in the form of equity investment, loans, or grants.
Fahmi was responding to Jimmy Puah (PH-Tebrau), who had asked what measures were being taken against borrowers who defaulted or wilfully refused to repay government loans.
He said that MyCV enforced compliance by issuing reminder notices requiring repayment within 14 days, engaging borrowers to restructure loans, and sending letters of demand.
Where necessary, legal action is pursued, including lawsuits, company winding-up, or bankruptcy proceedings against guarantors after obtaining judgment.
"Every step taken by MyCV is in line with court directives to ensure borrowers are held accountable and the law is respected. This is vital to ensure funds can be recycled to support other creative industry players in need of financial assistance," he added.
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