CTOS: Kayveas should get better bonus this year
If Malaysian government pays bonus based on performance, Dato’ M Kayveas should get more and bountiful bonus this year. This guy knew what he was doing when it comes to CTOS case. When CTOS sent him a demad letter, he appropriately regarded that as a joke. In fact, it must have been a joke CTOS’s CEO Chung Tze Keong regretted dearly.
While CTOS is appropriately reprimanded for its costly error, there are other questions remain to be answered and explained to the Malaysian public. While we now know CTOS is not even official, why are the Banks are using this service in the first place? Was it because Bank Negara ’s directive? Or was it due to banks’s own initiatives? Either way, is CTOS then the only party held responsible for this fiasco? Can the public take legal action against the financial institutions as well? Any smart legal hot shots out there care to explain? Dato’ Kayveas, what say you?
Read CTOS gets a dose of its own medicine courtesy of Malaysiakini.
[tags]CTOS, Kayveas, legal action, Chung Tze Keong[/tags]
9 opinions for CTOS: Kayveas should get better bonus this year
Patrick Yee
Jul 8, 2007 at 11:49 pm
Let me start of by saying that, I use to work in CTOS but only for 6 months. Having said so, you would probably have guessed that I was not very happy working there. Even so, I think the current hype about CTOS’s wrong doings are ridiculous and act as a form for certain party to manifest its objective for his own benefits or purpose only. Normal citizen or not so educated people of Malaysia would not understand or grasp the significant of this issue thus believing everything they read from the newspaper therefore making CTOS the black sheep.
During my period working with CTOS I have found out that the directors and the company it self to be the most respected and hournarable people that I’ve meet. A family business that was built many years back with their own bare hands, reluctant to be bought down by anyone even Malaysian politician and VIP’s because they have their integrity intact. It is our country and our politicians that need to be checked. How else could one explain why all financial institutions have always regarded CTOS to be true and resourceful and still continues to use them even after many other information checking sources pop up? Like Cicrus.
So CTOS made a couple of mistakes of not reporting its accounts. Big deal. Let us not forget that the initial issue was on the credibility of CTOS. During my short time working with the company, CTOS have had many VIP’s and Datuk’s threatening them for black listing them. Who is at fault? The defaulter or CTOS? You tell me.
All I can say about Dato’ M Kayveas is that Malaysia is currently at a crossroad, democracy is of lacking, politicians are wasting their time debating on issues that are of their own benefits instead of trying to globalize our country it self. If you ever travel overseas more often, you will find that our news let it be broadcast or newspapers are very much a joke in comparison to other countries like Singapore, Thailand and Hong Kong. I think we need more new politician that understands globalization.
In regards to CTOS, I stand by my ground and vouch for CTOS as I fully understand that they are currently under treat by the government and politician and the fact that they’ve done nothing but good and made our country proud!!
CJCM: Thanks Patrick for sharing your view from another perspective.
Terminated
Jul 8, 2007 at 11:55 pm
Hey Kayveas….you only moved in when you got it from CTOS man…..while the rest of us suffered in silence all these years and were treated worse then ******* by our so called banks, financial institutions and bank negara……better to be born a Bangla Deshi/Indonesian/Nepalese/Filipino…at least they can go back and get a new identity and start afresh…..we Malaysians c***ed and s****ed by our own country and can never hope to come back if we make a financial mistake…so what the h*** you want my kid to die for this country man…..you politicians are all the same……..just love to s**** us forever….but at least you made amends…..
CJCM: Terminated… I have to edit your comments but thx for sharing your view anyway.
tom
Jul 9, 2007 at 10:59 am
Dato Kayveas,
Thank you very much for highlighting this issue about CTOS.
This has been going on for too long undetected and un-monitored.
The consequences of CTOS actions have caused many unwarranted detrimental situation to the rakyat.
My key concern here is where and how CTOS (a private company) obtained information about an accountholder, if without the assistance of the banks in providing them.
1. CTOS can claim that public available documents are one of the sources. But how does CTOS knows about settlement without the banks providing this information?
2. There are no public documents listing blacklisted individuals. But how does CTOS knows about these blacklisted individuals by the banks without the banks providing this information?
The problem here is you have highlighted not only the problem with CTOS, you have also highlighted the breach of all the banks for giving out information to a private company, which is not under any BNM jurisdiction. How could this happen? This could be the biggest breach perpetrated by all the banks involved.
The point I am getting here is ALL the BANKS who supplied information to CTOS must be held responsible too because they have clearly breached the Banking Client Confidentiality - Bafia Act themselves. That is how I view it. What action is our Govt going to take against these banks that provided this information illegitimately.
In my humble opinion, CTOS must stop its operation immediately but the banks involved cannot be left off the hook either.
Can you advise on or address this matter please?
CJCM: Tom… I am not sure if Dato’ Kayveas will ever read this blog and your comment but in case he doesn’t lets hope someone closer to him would let him know your plight here. Hope to see you around more often… :)
tom
Jul 10, 2007 at 9:10 am
Hi did you guys watch HELLO ON TWO this morning… Kayveas went live and said-
CTOS blacklist people who didn’t pay all kind of saman and utility bills too.
CTOS Sdn Bhd does not exist and yet it is still operating collecting money from banks and anyone using its services. What kind of governing is this?
CTOS becoming dangerously more powerful than Bank Negara and MoF and our GOVT. Rojak service. What the hell is happening here? How can a private company CTOS controlling the people’s financial status??? It must be stopped. Your name could be in CTOS because you didn’t pay Indahwaters lah!
What I don’t understand that it was allow to operate for so long??? Looks like Tun Dr M - you sure missed this one for sure!
MMmmmmmm!
Malaysian
Jul 10, 2007 at 4:17 pm
Apparently, after having a chat with a friend who is current employee of CTOS. There is a company BRIS which apparently is providing the similar services and grapevine is that there is similarity in skin colour of Dato’ Kayveas and the people in BRIS and there is a conspiracy theory where to bring down CTOS is to open a wider path for BRIS… Guys out there, any one with knowledge in this company… please feed us…
My story : I name is listed in CTOS database for acting as a guarantor for a sister in law’s housing loan with then MBF finance. Apparantly, due to 97&98 financial downturn, she lost job and could not service the installments. Thereafter my names got in there.
However, despite my name being there, I have since managed to get a couple of housing loans RM500,000 and above each, I can open bank accounts and also company accounts, and banks are racing to poush me platinum cards. Of course, how did I know my name was in there, the bank who granted me loans told me… but after explaining, the bank approved my loans… financially I am healthy, the banks know.
Those whose name are in CTOS and have suffered from it … whose fault? I don’t think so its CTOS’. Period.
CJCM: Conspiracy theory? Thats definitely news to me. BRIS… is also news to me.
Malaysian
Jul 12, 2007 at 1:29 pm
CJCM … please google BRIS and probably you can give us something.
Thanks.
ratusofea
Jul 13, 2007 at 12:43 am
Actually all anything is because political, who allow them to operate..is malaysian goverment and why Datuk Kayveas doing that? not because of us for “their” survival. It more political win for future election..might be on august.
Sebenarnya kita sebagai rakyat dipermainkan dalam drama mereka sahaja. Mereka bukan berniat ikhlas nak membantu rakyat yang susah disebabkan CTOS.
Like my case i’m dosen’t know my name blacklisting by CTOS cause of summon at high court shah alam. which is in year 2004. I never receive any single intruction to attend court case. yes i have some overdue about RM5k with the bank but already settle all overdue by the same year.
You know, when i actually know all this blacklisting when i apply loan at bank jan 2007 and then the told me my name was blacklisted cause of summon and not settle until today.
hah?!!??
I’m really mad on that time. I call the 1st bank check with them and then finally i call the CTOS itself. Why all this happen and not updated although i already pay 3years back. I force them to send me an apologize letter and clear my name immediately.
Them (CTOS) are really $%^&*. They make million ringgit profit sold other people data & information . What we got? not even single cents of royalty.
Again who allow this is happen …is malaysian goverment.
malaysian
May 28, 2008 at 12:52 pm
I would like to know how do i clear my name from black listing?
I stood as a guarantor for my brother and there was a problem with the loan, but now the problem has been solved and the loan completely paid of, I even received a release letter saying that my name has been removed from the blacklist, but i am unable to apply for any loan as they still decline all my applications for loans or credit cards. please advice
Thank you
CJCM: The best thing to do is to approach Bank Negara. They should be able to advise you accordingly.
Comitatenses XV Legion
Aug 7, 2008 at 9:50 am
I too got my name listed in the CTOS because I was the guarantor of a friend. But the case has already been solved and I got no follow-up actions from the agency or corporation. Yes, we were summoned to the court but we didn’t attend as my friend struggled to settle the loans. So, my question is, whose b——- idea is this CTOS? Why don’t they release our names from the system? Or, is our Big Brother watching?
Yea, sure, the powerful and rich can easily break through the barricade by paying large bloody sum of money to just to escape. How about us whose income is so meager that life is more like Spartan combat ground than a peaceful home? With the rise of the fuel prices and my name in CTOS, it’s total hell. I have tried to apply for release but so far… no answer!
The rich getting richer, the poor getting poorer while the men above the balcony laugh at us poor stragglers.
CJCM: Sad… but that’s life bro… good luck to u.
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