KUALA LUMPUR (Mar 17): Bank Negara Malaysia (BNM) has appointed Datuk Wan Azhar Wan Ahmad, former president and chief executive officer (CEO) of Credit Guarantee Corp Malaysia Bhd, as chairman of its Small Debt Resolution Committee (SDRC) from March 1.

Wan Azhar replaces Md Yusof Hussin, who is retiring after serving SDRC for more than 10 years.

In a statement today, BNM said there are eight other members in SDRC namely Datuk Mohd Hanif Sher Mohamed, Datuk David Chua Kok Tee, Datuk Dzulkifli Fadzilah, Tuan Haji Ariffin Hew, Jeffrey Chew, Fauziah Hisham, Sarojini Ruth Rajasher and Jeremy Lee Eng Huat.

SDRC functions as a body that provides assistance to viable small and medium enterprises (SMEs) that are constrained by financial difficulties, which affect their financing repayment obligations.

BNM said the committee undertakes independent assessments on the viability of the SMEs’ businesses and proposes rehabilitation solutions through restructuring or rescheduling of existing financing facilities, or providing new financing, where appropriate.

“Since its inception, the scheme has received a total of 1,316 applications with 916 applications approved for restructuring or rescheduling involving financing amounting to RM1 billion.

“Of this amount, about 50% of the SMEs assisted under the scheme were able to improve its businesses cash flow conditions, turn around their businesses and continue to remain viable,” the central bank added.