Tuesday, September 21, 2010

MY LOAN US.$ 1 million PAID OFF


                                        Reach Stacker Monang brothers
 Magnitude of Economic's crisis, economic down turn in Asia in 1997, affected all sectors of business; many bussiness man suicided, unemployment everywhere in industrial sectors, who depend on  imported  raw materials with a very expensive prices,  4 - 5 time higher then calculated in advance. The loan unpaid as scheduled and become Non performed loan in banking industries.

When the crisis erupted in medio 1997, foreign exchange rate devaluated 4 - 5 times, from Rp.2.500 in Januari 1997, jumped up to Rp.15.000 in US$ in July 1997. At that era, before the tsunami hitted Indonesia, the companies very proud, adverticed when signing a big offshore loan. After the crisis, they crying, shout out loud, since the income in Rupiah and the repayment in US$ in a very high exchange rates. The  top rates reached Rp. 15.000 in US$

My bussiness, in import handling equipments for import goods in Tanjungpriok port of Jakarta stopped at all, no more Containers to be handling. Before economic crisis hitted Indonesia in July 1997 the equipments working around the clock, loading, unloading the ships who landed in the ports.
                                 
                                   Notary, me, wife

Consequently my installment montly basis stopped. The loan nearly US.$ 1 million  to buty2 reach stacker - above foto - pay regularly on time before crisis come. The lender, PT.Sumitomo Exim Bank leasing can't pushed me to pay, since we had no income as before.

As time goes on while everybody waiting for the crisis is over, after a long negotiation, after took a deep consideration, we signed the agreement that the balance of the loan plus interest will be stated paid off and the 2 leased hardwares return to the lessors, Sumitomo.

My wife and me watching the 2 Reach Stackers moved away from our station to a new space belong to Sumitomo.The red huge Stackers moved slowly like an elephand, I can't hold my tears to shed remembered that all our struggles for 3 long years, sweating seem useless.

                              Vera Situmeang, Monang Situmeang



Remembered, when we got the loan, my fiends unbelieved said  :"You robbed the Leasing company", they said in unisom, a new set up company got a big value  of the loan, $ 1 million without any collaterals, disburshed very fast, just in one month after the application. All management team, myself, wife , my kids Vera and Monang (student) signed the contract. Even Monang have to called back home from Los Angeles.

Monang and myself using a formal jackets while Vera and my wife used the best clotches in signing the contract along with the Board of the Directors Sumitomo in Summitmas tower,  at Jalan Sudirman, South Jakarta.
                                           Reach Stacker @ Tanjungpriok port


This is a very sweet memory, that a goodwill, a good reputation as an high executive Banker is Bankable and the networks among Bank executives and bussinessman should maintenance properly to support our reputation in bussiness sectors.

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