Merchant Finance makes complete turnaround
08:15 Sat Oct 07, 2017
Report by: Rachael Nath
Despite battling issues over the last twelve months, Merchant Finance has made a complete turnaround.
Group chief executive, Nouzab Fareed says the issue have been solved, loopholes have been detected and covered and the company is back to business.
Fareed says the company had suffered some setbacks over the last financial year, resulting in the resignation of the then Chief Executive, Napolioni Batimala.
“There was one bad loan we had. It was an inappropriate size of loan. The loan was very big and the company it was given to went bankrupt and we lost all our money in that leading to Merchant Finance low performance.”
Fareed says in light of this incident, a completely new team has taken over and is managing operations.
Rowena Fong is the first female who is currently the acting chief executive for Merchant Finance.
Fareed says Merchant Finance has more than hundred and thirty million public deposit and with a loan portfolio of forty-five million.
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