Aiqon eyes RM10b debt recovery portfolio

2010-04-02

Aiqon Capital Group, formerly known as Beukhen International Sdn Bhd, expects to increase its debt recovery portfolio to some RM10 billion within the next three years.

"Having been in the industry for over 20 years, we are confident of achieving the target. We have sufficient financial resources and have put in place the people and systems to capitalise on the global US$1 trillion (RM3.26 billion) debt recovery industry," group executive chairman Ibrahim Hussain told reporters after the launch of Aiqon's new corporate identity in Kuala Lumpur yesterday.

Two-thirds of the potential debt assets are expected to come from Asia and the rest from Australia.

"We are also looking at expanding our business to the UK, Thailand and Indonesia," he said.

With offices in Malaysia, Singapore, the Philippines and Australia, Aiqon's core business is in the provision of a comprehensive debt recovery solution to Asian countries and businesses.
"This encompasses both debt-servicing and debt-purchasing for banks, financial institutions and other commercial concerns around Asia," he said.

Aiqon's non-performing loans (NPLs) under management now stands at some RM3 billion.

"Malaysia alone has debt assets worth some US$3 billion which are ready for us to tap into. We want to maintain in the forefront in this debt management and recovery business," he said.

He said Aiqon offers institutions a way to relieve themselves of the pressures of NPLs.

"Consumers, on the other hand, are able to benefit from Aiqon's debt and asset reconstruction services to better manage their debt repayment schedules in a way that does not place them under pressure or unrealistic payment schedules," he added.

Ibrahim also said Aiqon will expand its debt recovery and management services to include corporate debts in six months.