Non-Performing

"'Gentlemen! The Debtor's performance, is getting worse!' said the Creditor to the Shareholders," as usual, the Moon opened her story, after saying Basmalah and Salaam. "'We have followed the procedure,' the credtor went on, 'by sending a letter to the debtor, however, there has been no response,' says he, while displaying a copy of the letter he had sent to the Debtor.

'I wonder,' said one shareholder, 'as we all know, for statistical purposes, loans were classified as " Standard; With qualifications; Non-standard; Doubtful; and Loss-making—so, this kind of debtor, included in which catagory?'

'Before we send the letter, to the Loan was Non-performing, and categorized as 'Non-Standard,' but, I'm afraid, it would be 'Doubtful,' the creditor replied. Suddenly, one of the Stakeholder, shouted, ''It's only your opinion, I think we should be objective!' Owner of the majority shareholder intervened, 'I hope, at this meeting, we have to consider all views, when arguing, for we are not all that different, like the story of The Dog and the Wolf,

A lean, hungry, half-starved Wolf happened, one moon-shiny night, to meet with a jolly, plump, well-fed Mastiff—a large and powerful type of dog—and, after the first compliments were passed, says the Wolf, 'You look extremely well; I protest, I think I never saw a more graceful, comely person; but how comes it about, I beseech you, that you should live so much better than I? I may say without vanity, that I venture fifty times more than you do; and yet I am almost ready to perish with hunger.'

The Dog answered very bluntly, 'Why, you may live as well, if you will, do the same for it that I do. 'Indeed! What is that,' says he, 'Why,' says the Dog, 'only to guard the house a-nights; and keep it from thieves.'

'With all my heart,' replies the Wolf; 'for at present, I have but a sorry time of it; and I think to change my hard lodging in the woods, where I endure rain, frost, and snow, for a warm roof over my head; and a belly-full of good victuals will be no bad bargain.'

'True,' said the Dog, 'therefore you have nothing more to do than to follow me.' Now, as they were jogging on together, the Wolf spied a crease in the Dog’s neck, and, having a strange curiosity, could not forbear asking him what it meant! 'Pugh! nothing,' says the Dog.

'Nay, but pray,' says the Wolf. 'Why,' says the Dog, 'if you must know, I am tied up in the day-time, because I am a little fierce, for fear I should bite people, and am only let loose a-nights. But this is done with design to make me sleep a-days, more than any thing else, and that I may watch the better in the night-time; for, as soon as ever the twilight appears, out I am turned, and may go where I please. Then my master brings me plates of bones from the table with his own hands; and, whatever scraps are left by any of the family, all fall to my share; for you must know, I am a favourite with every body. So you see how you are to live. Come ... come along ... what's the matter with you?'

'No,' replied the Wolf, 'I beg your pardon; keep your happiness all to yourself. Liberty is the word with me; and I would not be a king upon the terms you mention. The lowest condition of life, with Freedom attending it, is better than the mosi exalted station under a restraint.'

Owner of the majority shareholder added, a bit Satirical, 'A man who has so little honour as to bear to be a slave, when it is in his power to prevent or redress it, would make no scruple to cut the throats of his fellow-creatures, or to do any wickedness that the wanton unbridled will of his tyrannical master could suggest.'

'But,' the Stakeholder a bit fierce, 'Hasn't the debtor stated that he misses being billed? And we still have Restructuring paths, including Rescheduling and Reconditioning.'

''Rescheduling path is not easy to believe,' replied the Creditor, 'we have given two debtors in the past, one was Reconditioning with an indefinite validity period, and the other, rescheduling with an Addendum for 32 years, and that, was not a potent medicine. The Shareholders had decided, the Addendum may only be granted, at most, once.

As for the Debtor, he has been given an Addendum, once. The results of the on-the-spot visit showed, allegedly, he mobilized the masses to be given rescheduling, however, given the many problems he faces, it is undeniable, he will ask for Rescheduling, or Reconditioning, or even Restructuring, for life, by changing the Company's Articles of Association.'

The Stakeholder pounded the table, 'Yooou... do not accuse, we should be objective!'

Again, Owner of the majority shareholder intervened, 'I hope, at this meeting, we have to consider all views when arguing, for Justice demands a fair court hearing. Don't be like those in the following story,

The Dog sued the Sheep for a debt, of which the Kite and the Wolf were to be the judges. They, without debating long upon the matter, or making any scruple for want of evidence, gave sentence for the plaintiff, who immediately tore the poor Sheep in pieces, and divided the spoil with the unjust judges. The Law of the Jungles, you know!'

Owner of the majority shareholder added, a bit Satirical, 'Of the many evils which throw back the well-being of society, none raise in the honest mind more painful and indignant feelings, than beholding the judgment seat of mercy and justice filled by an unjust, corrupt, and wicked judge, who has become, step by step, hardened in his impious enormities, and is the fully-prepared tool and supporter of tyranny and arbitrary power. Fraud and oppression follow in his train: the righteous laws of a just government are frittered away, or superseded: truth and innocence are obnoxious; honesty is sneered at, and it becomes criminal to espouse the cause of virtue. In this state of things, wickedness predominates, and its rapacious abettors give full scope to the exercise of all kind of oppression and injustice, to gratify their own vicious lusts. Then it is that mankind are made to feel the evils of power being in the hands of the worst of their species, who, without hesitation, rob them of their property, and divide the spoils. If there be not a sufficiency of the most spirited and virtuous idealism to rescue the country from their fangs, then is despotism and degradation near at hand.'

'Therefore,' Owner of majority shareholder had an inquiry to the Creditor, 'Tell us about the Debtor.'

'In the beginning,' said the Creditor, 'The results of the Five C's analysis : Character, Capacity, Capital, Collateral and Conditions, shown that everything was promising, although there was an oddity when the debtor's data was submitted in the middle of the night. But later, the Appraisal Agency, gave a very astonishing recommendation, even when we found that there were two red signals of the analysis, the Character and the Capacity, but they were not our responsibility, it can change at any time, it's uncontrollable.

After the loan was issued, what was on paper, was only on paper, Captain Cook in action, Peter Pan imprisoned, and the Tooth Fairy, unable to help. From the financial perspective, working capital have been used to finance long-term investments. Assets purchased, stalled and sold cheaply, could not cover principal and interest payments. Corporate-branding is not promoted, but rather self-branding. Corporate culture is full of Chronism, and also, the 'One Man show.' The existing rules are not used, or often be changed, and prioritized personal judgment. The company's policies are more favorable to its Affiliates, or rather, its Holding Company. Company's management, is indeed the chosen people, but chosen at one's pleasure, not those who are proven. Under this kind of management, we are in doubt, the company can run well.'

'And so,' said the Shareholder, 'what's the recommendation?'

'First,' said the Creditor, 'there will be no Rescheduling, Reconditioning, even Restructuring. Second, Debtor Collectibility would be downgraded from 'Substandard' to 'Doubtful.' Third, this is optional. Board of Directors and Commissioners, especially the CEO, should be replaced by competent persons  and have sincere intentions.'

'Wait ... wait a minute,' said the Stakeholder, 'We can still talk about this outside the room, under very pleasant circumstances, can't you, Creditors?'

'Listen buddy,' replied the Creditor, 'I don't want to end up like the Dog in this story,

A Dog had learned to carry his master’s dinner to him every day. He was very faithful to his duty, though the smell of the good things in the basket tempted him.

The Dogs in the neighborhood noticed him carrying the basket and soon discovered what was in it. They made several attempts to steal it from him. But he always guarded it faithfully.

Then one day all the Dogs in the neighborhood got together and met him on his way with the basket. The Dog tried to run away from them. But at last he stopped to argue.

That was his mistake. They soon made him feel so ridiculous that he dropped the basket and seized a large piece of roast meat intended for his master’s dinner.

'Very well,' he said, 'you divide the rest.'

'Okay,' said the shareholder, 'we'll continue with the vote, who agrees with the recommendation?'

On that corner was heard, 'We agree!' in this corner, 'Agreed!' on the other corner, 'Okay! ... 'Ay!' ... 'Participate!' ... 'Join in!' ... 'Acknowledge!' ... 'Allow!' ... 'Admit!' ... And finally, owner of the Majority shareholder, decided, 'Subscribe!' and so, the General Meeting of Shareholders, made a decision, unanimously.

It's time to leave the room, while the Stakeholder said, 'Please ... don't do this to me. We can work it out!' Ignoring him, the shareholders stood up, then stepped out of the room, chanting,

Be yourself

Give your free will a chance

You've got to want to succeed

Owner of a lonely heart!

Owner of a lonely heart

Much better than-a

Owner of a broken heart *)

It's time to go, the Moon then said, "O you ... We don't live in Utopia, but in a land where there are still straying many Anomaly Toys carved by Geppetto, where the Foxes and Wildcats, making promises, will multiply Pinocchio's gold coins. Allāh has permitted Trade and has forbidden Ribaa, not because Ribaa is a pleasant thing, but it is categorized as OPPRESSION. And Allah knows best."

Citations & References:

- J.B. Rundell, Aesop's Fables, Cassell, Petter and Galpin

- Thomas Bewick, Bewick's Select Fables, Bickers & Sons

- Samuel Croxall, D.D., Fables of Aesop and Others, Simon Probasco

*) "Owner of the Lonely Heart" written by Chris Squire, Jon Anderson, Trevor Horn & Trevor Rabin

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