Print
21 April 2012| last updated at 07:22PM

Awang Adek: Lodge police report if loan interests more than 18pc



0 comments

BACHOK: Those cheated by licensed money-lending companies into paying up to 30 per cent monthly interest should lodge a police report, said Finance Deputy Minister Datuk Dr Awang Adek Hussin.

 

"The guideline set by the government is that such companies should impose an interest of not more than 18 per cent," he told reporters after presenting the 1Malaysia People's Assistance (BR1M) to 660 farmers and fishermen from Jajahan Bachok in Kampung Pauh Sembilan here today.
 
He was asked to comment on a press report today which reported, among others, that some licensed moneylenders were cheating consumers by imposing an interest rate of between six and 30 per cent a month.
 
The report also cited companies keeping the borrowers' automated teller machine cards until full settlement of the loan.
 
Awang Adek noted however, that such fraud would not occur if the public were not easily influenced by the sweet promises and readily available loans offered by companies. -- BERNAMA
Related Articles
  • Financial market will grow strong with strong govt: CIMB Islamic
  • Rare coins worth millions displayed in New Orleans
  • Police foil three men in arson attempt
  • Short-term interbank rates expected to remain stable
  • Short-term rates remain steady

Leave Your Comment


Leave Your Comment:

New Straits Times reserves the right not to publish offensive or abusive comments and those of hate speech, harassment, commercial promos and invasion of privacy. Your IP will be logged and may be used to prevent further submission.The views expressed here are that of the members of the public and unless specifically stated are not those of NST.


Opinion