Ministry receives 305 complaints of moneylender misconduct

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KUALA LUMPUR: A total of 305 complaints involving various types of misconduct allegedly committed by moneylenders have been recorded by the Ministry of Housing and Local Government between Jan 1 and Aug 31 this year.

Minister Zuraida Kamaruddin said of the total, 17 cases involved imposing high-interest rates on borrowers.

“However, no complaint was recorded for harassing or intimidating borrowers, which is an offence under Section 29B (1) of the Moneylenders Act 1951,” she said in a written reply posted on the Parliament website yesterday.

Zuraida was replying to Pang Hok Liong (PH-Labis) who wanted to know the types of action taken by the
government as moneylending licences had been abused by loan sharks or ‘Ah Long’ as a public front to hide their illegal moneylending activities. — Bernama