Tough stance on loansharks

[Katana]

Nov 20, 2009
Tough stance on loansharks
By Rachel Chang
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In the first half of this year, the number of loan sharking and harassment reports went up to 9,395, from 4,759 in the same period last year. -- ST PHOTO: DESMOND LIM

STIFF measures to combat loan sharks and their assistants are set to be introduced when Parliament sits on Monday. These are to be spelt out in amendments to the Moneylenders Act, with an eye on penetrating loan shark syndicates to stop their unrelenting and ruthless methods in getting borrowers to pay up. This loan shark problem was raised in Parliament in August, when MPs like Madam Cynthia Phua (Aljunied GRC) noted a rise in their terrorising ways. She said harassment incidents in her ward had risen from one every four months to one every fortnight. Nationally, too, the figures have gone up. In the first half of this year, the number of loan sharking and harassment reports went up to 9,395, from 4,759 in the same period last year. Senior Minister of State (Law and Home Affairs) Ho Peng Kee told Parliament then that advances in communications technology and money-transfer methods had led to loan shark syndicates becoming larger and more sophisticated.

 

[Katana]

Crackdown on loan sharks

Nov 21, 2009
Crackdown on loan sharks
Moneylenders Act to get to root of problem; MPs will discuss flat prices too
By Rachel Chang
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STIFF measures to combat loan sharks and their assistants are set to be introduced when Parliament sits on Monday. These are to be spelt out in amendments to the Moneylenders Act, with an eye on penetrating loan shark syndicates to stop their unrelenting and ruthless methods in getting borrowers to pay up. This loan shark problem was raised in Parliament in August, when MPs like Madam Cynthia Phua (Aljunied GRC) noted a rise in their terrorising ways. She said harassment incidents in her ward had risen from one every four months to one every fortnight. Nationally, too, the figures have gone up. In the first half of this year, the number of loan sharking and harassment reports went up to 9,395, from 4,759 in the same period last year. Senior Minister of State (Law and Home Affairs) Ho Peng Kee told Parliament then that advances in communications technology and money-transfer methods had led to loan shark syndicates becoming larger and more sophisticated.

[email protected]

 

[Katana]

Nov 23, 2009
Stiffer laws on loan sharks
By Chong Chee Kin
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First-time loan sharks will be jailed up to four years and fined the minimum $30,000. -- PHOTO: TNP

SWEEPING new laws that target loanshark syndicate bosses, runners and even borrowers have been proposed to deal with the burgeoning illegal moneylending problem. Under the Moneylenders (Amendment) Bill introduced in Parliament on Monday, penalties for loansharking and harassing debtors have also been increased. For example, first-time loan sharks will be jailed up to four years and fined the minimum $30,000. Those who harass debtors and cause damage to property by setting shoe racks on fire, for instance, will be caned at least three strokes. Repeat offenders will be caned up to 10 strokes. Currently, the maximum they face is six strokes of the rotan. Borrowers may also be brought to court if they give false addresses that lead to innocent people being harassed by loansharks.

Read the full report in Tuesday's edition of The Straits Times.

 

[Katana]

Loan shark helpers beware

Nov 24, 2009
Loan shark helpers beware
Crackdown will stop minors from being exploited, end harassment of the innocent

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<!-- end left side bar --> <!-- story content : start --> THE proposed changes to the law governing moneylending left no ambiguity as to what the authorities see as assistance to loan sharks. Those who help loan sharks go about their business - from acting as lookouts to ferrying runners around - will also be liable to the same harsh penalties. Such activities - including allowing one's premises to be used for illegal moneylending business to even providing telephone SIM cards to loan sharks - will be clearly spelt out under the amended law. The crackdown on anyone who contributes to loan sharking activities is to target the many layers in a loan sharking syndicate, said the Home Affairs Ministry. And because loan sharks have become more indiscriminate in their activities to intimidate debtors into paying up, new laws will be introduced to protect innocent households from being harassed. So those who give loan sharks false contact details when borrowing, resulting in the harassment of innocent people, will also be targeted under the proposed changes.

[email protected]

Read the full story in Tuesday's edition of The Straits Times.

 

[Hans168]

Re: Loan shark helpers beware

When is Law Minister getting serious with bankrupts who continue to cheat OA n debtors?
I know many who is staying in aircond comforts, go on holidays with family and zip around in limo.................. and yet pay NO dividend to debtors.
Our bankruptcy laws are full of holes and it is self-policing, ie up to the honesty of bankrupts. How many of us are honest when it involves money belong to others, let alone bankrupts who have taken a bite already????????????????