LETTER | Loan shark menace continues unabated

LETTER | Despite so many reports in the news about loan sharks, gangster-like operatives all over the country, we continue to witness this unabated social menace in our society. 

The latest news of a loan shark agent apparently going on a car windshield-smashing spree in Ulu Kelang near the heart of the federal capital attests to the fact that “samseng”-like business operatives are well and kicking in the country.

Who is protecting these recalcitrant operatives that go against every yard of a progressive society?

Despite all the reported crackdowns on illegal loan sharks and thuggish money lenders, we are far from being relieved of such corrupt ways of doing business.

To keep repeating that borrowers must not default is tantamount to shielding loan shark operators. 

The fact that they resort to damaging, threatening and bullying tactics, and putting the lives of family members of borrowers at risk is a clear conclusion that these are bad, unethical businesses that must be eradicated in line with our determination to rid corruption in the country. 

The government must create a more compassionate social debt restructuring framework for the hard-pressed citizens in desperate need of financial aid.

Likewise, by having legitimate, transparent, and ethical loan operatives in place, we can also weed out habitual borrowers who abuse such facilities. 

But by assessing this long, decades-old loan shark existence in the country, one cannot be faulted for suspecting that such operatives are a protected front for money laundering.

And why is it that only the thugs deployed to threaten, harm, and cause damage are hauled up while no one knows who are the “taikos” behind the scenes offering loans that fleece borrowers to kingdom come?

Would the unity government tackle this social menance with a resolute will and speedily too? 

Hopefully, with Malaysia Madani in the pocket, the prime minister will see to it effectively. 

Perhaps Parliament must address this sickness too in an effort to walk the talk. 

The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.