Opposition Leader MP Sajith Premadasa has requested the Ministry of Finance to look into the issue of threats by loan sharks to the public who are facing economic difficulties.
Addressing the Parliament today (Jan 12), MP Premadasa said several online loan services have entered the local market to exploit the bankrupt state of Sri Lanka further burdening the innocent public.
Stating that many of these online loan services are operated by foreigners, he said these loan sharks are found to be taking advantage of the existing bankruptcy by charging exorbitant interest rates for loans offered, such as nearly 300%.
“They use photographs of those who obtain loans, as well as their families, to blackmail and vilify them on Facebook if they are unable to pay back the loan sum or interest within the stipulated time. They even go to the extent of claiming extramarital affairs, breaking up families,” he said.
The Opposition Leader further said that a discussion in this regard had been held with the Governor of the Central Bank of Sri Lanka, during which the latter noted there were some legal issues, such as inadequate laws, to address the issue.
MP Premadasa said that the Central Bank Governor, however, said the matter may be addressed via a new Act that is expected to be presented in Parliament soon.
The MP requested the government, especially the Finance Ministry, to inquire and address the issue of loan sharks in Sri Lanka. (NewsWire)
Several online loan services operated by astute foreigners have now taken root in #SriLanka. These #Loan sharks while taking advantage of the existing bankruptcy, charge exorbitant interest rates & use photographs of those who obtain loans to blackmail & vilify them on #Facebook… pic.twitter.com/Xmml9QIMQK
— Manthri.LK_Watch (@ManthriLK_Watch) January 12, 2024