In Malaysia we are having hard time with Ah Long. Looking at the word Ah Long means big brother, a nice name for a dubious personality. Most may not even think twice about the problem the illegal money loan can do to the borrowers. I know a few friends who were involved in borrowing. The interest is a cut throat business.. 10% per month is considered a good deal. You borrow $100, you get $90, the $10 is a safety deposit, on the first of next month it becomes $99. You have to pay the agree amount say $10, so the balance is $89.
Imagine if you borrow $10,000. It becomes double in a year.
The paper on 12 Apr carried the news that Ah Long ring was busted. It is worrying when this type of news keep coming back to often. That can only mean that, the Ah Long problem is far from over.
Probably the problem with the Malaysia is in the mind set. They are too focused on busting crime rather than solving problem. The same way that they are handling the road accident problems by creating loads of rules and regulation.. " we need a new law to curb the problem of...".
... from the news, 4 men aged between 22 to 37 were caught in Penang. They were involved in the illegal money-lending syndicate. Seized were over 1000 cards to record transaction. That mean, the are running a thriving business with good number of customers, post dated checques valued over RM13.5 mil.
Read more..
Apr 11, 2011 ... "This was the biggest seizure involving Ah Longactivities this year in a region comprising Perlis, Kedah, Penang and Perak," he added. ...
thestar.com.my/news/story.asp?file=/2011/4/11/nation/20110411205348&sec=nation
