Shaw Capital Management Headlines : South Korea: High Interest Charged by Finance Companies
Probed
http://www.
syminvest.
com
Source : THE DONG-A ILBO
Jul 2010
Seul, South Korea, July, 24 2010 – An investigation into finance companies began Friday after...
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Shaw Capital Management Headlines : South Korea: High Interest Charged by Finance Companies
Probed
http://www.
syminvest.
com
Source : THE DONG-A ILBO
Jul 2010
Seul, South Korea, July, 24 2010 – An investigation into finance companies began Friday after President
Lee Myung-bak complained a day earlier that the companies are charging high interest rates while
visiting a branch of a micro-finance foundation.
After a meeting with chief directors of micro-finance foundations at the Bankers Club in Seoul Friday,
Financial Services Commission Chairman Chin Dong-soo told reporters that a probe will begin into
finance companies imposing high interest rates on loans to individuals and devise countermeasures.
“A 30-percent interest rate is very high,” he said.
“Through an in-depth investigation, we will devise
measures to ease the burden on the working class.
”
“The main operations of finance companies are leasing, installment financing and providing auto loans,
but unsecured loans account fo
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