Shaw Capital Management Headlines : South Korea: High Interest Charged by Finance Companies Probed

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... More

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 Less