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Going after loan sharks requires transparency

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Unless the real problem is uprooted, going after hired thugs is not going to rid us of these rotten financing schemes, writes JD Lovrenciear.

The recent announcement by the inspector general of police that his officers would go after loan sharks gives hope to tens of thousands of naive borrowers who have become victims of greedy, exploitative and threatening loan sharks.

Many netizens have been highlighting this scourge in the media for a long time out of concern for the peace and progress of the nation. One or two media outfits even took on the duty of publishing cases involving loan shark operatives from time to time.

But loan shark operatives continued to thrive in this little nation. Hopefully, the no-nonsense inspector general will plug this problem for good.

But going after aggressive hired thugs may only be treating the symptoms. The exploitation of people who have no means to secure legal banking support is a serious crime against nationhood. The powers that be need to unravel the deeply embedded loan shark system. Go after the masters who are pumping the money into society.

Obviously, the loan shark business is a deeply rooted, well-structured and coveted business. To hide behind the excuse that such loans are present in all third world nations and would not be easy to banish would be irresponsible.

Unless the real problem is uprooted, going after hired thugs is not going to rid us of this rotten financing scheme.

Perhaps the government should explain why loan shark operatives exist in the first place and are even thriving despite responsible and caring media exposing the plight of so many citizens all these years.

It is time the funders are exposed without fear or favour. Perhaps the regulatory central bank would know?

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