Seoul, South Korea - In a determined effort to protect citizens from exploitative financial practices, President Yoon Suk Yeol has called for stringent punishments against illegal private lenders charging exorbitant interest rates. This call to action reflects the government's commitment to safeguarding the rights and well-being of ordinary and vulnerable individuals.
According to Yonhap News Agency, President Yoon expressed his concerns during a meeting focused on illegal private financing. The meeting, held at the headquarters of the Financial Supervisory Service, South Korea's financial regulator, was attended by approximately 30 individuals, including victims of illegal lending, workers from a victims' call center, and government and law enforcement officials.
President Yoon was moved by the stories of those affected by loan sharks, including a tragic case of a mother and her two daughters who took their own lives after being pursued by lenders. He also recounted the plight of a woman who was charged 5,200 percent annual interest on a loan and was subsequently sexually exploited. These cases underscored for him the state's fundamental duty to protect its citizens from such predatory practices.
Yoon called on the justice minister, police chief, and other officials to implement stringent measures against illegal private lending, which he described as a "wicked cancerous existence" devastating lives, erasing human rights, and destroying families and society. He emphasized the need for harsh penalties and the forfeiture of illicit profits to deter these crimes.
Additionally, President Yoon highlighted the severity of the damage caused by private lending services, stating that it has reached a level where fundamental constitutional values, including liberty and human rights, are at stake. He underscored the urgency of the situation, noting that it necessitates direct presidential involvement.
Furthermore, President Yoon pointed out that loan agreements with debt collection procedures outside legal boundaries are invalid. He also advocated for innovative solutions to assist victims with the confiscated money and provide compensation for their psychological and physical suffering. In his concluding remarks, Yoon stressed that failing to thoroughly eliminate such practices would challenge the nation's status as a liberal democratic society.