President Lee Jae Myung Condemns Illegal Private Lenders, Urges Financial Institutions to Fulfill Social Responsibilities

SEOUL, May 14 (Yonhap) -- President Lee Jae Myung on Thursday rebuked illegal private lenders that charge crushing interest rates while calling on financial institutions to fulfill their public responsibilities. Lee delivered the message on his X account, posting a document that showed 1,553 people have been rounded up in just six months through April on suspicions of being involved in illegal private lending. The president described loan sharks as social ills that "ruin" the country. He argued that financial firms, though privately owned, must act as quasi-public entities and fulfill their social responsibilities since they enjoy near monopolistic positions in government-approved business environment. The president noted that any loans carrying interest rates exceeding the legal limit of 60 percent per annum are invalid and need not to be repaid, stressing that those who charge such exorbitant rates are subject to criminal punishment.