The role of loan sharks are becoming more apparent as the country feels the sting of the economic slowdown, said Parti Sosialis Malaysia President Nasir Hashim.

NONE In a memorandum which was submitted to Prime Minister’s office yesterday, Nasir suggested the government introduce low-interest, easy repayment schemes with a minimum of paperwork and bureaucracy.

He further urged the government to help those who were harassed by loan sharks, and called for the Bank Negara to restructure loan procedures to facilitate access by the marginalised.   

Saying that the police and the authorities seem to have no control over the loan sharks who use violence to get their money back, he added a minimum wage act would help the lower income group.

Nasir also questioned the government in forming Valuecap with Employment Provident Fund money to boost shares in Bursa Malaysia.

“If they can form Valuecap  with our money, than the government should also form easy repayment loan schemes for the working class and small and medium range entrepreneurs,” he said.