Companies that provide short-term consumer loans at high interest rates are on the increase in countries like Indonesia and the Philippines as many people struggle to get advances through traditional channels such as banks.
KUALA LUMPUR: The Finance Ministry has taken over the management of Suria Strategic Energy Resources Sdn Bhd (SSER), a company which is now at the centre of a RM9.4bil pipeline scandal.
In a statement, the Finance Ministry said it has appointed deputy secretary-general Datuk Asri Hamidon as chairman of SSER. On June 26, Asri was made the chairman of 1Malaysia Development Bhd or 1MDB.
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