Co-operative Commission to investigate scam allegations

  • Business Premium
  • Tuesday, 11 Jun 2019

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.

PETALING JAYA: The Malaysia Co-operative Societies Commission will investigate allegations that certain co-operatives are involved in a syndicated loan scam, falsifying payslips for civil servants and employees of government-linked companies.

The commission said in a statement that stern action would be taken on the individuals and co-operatives involved if the allegations were found to be true.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

UK consumer morale hits lowest since records began in 1974 Premium
Japan, guarding against weak yen, urges G7 reaffirm FX agreement Premium
Indonesia president declares end of palm oil export ban from Monday Premium
Oil price rebounds from two days of losses in volatile trade Premium
World stocks slide as growth fears persist, safe-havens gain Premium
Exports beat market forecast Premium
Stagflation danger stalks global economy beset by war fallout Premium
Telcos seek a minimum 51% stake in DNB Premium
TNB forays into international offshore wind market Premium
CEO lowers stake in Serba Dinamik Premium

Others Also Read