• Fin24's biz quiz

    Test your business news in 30 seconds with this Fin24 quiz.

  • Inside Labour

    Brexit should send warning signals to worker organisations everywhere, says Terry Bell.

  • Racial redress

    The next adult generation is at risk of being polarised on the basis of skin colour, says Solly Moeng.

All data is delayed
Loading...
See More

SACP: Loan sharks must be stopped

Mar 03 2013 16:41
Sapa
Johannesburg - Loan sharks who prey on the poor must be stopped, the SACP said on Sunday.

"We will be campaigning to ensure that government greatly strengthens its capacity to monitor, regulate and deal with reckless lending and other financial sector abuses," said SA Communist Party spokesperson Malesela Maleka.

In a statement issued after the SACP central committee's first meeting of year, Maleka said banks were allowing poor people to take out unsecured loans, which they could not repay.

"One of the contributory factors behind the Marikana tragedy was precisely the extortionist behaviour of the loan sharks operating in the surrounding communities."

Workers at Lonmin Platinum's mine in Marikana went on a wildcat strike over wages in August. Thirty-four of them were shot dead when the police opened fire on a group of strikers, allegedly in an attempt to disperse them, on a hill near the mine.

At the time, Maleka said: "10 out of the 11 'mashonisas' [money-lenders] in the area were brazenly breaking the law, making people desperate for money."

The term 'mashonisa', means to sink in isiZulu, and suggests that victims are eventually drowned in the debt they incur.
sacp

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
60 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Labour’s call for a cap on salary of high earners is?

Previous results · Suggest a vote

Loading...