Police Executive Fined for Earning 60% Annual Interest

[Asia Economy Yeongnam Reporting Headquarters, Reporter Jucheol In] A police officer who received interest at an annual rate of about 60% from an acquaintance was sentenced to a fine.

On the 11th, Judge An Jwajin of Criminal Division 4 at Changwon District Court announced that he sentenced A (58), a senior police officer in Gyeongnam, who was tried for lending money with interest exceeding the legal interest rate (violation of the Interest Limitation Act), to a fine of 7 million won.

On January 15, 2018, A lent 350 million won to an acquaintance and on May 14 received a total of 420 million won, including interest of 70 million won at an annual interest rate of about 60%.

According to current law, the maximum interest rate must not exceed 25% per year.

Judge An stated, "The amount of interest illegally received by the defendant is not insignificant," and added, "This violates the duty of integrity expected of a police officer who must comply with the law, and it is a matter that betrays the expectations and trust of the local community in the police organization."

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