Lee: "Why Have Authorities Failed to Detect 'Predatory Finance'... Will Seek Solutions"

"No Matter How Important Money Is, Excess Is as Bad as Deficiency"

On May 12, President Lee Jae-myung addressed reports regarding irregularities at non-performing loan (NPL) management companies, stating, "Why have the relevant authorities failed to even identify these irregularities until now?" He added, "I will look for solutions at today's cabinet meeting."

President Lee made these remarks while sharing a related news article on his X (formerly Twitter) account on the same day.

The article covered 'Sangnoksoo First Securitization Specialty Limited Company,' a type of NPL management company, which reportedly took over 700 billion won in non-performing credit card loans following the 2003 credit card crisis and applied a high annual interest rate of 20%. It also pointed out that the bonds held by Sangnoksoo are not included in the New Leap Fund for debt relief.

President Lee commented, "I did not realize that such primitive predatory finance was still thriving, tightening the noose on ordinary people." He continued, "Even economic or corporate profit activities have their limits. No matter how much money is valued, excess is as bad as deficiency—especially since we are neighbors living together in the same community."