SCNS Provides Insights on Bishkek Microcredit Company Searches
The State Committee for National Security of Kyrgyzstan (SCNS) is currently investigating the activities of large individual microcredit organizations due to complaints received from borrowers. The press center of the state committee has reported that an inspection has been initiated to ensure compliance with interest rates when lending to individuals and legal entities, which should not exceed 33 percent per annum.
Citizens have raised concerns about violations in the procedure for providing loans, including instances of splitting loans to bypass maximum loan amounts, and providing false information to regulatory authorities to avoid mandatory payments. The state committee has emphasized that any violations of regulatory legal acts in the lending sector could result in criminal and other consequences.
Earlier, it was announced that the SCNS had conducted searches in the offices of several microcredit companies in Bishkek. Stay tuned for further updates on this developing situation.
