M'sian man sells house to repay daughter's debts, cuts ties & asks loan sharks not to lend her money again

A semi-retired construction contractor in Selangor, Malaysia, has publicly severed ties with his only daughter after spending more than RM160,000 (S$51,400) over five years repaying her debts to loan sharks, saying he can no longer continue bailing her out.

China Press reported that Lee, from Batu 11, Cheras, held a press conference alongside Selangor DAPSY (Democratic Action Party Socialist Youth) chief Lee Boon Pin, urging illegal moneylenders to stop extending credit to his 25-year-old daughter.

He said:

"If any more loan sharks come to collect debts, go find the borrower yourself."

Years of debt, a sold house

According to Says Malaysia, Lee said his daughter first became involved with loan sharks at the age of 21 due to online gambling.

Despite his efforts to help her recover financially, she kept borrowing from different syndicates, leaving him with no choice but to sell his house to cover RM120,000 (S$38,600) of her debts.

His daughter had graduated from an international high school but never found work. When she expressed interest in studying in Qingdao, China, Lee funded her throughout. She spent more than three years there, though he said he was unsure whether she had actually graduated.

Agreed to support her, but she kept borrowing

When his daughter said she wanted to rent a place in Kuala Lumpur with friends, Lee agreed, on the condition that she stop borrowing from loan sharks.

She did not keep her word.

He said:

"She said she wanted to rent a place in KL and live with friends, and I supported her, but made it clear she couldn't borrow from loan sharks anymore, but she still borrowed from several syndicates."

According to Says Malaysia, debt collectors came knocking again around February this year, and he ended up paying another RM40,000 to RM50,000 (S$13,000 to S$15,800) to clear her debts.

His daughter later travelled to the UK, and Lee continued sending her money through an e-wallet, totalling about RM10,000 (S$3,200). When loan sharks called again in recent days, he decided to go public.

He said:

"I have helped repay over RM160,000 (S$51,400) in loan shark debts in total, clearing the principal loan amount. I hope to use the media to urge loan sharks not to lend to her anymore, as I will absolutely not help her pay them back again."

He also noted that his daughter only borrows money when she is back in Malaysia, adding that she appears to have no such problems abroad.

Warning ahead of World Cup

Chief Lee Boon Pin said he had noticed a rise in young people turning to loan sharks, and with the World Cup approaching, urged the public to avoid borrowing from illegal moneylenders.