Usury victim testifies on interest arrangements

A man recounted how he had borrowed money from a Birzebbuga man on three separate occasions on condition he paid a set amount of money every week in interest until settling the total amount.

Alfred Scicluna told Magistrate Consuelo Scerri Herrera he had gone to report the matter to the police when he found he could no longer keep up with the payments.

He testified in the compilation of evidence against Oliver Demicoli, 28, of Birzebbuga who is pleading not guilty to usury.

Magistrate Scerri Herrera ruled, at the end of the sitting, there were enough reasons for Demicoli to be indicted.

She gave the ruling after hearing Scicluna explain how he had been introduced to Demicoli some months ago and had borrowed Lm600 on condition he paid him Lm70 a week until he was able to pay back the Lm600 in one lump sum.

By the time he cleared the loan he had paid Demicoli almost double the sum.

He then took a loan of Lm1,000 on which he was to pay Lm130 a week until he could pay back the Lm1,000. By the time he cleared the loan he had already paid half as much interest.

Towards the end of November last year he borrowed Lm1,600 and they set the interest at Lm200 a week. He paid Demicoli Lm800 over four weeks but could no longer keep up with the payments.

Earlier, Police Inspector David Saliba took the witness stand and explained how Scicluna had gone to report the matter and he took down his statement in writing.

Inspector Saliba said Mifsud told him he had paid high interest on three different occasions.

The officer eventually tracked down Demicoli who claimed he had lent Scicluna Lm1,600 but had not asked for interest.

The case continues. Police Inspector Saliba is prosecuting.

Dr Ian Farrugia is appearing for the defendant.