Alleged loan sharks wanted ‘25 per cent interest a month’
Two suspected loan sharks yesterday denied charges of usury in which they allegedly lent €4,000 to a man and expected €1,000 back in interest per month after that.
Francis Formosa, 39, and Joseph Brincat, 48, denied the charge and also pleaded not guilty to threatening the same person. Mr Formosa alone denied breaching the conditions of a previous release.
The prosecution claims that by this month, the men ended up expecting to be paid back €17,000 in all.
Police Inspector Ivan Cilia asked the court to deny bail because of the severity of the crime.
Defence lawyers Joseph Giglio and Gianella Caruana Curran said the charges were not as serious as the prosecution was making them out to be.
Magistrate Silvio Meli granted the men bail against a deposit of €5,000 and a personal guarantee of €10,000.
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Tonio Bone
Oct 23rd 2009, 09:52
This phenomenon is more common than one might care to think. In times like these when cash is tight and banks are even tighter desperate persons will go for desperate measures and fall prey to such people.
What the victims don't know is that they start off with a very difficult financial situation and end up losing everything, even their family and their dignity.
I ask everyone to note who are defence councils for the accused, and comment no further!