Wonga rev­e­la­tions em­bar­rass the Arch

Weekend Argus (Saturday Edition) - - WORLD -

LON­DON: The head of the Church of Eng­land was em­bar­rassed to find out that his or­gan­i­sa­tion had in­vested in­di­rectly in a short-term loan com­pany, Wonga, which he had vowed only days ear­lier to drive out of busi­ness.

The dis­cov­ery of the rel­a­tively small in­vest­ment was a ma­jor set­back for Arch­bishop of Can­ter­bury Justin Welby, af­ter he launched a scathing at­tack on “payday” lenders who charge high in­ter­est rates on short-term loans that are typ­i­cally re­paid when bor­row­ers re­ceive their wages.

The Fi­nan­cial Times then re­ported that the Church’s pen­sion fund, worth £ 5 bil­lion (R75bn), in­vested in a firm that led Wonga’s 2009 fundrais­ing.

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