Updated: 07/29/2013 18:11 | By Channel NewsAsia
Errant licensed moneylender fined S$50,000 for breaching moneylending laws
SINGAPORE: An errant licensed moneylender has been fined S$50,000 by a district court.
Thirty-five-year-old Phua Chin Meng, the sole proprietor of AA Credit, held a moneylending licence from 9 June 2009 to 8 June 2010.
The licence was not renewed after it expired.
Investigations showed that Phua had committed offences that warranted prosecution.
Phua pleaded guilty on Monday and was convicted on 20 out of 63 charges for offences committed under the Moneylenders Act.
Four charges relate to the failure to supply statement of accounts to borrowers while 15 charges relate to the failure to keep loan documents as prescribed.
One other charge relates to recklessly furnishing false information to the Registrar of Moneylenders.
The remaining 43 charges were taken into consideration for the purposes of sentencing.
- CNA/fa
