Errant moneylender and company fined $17,000
AsiaOne
Monday, Jun 10, 2013
SINGAPORE - The director of a moneylending company was fined $15,000 in default of five weeks in prison for breaching Singapore's moneylending laws.
In addition, his company Money Plant Pte Ltd was fined $2,000.
Mr Cho Hong Chye Alvin is one of the two directors of the moneylending firm, and was in charge of the company's moneylending business and authorised all the loans granted by the company.
He was also responsible for furnishing information to Singapore's Registry of Moneylenders about the company's moneylending business and was accused of recklessly furnishing false information to the Registrar of Moneylenders.
He pleaded guilty and was convicted on one out of the three charges brought against him.
Money Plant Pte Ltd was convicted on one out of three charges for a breach of failure to extend a copy of the duly completed loan application form to the borrower.
The remaining four charges were taken into consideration by the Court for the purposes of sentencing.
Money Plant Pte Ltd held a moneylending licence from November 18, 2010 to November 17, 2011. Its licence was not renewed after it expired due to the investigations.
The Insolvency and Public Trustee's Office said that twelve licensed moneylenders have been convicted and fined since 2011.
The Registry carries out regular inspections of licensed moneylenders, and warned that where breaches of moneylending laws are found, enforcement measures will be taken.
These include the suspension or revocation of licences, forfeiture of security deposits, warnings and prosecutions.
Those convicted of breaches of the Moneylenders Act and Rules face a fine of up to $40,000 and/or an imprisonment term of up to two years on each charge.
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