Licensed moneylenders prosecuted for breaching rules
AsiaOne
Monday, Aug 15, 2011
SINGAPORE - Three licensed moneylenders faced a total of 34 charges in three separate cases.
Liew Yoon Kwai, a director of Car City Leasing Pte Ltd, Ng Gim Li, a director of JXM Investment Pte Ltd, and Goh Siong Kiat, the sole proprietor of Bez One Credit, have all been prosecuted for multiple breaches of regulations by the Registry of Moneylenders (ROM).
Some of the charges that the three men face include furnishing false information to ROM, granting loans to borrowers when the outstanding unsecured loan amounts owed by the borrowers in question exceeded the prescribed limit of two months' income of these borrowers.
Liew, who held a moneylending licence from November 26, 2008 to November 25, 2010, faces a total of 15 charges. The charges include:
- Recklessly furnishing false information to the Registrar of Moneylender
- Lending to borrowers when the outstanding unsecured loan amounts owed exceeded the prescribed limit of their two months' income
- Granting loans when borrowers did not meet the minimum income requirements or did not have any income or assets
Liew pleaded guilty to the charges against him, and the court has adjourned sentencing to September 5.
Ng, who held a moneylending license from September 8, 2005, to September 7, 2010 faces a total of 14 charges. The charges include:
- Recklessly furnishing false information to ROM
- Lending to borrowers when the outstanding unsecured loan amounts owed exceeded the prescribed limit of their two months' income
- Failing to provide a statement of account to a borrower with a subsisting loan contract
Goh, who held a moneylending licence from March 19, 2010 to March 18, 2011, faces a total of five charges. The charges include:
- Failing to provide a statement of account to a borrower with a subsisting loan contract
- Failing to issue a receipt to the borrower upon receiving loan repayment amounts in cash from the borrower
- Failing to obtain the signature of the person making payment, in respect of a loan on the receipt, acknowledging that he had received the receipt
If convicted of breaches of the Moneylenders Act and Rules, moneylending licenses may be suspended or revoked, and offenders will be fined up to $40,000 and/or face up to two years in jail for each charge.
[email protected]
AsiaOne
Monday, Aug 15, 2011
SINGAPORE - Three licensed moneylenders faced a total of 34 charges in three separate cases.
Liew Yoon Kwai, a director of Car City Leasing Pte Ltd, Ng Gim Li, a director of JXM Investment Pte Ltd, and Goh Siong Kiat, the sole proprietor of Bez One Credit, have all been prosecuted for multiple breaches of regulations by the Registry of Moneylenders (ROM).
Some of the charges that the three men face include furnishing false information to ROM, granting loans to borrowers when the outstanding unsecured loan amounts owed by the borrowers in question exceeded the prescribed limit of two months' income of these borrowers.
Liew, who held a moneylending licence from November 26, 2008 to November 25, 2010, faces a total of 15 charges. The charges include:
- Recklessly furnishing false information to the Registrar of Moneylender
- Lending to borrowers when the outstanding unsecured loan amounts owed exceeded the prescribed limit of their two months' income
- Granting loans when borrowers did not meet the minimum income requirements or did not have any income or assets
Liew pleaded guilty to the charges against him, and the court has adjourned sentencing to September 5.
Ng, who held a moneylending license from September 8, 2005, to September 7, 2010 faces a total of 14 charges. The charges include:
- Recklessly furnishing false information to ROM
- Lending to borrowers when the outstanding unsecured loan amounts owed exceeded the prescribed limit of their two months' income
- Failing to provide a statement of account to a borrower with a subsisting loan contract
Goh, who held a moneylending licence from March 19, 2010 to March 18, 2011, faces a total of five charges. The charges include:
- Failing to provide a statement of account to a borrower with a subsisting loan contract
- Failing to issue a receipt to the borrower upon receiving loan repayment amounts in cash from the borrower
- Failing to obtain the signature of the person making payment, in respect of a loan on the receipt, acknowledging that he had received the receipt
If convicted of breaches of the Moneylenders Act and Rules, moneylending licenses may be suspended or revoked, and offenders will be fined up to $40,000 and/or face up to two years in jail for each charge.
[email protected]
