Licensed moneylender faces 90 charges
Published on Sep 9, 2011
A licensed moneylender facing 90 charges for breaching the Moneylenders Act and Rules pleaded guilty to 30 of them on Friday. He is being considered for the other 60. -- PHOTO: ST FILE
By Jalelah Abu Baker
A licensed moneylender facing 90 charges for breaching the Moneylenders Act and Rules pleaded guilty to 30 of them on Friday. He is being considered for the other 60.
In a media statement, the Ministry of Law said that George Phua of Capital Alliance Credit (CAC) had understated the actual interest rates and the loan amounts.
The charges against him also include furnishing misleading information to the Registrar of Moneylenders, and granting loans to borrowers who did not meet the minimum income requirements or did not have any income or assets.
Those convicted of breaches of the Moneylenders Act and Rules face a fine of up to $40,000 and imprisonment of up to two years on each charge, or both.
