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SINGAPORE - A licensed moneylender was fined $31,000 by a district court on Monday for multiple breaches of regulations under the Registry of Moneylenders, The Straits Times (ST) reported.
Liew Yoon Kwai, a director of Car City Leasing Pte Ltd, is the first to be convicted under new rules which were established in 2008, the English daily said.
In August, Liew, 53, pleaded guilty to furnishing false information to the Registrar of Moneylenders in the quarterly statements he submitted.
His other offences included granting loans to borrowers who did not meet the minimum income requirements and failing to provide clients with completed application forms.
District Judge Shaiffudin Saruwan said in the ST report that a jail term for Liew was not necessary as a stiff fine would be sufficient in sending out a deterrent message.
Three other licensed moneylenders have also been taken to court for similar breaches, and their cases will be mentioned later this week and early next week.
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Liew Yoon Kwai, a director of Car City Leasing Pte Ltd, is the first to be convicted under new rules which were established in 2008, the English daily said.
In August, Liew, 53, pleaded guilty to furnishing false information to the Registrar of Moneylenders in the quarterly statements he submitted.
His other offences included granting loans to borrowers who did not meet the minimum income requirements and failing to provide clients with completed application forms.
District Judge Shaiffudin Saruwan said in the ST report that a jail term for Liew was not necessary as a stiff fine would be sufficient in sending out a deterrent message.
Three other licensed moneylenders have also been taken to court for similar breaches, and their cases will be mentioned later this week and early next week.
[email protected]
