Moneylender fined after granting unsecured loan to Singaporean

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Moneylender fined after granting unsecured loan to Singaporean

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AsiaOne
Monday, Sep 16, 2013

SINGAPORE - A moneylender was fined $24,000 on Sept 16, after pleading guilty to granting an unsecured loan exceeding the prescribed limit of $3,000 to a Singapore borrower with an annual income below $20,000.

Peh Soon Wah, the sole proprietor of M'Tac Triple8 Moneylender and Credit was convicted on four out of 12 charges brought about by the Registry of Moneylenders.

In addition to the first offence, Peh was also convicted for failing to keep proper loan documents under the Moneylenders Act, and furnishing false information to the Registrar.

Peh, who held a moneylending licence from Jan 31, 2007 to March 4, 2012, had his licence suspended after investigations revealed that he had committed offences which warranted prosecution.

Sixteen licensed moneylenders have been convicted and fined since 2011

The Registry, which is a division of the Insolvency and Public Trustee's Office under the Ministry of Law carries out regular inspections of licensed moneylenders.

Where breaches of moneylending laws are found, enforcement measures will be taken, including 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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