Moneylender fined for false information
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The New Paper
Thursday, Feb 06, 2014
SINGAPORE - The manager of a moneylending company was fined $15,000 on Monday.
Lee Zhe Kai, 34, faced six charges in the Subordinate Courts, including recklessly furnishing false information to the Registry of Moneylenders and granting an unsecured loan to a Singaporean borrower that exceeded the prescribed limits.
The manager of 77 Moneylender, which has held a moneylending licence since Feb 2, 2011, pleaded guilty to two charges and the other four were taken into consideration.
If he cannot pay the fine, he will be imprisoned for five weeks.
The Registry of Moneylenders said in a media statement that 21 licensed moneylenders have been convicted and fined since 2011.
The fines have ranged from $5,000 to $314,000.
Those convicted of breaching the Moneylenders Act and Rules face fines of up to $40,000, imprisonment of up to two years - or both - on each charge.
