Man fined for breaching Moneylenders Act

SINGAPORE: An errant licensed moneylender has been convicted and sentenced for breaching the Moneylenders Act and Rules.

Tan Wee Teck was fined S$22,000 by the Subordinate Courts.

He pleaded guilty to three of the seven charges against him. These are: recklessly providing false information to the Registry of Moneylenders, and two charges of granting loans without having received from the borrowers the duly completed application forms.

The remaining four charges were taken into consideration by the court for the purposes of sentencing.

Tan is a director of licensed moneylending company, Swift De Credit Pte Ltd. His moneylending licence has not been renewed since December 2010 in view of the investigations against him.

Those convicted of breaches of the Moneylenders Act and Rules face fines of up to S$40,000 and/or a jail term of up to two years on each charge.