Channel NewsAsia
Updated: 04/07/2014 19:26 | By Channel NewsAsia

Errant licensed moneylender fined S$17,000

Errant licensed moneylender fined S$17,000


Errant licensed moneylender fined S$17,000

SINGAPORE: An errant licensed moneylender has been fined S$17,000.

A statement from the Ministry of Law said the Registry of Moneylenders, a division of the Insolvency and Public Trustee's Office, brought charges in the State Courts on 16 December 2013 against licensed moneylender Peh Teck Tiong, the sole proprietor of moneylending business Heedmasters Credit.

Peh, 51, held a moneylending licence from 6 May 2009 to 5 May 2010 which was not renewed after it expired as he was then under investigation for offences which possibly warranted prosecution.

On Monday in the State Courts, Peh pleaded guilty and was convicted on three out of the nine charges he faced.

One charge relates to a breach under the Moneylenders Act for commencing the business of moneylending at a place of business without the approval of the Registrar.

The next charge is for failing to issue receipts for cash payments made by borrowers while another charge is for recklessly furnishing false information to the Registrar.

The remaining six charges were taken into consideration by the Court for the purposes of sentencing.

Peh was sentenced to a fine of $17,000 and will be jailed 6 weeks if he defaults on this fine.

Twenty-four licensed moneylenders have been convicted and fined since 2011.  - CNA/ec

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