Channel NewsAsia
Updated: 03/31/2014 18:52 | By Channel NewsAsia

Errant licensed moneylender fined S$24,000

Errant licensed moneylender fined S$24,000


Errant licensed moneylender fined S$24,000

SINGAPORE: The director of an errant licensed moneylender has been fined S$24,000.

The Registry of Moneylenders, a division of the Insolvency and Public Trustee's Office, on Monday brought charges in the State Courts against 46-year-old Chia Chong Yew, the sole director of moneylending company Moneyhub Credit.

The company has been holding a moneylending licence since 22 September 2011.

In the State Courts on Monday, Chia pleaded guilty and was convicted on two out of five charges for recklessly furnishing false information to the Registrar, which is a breach of the Moneylenders Act.

The remaining three charges, which are for the same breach, were taken into consideration by the court for the purpose of sentencing.

Chia faces eight weeks' imprisonment if he defaults on the fine of S$24,000.

Moneyhub Credit will also be required to show cause to the Registrar as to why its licence should not be revoked and its security deposit forfeited.

Twenty-three licensed moneylenders have been convicted and fined since 2011.  - CNA/ms

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