Channel NewsAsia
Updated: 01/13/2014 20:48 | By Channel NewsAsia

Manager of licensed moneylending company fined S$20,000

Manager of licensed moneylending company fined S$20,000


Manager of licensed moneylending company fined S$20,000

SINGAPORE: A manager of an errant licensed moneylending company has been fined S$20,000 for breaches under the Moneylenders Act.

46-year-old Tan Wah Yee of Sapphire Credit and Investments Pte Ltd pleaded guilty and was convicted on four out of 11 charges for several offences.

One charge related to starting the moneylending business at a place of business without the approval of the Registrar of Moneylenders.

A second charge was for recklessly furnishing false information to the Registrar.

The third charge referred to the failure to extend a completed loan application form to a borrower.

As for the fourth charge, an unsecured loan had been granted to a Singapore borrower with an annual income of at least S$20,000 but less than S$30,000.

This caused the outstanding loan amount to exceed the prescribed limit of two months of the borrower's income.

The remaining seven charges were taken into consideration by the Court for the purposes of sentencing. - CNA/gn

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