3 licensed moneylenders charged
Posted: 15 August 2011 1734 hrs
SINGAPORE: Three licensed moneylenders have been charged with breaching the Moneylenders Act and the Moneylenders Rules.
All three have been operating as licensed moneylenders for between one and five years.
The trio - Ng Gim Li, a director of JXM Investment; Goh Siong Kiat, the sole proprietor of Bez One Credit; and Liew Yoon Kwai, a director of Car City Leasing - face a range of charges.
They include providing false information to the Registry of Moneylenders and granting loans to borrowers which exceeded the prescribed limit of two months' income.
Liew pleaded guilty to the charges against him.
The court has adjourned sentencing to 5 September.
Ng and Goh did not plead guilty. Their case will be heard again on 12 September.
Those convicted of breaches of the Moneylenders Act and Rules face a fine of up to S$40,000 and/or an imprisonment term of up to two years on each charge.
- CNA/al
