Director fined S$40,000 for breaches under Moneylenders Act
POSTED: 27 May 2013 8:44 PM
SINGAPORE: The director of a moneylending company has been fined S$40,000, or in default 80 days' jail, for breaches under the Moneylenders Act.
Tan Joon Heng of E.H. Credit pleaded guilty in court on Monday and was convicted on two out of six charges for recklessly furnishing false information to the Registrar of Moneylenders.
The remaining four charges were taken into consideration by the court in sentencing.
The Registry carries out regular inspections of licensed moneylenders.
Where breaches of moneylending laws are found, enforcement measures - including the suspension or revocation of licences, forfeiture of security deposits, warnings and prosecutions - will be taken.
Those found guilty can face a fine of up to S$40,000 and/or a jail term of up to two years on each charge.
- CNA/ms
