D
Dian Wei
Guest
Oct 18, 2010
2 fined for false loan notes
By Khushwant Singh
Oon Tik Chuen (left) and Han Theng Siew (right) were fined $20,000 each on Monday for falsifying the promissory note, which is a signed promise to pay a sum of money. -- PHOTO: WONG KWAI CHOW
TWO men, who operated a moneylending business in 2007 but charged exorbitant interest rates, were fined $20,000 each on Monday for falsifying the promissory note, which is a signed promise to pay a sum of money. Oon Tik Chuen, 39, and Han Theng Siew, 31, pleaded guilty to two counts last week.
Court documents revealed that Oon was a claims consultant with an automotive company in April 2007. About that time, Oon and Han, a financial controller, decided to operate a moneylending business with Marcus Lim Wei Teck and Loh Chien Wei. Lim, 36, was then a senior staff sergeant with the police force. Loh, a businessman operating in Geylang, would provide the financing.
Han registered IMS Credit under his name, but all had shares in the profits. The plan was for IMS to offer loans at 10 per cent monthly interest to borrowers who were selling off their Housing Board flats. As this exceeded the maximum interest rate of 18 per cent a year prescribed for licensed moneylenders, they resorted to false promissory notes.
The group was busted in July 2007 when police started investigating Lim's affairs. Lim pleaded guilty to five counts under the Police Force Act and was jailed for two months and fined $1,600 in 2008. Among the charges was his involvement in an the moneylending business. In December last year, the former cop was fined $6,000 for conspiring to falsify the promissory notes. Loh is still at large.
