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Licensed moneylender fined S$6,000
Posted: 27 September 2011 1601 hrs
SINGAPORE: A licensed moneylender has been fined S$6,000 for breaching the Moneylenders Act and Rules.
Goh Siong Kiat of Bez One Credit pleaded guilty to three charges.
They include failing to provide a statement of account to a borrower who has an existing loan contract.
He also did not issue a receipt to the borrower upon receiving loan repayment amounts in cash from the borrower.
Two other charges were taken into consideration during sentencing.
Goh will spend six weeks in jail if he can't pay the fine.
The case against another licensed moneylender, George Phua of Capital Alliance Credit, will be heard on October 5.
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/ck
