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Singapore
 

Licensed moneylender fined $24,000 after being convicted of six offences

Published on May 26, 2014 6:03 PM
 

SINGAPORE - An errant licensed moneylender was fined $24,000 on Monday after being convicted of six charges under the Moneylenders Act.

Chng Wee Soon, 37, the sole proprietor of moneylending business SOS Credit, pleaded guilty in the State Courts to four charges of failure to obtain a signature of the borrower, to acknowledge that the borrower has received the said receipt. He was also guilty of one count of contravention of licence conditions, and another count of recklessly furnishing false information to the Registrar.

The Registry of Moneylenders, a division of the Insolvency and Public Trustee's Office, brought a total of 18 charges against Chng in April last year. The remaining 12 were taken into consideration by the court for purposes of sentencing.

Chng has held a moneylending licence since March 19, 2010. He voluntarily terminated his licence on January 13 this year while he was under investigation for the offences.

 
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