A 33-year-old man has been fined $2,500 for not getting approval from the authorities to be a major shareholder of a moneylending firm.
Samuel Chiang Tin Wei is the first person to be convicted and fined for flouting requirements under the law, which state that people must get approval from the Registrar of Moneylenders before becoming a substantial shareholder of a moneylending firm.
He pleaded guilty on Monday.
Chiang had bought 500,000 shares out of 1,000,000 issued shares in Moneyline Express from Jan 20 2010 to Feb 4 2010, said the Registry of Moneylenders in a statement on Tuesday.
Anyone who breaches the Moneylenders Act can get fined up to $10,000.