SINGAPORE - Two people connected to moneylending business Skyline Credit have been fined for violating laws and Skyline's moneylending licence will not be renewed after March 15, 2016, said the Ministry of Law in a statement.
Ms Hu Sufen, 29, and Mr Chng Kok Keng, 35, pleaded guilty in the State Courts on Thursday (Feb 25) to charges brought against them by the Registry of Moneylenders, a department under the Ministry of Law.
Ms Hu, sole proprietor of Skyline Credit, was convicted for recklessly furnishing false information to the Registrar and for granting unsecured loans exceeding $3,000 to Singapore borrowers with annual income below $20,000. She was fined $13,000.
Mr Chng, manager of Skyline Credit, was convicted for knowingly producing a document that contained a false statement on the income of a borrower to a Registry officer during an inspection. He was fined $12,000.
Skyline Credit has held a moneylending licence since March 16, 2011, with an office in Aljunied.
The Registry is authorised to carry out regular inspections on licensed moneylenders. Since 2011, 36 other licensed moneylenders have been convicted and fined due to breaches of moneylending laws under the Moneylenders Act and Rules. Those convicted face a fine of up to $40,000 and/or an imprisonment of up to two years on each charge.