Director of moneylending firm fined $24,000 for giving false information

A director of a moneylending firm was fined $24,000 on Monday for submitting false information.

Moneyhub Credit director Chia Chong Yew, 46, pleaded guilty in the State Courts, where he was convicted on two out of five charges for giving false information to the Registrar of Moneylenders, in a breach of the Moneylenders Act.

MoneyHub Credit, which has been licensed since September 2011, will also need to explain to the Registrar why its licence should not be revoked and its security deposit forfeited.

Since 2011, 23 licensed moneylenders have been convicted and fined. The Registry of Moneylenders carries out regular inspections of these businesses. If moneylending laws are found to have been breached, measures including the suspending or revoking of licences will be taken.

Those convicted of breaching the Moneylenders Act face up to $40,000 in fines, jail of up to two years on each charge, or both.

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