Licensed moneylender fined $114,000 for giving false information, breaching procedures

A licensed moneylender has been fined a total of $114,000 for supplying false information to the authorities and failing to carry out proper procedures.

Lee Kong Meng, the sole proprietor of moneylending business Primacy Management Services, pleaded guilty on Monday.

His company held a moneylending licence from May 2, 2008 to May 1, 2012. The licence was not renewed after it expired as investigations revealed that Lee had committed the offences, according to a statement from the Registry of Moneylenders.

Lee was convicted of 23 charges, which included nine charges of granting loans without the borrowers having first applied to the licensee in writing for the loans.

Thirteen licensed moneylenders have been convicted and fined since 2011.

Those found guilty of breaching the Moneylenders Act could face fines of up to $40,000 and a two-year imprisonment per charge.