SINGAPORE - The director of a moneylending business was fined $27,000 for breaching regulations under the Moneylenders Act.

Liew Hwai Shen, 37, pleaded guilty on Monday (June 27) and was convicted of 30 out of the 172 charges brought against him by the Registry of Moneylenders, a department under the Ministry of Law.

He did not keep notes of loan contracts for the minimum period of five years after the loans were fully repaid, the Registry said in a statement issued on Thursday (June 30).

The other charges against him were taken into consideration by the court for sentencing.

They include 140 charges for similar offences, and two charges for recklessly furnishing false information in quarterly statements to the Registrar.

Denaro's moneylending licence was not renewed after Mar 23.

Forty other licensed moneylenders or their officers have been convicted and fined for offences under the Moneylenders Act since 2011, said the Registry.

Those convicted of breaches of the Moneylenders Act face a fine of up to $40,000 and can be jailed up to two years on each charge.