Moneylender convicted on two charges

The manager of an errant licensed moneylending company was fined $15,000 on Monday.

Lee Zhe Kai faced six charges in the Subordinate Courts, including recklessly furnishing false information to the Registry of Moneylenders and granting an unsecured loan to a Singaporean borrower that exceeded the prescribed limits.

He pleaded guilty to two charges and the other four were taken into consideration.

The 34-year-old, formerly known as Kee Yong Hwa, is the manager of Clementi-based 77 Moneylender Pte Ltd, which has held a moneylending licence since Feb 2, 2011.

If he cannot pay the fine, he will be imprisoned for five weeks.

The Registry of Moneylenders, a division of the Insolvency and Public Trustee's Office, said in a media statement that 21 licensed moneylenders have been convicted and fined since 2011. The fines have ranged from $5,000 to $314,000.

Those convicted of breaches of the Moneylenders Act and Rules face fines of up to $40,000, imprisonment of up to two years - or both - on each charge.

Moneylenders who breach the laws may also have their licenses suspended or revoked and their security deposits forfeited.

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