Director of moneylending company Uni Cash 88 fined $2,000

Director of moneylending company Uni Cash 88 fined $2,000

SINGAPORE - The Registry of Moneylenders has brought charges against Tan Chiu Wui (陈秋伟), 44, a director of the moneylending company, Uni Cash 88 Pte. Ltd (previously known as Uni Development Pte Ltd) in the State Courts on Mar 10, 2014.

The company held a moneylending licence from Feb 16, 2011 to Feb 15, 2014, which was not renewed after it expired as investigations revealed that the company had committed offences which warranted prosecution, said a press release by the Insolvency and Public Trustee's Office.

On Aug 7, 2014, Tan pleaded guilty and was convicted on one out of two charges for breach of contravention of licence conditions by failing to obtain the prior approval of the Registrar of Moneylenders for the company's telephone landline. The remaining one charge for a breach for failing to comply with the direction of the Registrar on permitted advertising channels was taken into consideration by the court for the purpose of sentencing.

Tan was sentenced to a fine of $2,000 (in default of days' imprisonment). 27 licensed moneylenders have also been convicted and fined since 2011.

The Registry carries out regular inspections on licensed moneylenders. Where breaches of moneylending laws are found, enforcement measures are taken, including the suspension or revocation of licenses, forfeiture of security deposits, warnings and prosecutions. Those convicted of breaches of the Moneylenders Act and Rules face a fine of up to $4,000 and/or an imprisonment term of up to two years on each charge.

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