SINGAPORE - The director of a moneylending company was on Monday fined $24,000 for giving false information to the Registry of Moneylenders.
Chia Chong Yew, 46, is the sole director of Moneyhub Credit Pte. Ltd., which has been holding a moneylending licence since September 2011.
Chia pleaded guilty in the State Courts today and was convicted on two out of five charges for recklessly furnishing false information to the Registrar, which is a breach under Section 24(7) of the Moneylenders Act.
The remaining three charges, which are for the same breach, were taken into consideration by the Court for the purposes of sentencing.
Moneyhub Credit Pte. Ltd. will also be required to show cause to the Registrar as to why its licence should not be revoked and its security deposit forfeited.
The Registry of Moneylenders carries out regular inspections of licensed moneylenders. Where breaches of moneylending laws are found, enforcement measures are taken, including the suspension or revocation of licences, forfeiture of security deposits, warnings and prosecutions.
Those convicted of breaches of the Moneylenders Act and Rules face a fine of up to $40,000 and/or an imprisonment term of up to two years on each charge.
Twenty-three licensed moneylenders have been convicted and fined since 2011.