Errant licensed moneylender fined $10,000

Errant licensed moneylender fined $10,000

The sole proprietor of the moneylending business Credit Xpress has been fined $10,000 by the State Courts on Monday, said the Ministry of Law in a statement.

37-year-old Lim Kheng Meng held a moneylending licence from April 9, 2010 to April 8, 2015, which was not renewed thereafter.

He pleaded guilty and was convicted on one out of four charges for recklessly furnishing false information to the Registrar.

Those found guilty of breaching the Moneylenders Act and Rules will face a fine of up to $40,000 and/or an jail term of up to two years on each charge.

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