Licensed moneylender fined $17,000

Licensed moneylender fined $17,000

SINGAPORE - The propietor of Heedmasters Credit, a moneylending business, has been fined $17,000 for multiple charges including conducting moneylending business without approval.

The Registry of Moneylenders, a division of the Insolvency and Public Trustee's Office, said in a statement that Peh Teck Tiong, 51, held a moneylending licence from May 6, 2009 to May 5, 2010. However, his licence was not renewed after it expired as he was then under investigation for offences which possibly warranted prosecution.

On Monday, Peh pleaded guilty to the following offences:

  1. Breach under Section 10(13)(a) of the Moneylenders Act for commencing the business of moneylending at a place of business without the approval of the Registrar.

  2. Breach under Section 21(4) of the Moneylenders Act for failure to issue receipts for cash payments made by borrowers.

  3. Breach under Section 24(7) of the Moneylenders Act for recklessly furnishing false information to the Registrar.

Another six charges were taken into consideration by the Court for the purposes of sentencing.

Peh was sentenced in the State Courts to a fine of $17,000 (in default six weeks' imprisonment).

A total of 24 licensed moneylenders have been convicted and fined since 2011.

The Registry, which carries out regular inspections of licensed moneylenders, said in a statement that 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.

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