Moneylender fined after granting unsecured loan to Singaporean

Moneylender fined after granting unsecured loan to Singaporean

SINGAPORE - A moneylender was fined $24,000 on Sept 16, after pleading guilty to granting an unsecured loan exceeding the prescribed limit of $3,000 to a Singapore borrower with an annual income below $20,000.

Peh Soon Wah, the sole proprietor of M'Tac Triple8 Moneylender and Credit was convicted on four out of 12 charges brought about by the Registry of Moneylenders.

In addition to the first offence, Peh was also convicted for failing to keep proper loan documents under the Moneylenders Act, and furnishing false information to the Registrar.

Peh, who held a moneylending licence from Jan 31, 2007 to March 4, 2012, had his licence suspended after investigations revealed that he had committed offences which warranted prosecution.

Sixteen licensed moneylenders have been convicted and fined since 2011

The Registry, which is a division of the Insolvency and Public Trustee's Office under the Ministry of Law carries out regular inspections of licensed moneylenders.

Where breaches of moneylending laws are found, enforcement measures will be 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.

List of past convictions since 2011

 No Name of MoneylenderSentence DateFine amount ($)
1Car City Leasing (Liew Yoon Kwai)Sept 5,
2011
31,000
Capital Alliance Credit (Phua Chye Hee George)Oct 18,
2011
214,000
Bez One Credit (Goh Siong Kiat)Sept 26,
2011
6,000
Swift De Credit (Tan Wee Teck)Feb 6,
2012
22,000
JXM Investment (Ng Gim Li)Feb 20,
2012
9,000
Super Credit (Oh Kwan Huat)Aug 6,
2012
42,000 
GTR Moneylender & Credit (Lim Chee Wei)Sept 17,
2012
5,000
Gary Credit (Chua Kwang Yong) Oct 15,
2012
101,000
Credit HT (Tan Chun Hua)Mar 25,
2013 
124,000
10 Focus Credit Connections (Rebecca Yeo Saw Yan)Apr 29,
2013
7,500
11 E.H. Credit Pte Ltd (Tan Joon Heng)May 27,
2013
40,000
12 James Lee Credit (Lee Pit Chin) June 5,
2013
314,000 
13 Cho Hong Chye Alvin a.k.a. Zhu Hongcai Alvin, and Money Plant Pte Ltd June 10,
2013
17,000
14 Primacy Management Services (Lee Kong Meng)July 15,
2013
114,000 
15 AA Credit (Phua Chin Meng)July 29,
2013
50,000 
16 Hong Yang CreditAug 5,
2013
48,000

grongloh@sph.com.sg

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