Director of errant licensed moneylending company fined $162,000

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Director of errant licensed moneylending company fined $162,000
AsiaOneMonday, Feb 09, 2015
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Director of errant licensed moneylending company fined $162,000
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SINGAPORE - The director of a moneylending company has been fined $162,000 by the State Courts for various offences. If he defaults on the fine, he will be jailed for 39 weeks and 66 days.
Chuah Kim Tiong Eric, 41, of Moneyline Express pleaded guilty and was convicted on 32 out of 95 charges on Feb 6.
The charges included granting unsecured loans to Singaporeans who did not meet the respective income criteria. For instance, borrowers with an annual income of less than $20,000 were allowed loans exceeding $3,000 from Moneyline Express, which is against regulations.
Chuah was also convicted on four charges of failing to supply statements of account to borrowers; six charges of knowingly furnishing false information to the Registry of Moneylenders in quarterly statements; seven charges of failing to issue receipts for cash payments; and one charge of failing to obtain the necessary approval for a substantial shareholder in his company.
The remaining 63 charges were taken into consideration by the State Courts for the purposes of sentencing, the Registry of Moneylenders said in a statement today.
The registry added that it carries out regular inspections of licensed moneylenders, and that 33 including Chuah have been convicted since 2011.
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- See more at: http://news.asiaone.com/news/crime/d....1PGg7GFV.dpuf


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