30 Jun 2016 Posted in Press releases
The Registry of Moneylenders, a department under the Ministry of Law, brought charges in the State Courts on 14 September 2015 against Liew Hwai Shen (刘怀森), 37 years old, a director of the moneylending business Denaro Pte Ltd.
Denaro Pte Ltd held a moneylending licence from 24 September 2009 to 23 March 2016. The licence was not renewed after 23 March 2016.
On 27 June 2016, Liew pleaded guilty in the State Courts and was convicted on 30 out of 172 charges under Section 24(1)(b) of the Moneylenders Act read with Rule 14(1)(a) of the Moneylenders Rules for not keeping notes of loan contracts for the minimum period of five years after the loans were fully repaid.
The remaining 142 charges, which comprise 140 charges for similar offences, and two charges for recklessly furnishing false information in quarterly statements to the Registrar, were taken into consideration by the Court for the purpose of sentencing.
Liew was sentenced in the State Courts to a fine of $27,000 (in default 90 days’ imprisonment). Forty other licensed moneylenders or their officers have been convicted and fined for offences under the Moneylenders Act since 2011 (see Annex A (DOCX, 0.02MB)).
The Registry carries out regular inspections on 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.
Annex A - List of past convictions since 2011 (DOCX, 0.02MB)
30 JUNE 2016
REGISTRY OF MONEYLENDERS
MINISTRY OF LAW
Last updated on 01 Jul 2016