20 Sep 2016 Posted in Press releases
The Registry of Moneylenders, a department under the Ministry of Law, brought charges in the State Courts on 4 April 2016 against Tan Boon Nge (陳文儀), 61 years old, the sole proprietor of the moneylending business, AS Shalihin Enterprise.
Tan had claimed trial to two charges against him under Section 24(7) of the Moneylenders Act for recklessly furnishing false information to the Registrar in respect of the income of two borrowers. On 16 September 2016, Tan was found guilty after a one-day trial in the State Courts and convicted of both charges. He was sentenced to a fine of $28,000 (in default 56 days’ imprisonment).
AS Shalihin Enterprise has held a moneylending licence since 3 October 2008.
Forty-one other licensed moneylenders or their officers have been convicted and fined for offences under the Moneylenders Act since 2011 (see Annex A (0.1MB)).
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.
20 SEPTEMBER 2016
REGISTRY OF MONEYLENDERS
MINISTRY OF LAW
Last updated on 26 Feb 2016