Errant Licensed Moneylender, Yap Boon Keng, Fined $7,000
8 Dec 2016 Posted in Press releases
The Registry of Moneylenders, a department under the Ministry of Law, brought charges in the State Courts on 25 April 2016 against Yap Boon Keng, 39 years old, the sole director and shareholder of the moneylending company, Gee Credit (S) Pte Ltd.
Gee Credit (S) Pte Ltd held a moneylending licence from 23 November 2013 to 22 November 2016. The licence was suspended on 12 July 2016 and not renewed after 22 November 2016.
On 5 December 2016, Yap pleaded guilty in the State Courts and was convicted on three out of eight charges for the following offences:
One charge under Section 15(2)(a) of the Moneylenders Act (Cap 188) for failing to appoint a suitably qualified person, who has passed the Moneylender’s written test and whose appointment has been approved by the Registrar, to manage Gee Credit (S) Pte Ltd’s approved business premises within a period of six months after the departure of the previous test-qualified and approved manager;
One charge under Section 15(2)(a) of the Moneylenders Act for failing to obtain the Registrar’s prior approval in writing for Gee Credit (S) Pte Ltd’s telephone number to be used for its moneylending business; and
One charge under Section 26(3) of the Moneylenders Act for failing to comply with the directions of the Registrar on advertising and marketing activities by advertising Gee Credit (S) Pte Ltd’s unapproved telephone number on the exterior glass panel of its business premises.
- Yap was sentenced in the State Courts to a total fine of $7,000 (in default 35 days’ imprisonment).
- Forty-three other licensed moneylenders or their officers have been convicted and fined for offences under the Moneylenders Act since 2011 (see Annex (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.
8 DECEMBER 2016
REGISTRY OF MONEYLENDERS
MINISTRY OF LAW
Last updated on 08 Dec 2016