Errant Licensed Moneylender, Tan Chiu Wui, Fined $2000
8 Aug 2014 Posted in Press releases
The Registry of Moneylenders, a division of the Insolvency and Public Trustee’s Office, brought charges in the State Courts on 10 March 2014 against Tan Chiu Wui( 陈秋伟), 44 years old, a director of the moneylending company, Uni Cash 88 Pte. Ltd (previously known as Uni Development Pte Ltd).
The company held a moneylending licence from 16 February 2011 to 15 February 2014, which was not renewed after it expired as investigations revealed that the company had committed offences which warranted prosecution.
On 7 August 2014, Tan pleaded guilty in the State Courts and was convicted on one out of two charges for a breach under Section 15(2)(a) of the Moneylenders Act for contravention of licence conditions by failing to obtain the prior approval of the Registrar of Moneylenders for the company’s telephone landline. The remaining one charge for a breach under Section 26(3) of the Moneylenders Act for failing to comply with the direction of the Registrar on permitted advertising channels was taken into consideration by the Court for the purposes of sentencing.
Tan was sentenced in the State Courts to a fine of $2,000 (in default ten days’ imprisonment). 27 licensed moneylenders have been convicted and fined since 2011 (see Annex A).
The Registry carries out regular inspections of 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 $40,000 and/or an imprisonment term of up to two years on each charge.
8 AUGUST 2014
REGISTRY OF MONEYLENDERS
INSOLVENCY & PUBLIC TRUSTEE’S OFFICE
MINISTRY OF LAW
About the Insolvency & Public Trustee’s Office The Insolvency & Public Trustee’s Office (IPTO) in Singapore is a department under the Ministry of Law. IPTO oversees the administration of individual and corporate insolvencies, the administration of small intestate estates and un-nominated Central Provident Fund (CPF) monies, as well as the licensing and regulation of moneylenders and pawnbrokers. For more information on moneylending, please visit www.ipto.gov.sg/moneylenders.html.
List of past convictions since 2011
|No||Name of Moneylender||Sentence Date||Fine amount ($)|
|1.||Car City Leasing (Liew Yoon Kwai)||05/09/2011||31,000|
|2.||Capital Alliance Credit (Phua Chye Hee George)||18/10/2011||214,000|
|3.||Bez One Credit (Goh Siong Kiat)||26/09/2011||6,000|
|4.||Swift De Credit (Tan Wee Teck)||06/02/2012||22,000|
|5.||JXM Investment (Ng Gim Li)||20/02/2012||9,000|
|6.||Super Credit (Oh Kwan Huat)||06/08/2012||42,000|
|7.||GTR Moneylender & Credit (Lim Chee Wei)||17/09/2012||5,000|
|8.||Gary Credit (Chua Kwang Yong)||15/10/2012||101,000|
|9.||Credit HT (Tan Chun Hua)||25/03/2013||124,000|
|10.||Focus Credit Connections (Rebecca Yeo Saw Yan)||29/04/2013||7,500|
|11.||E.H. Credit Pte Ltd (Tan Joon Heng)||27/05/2013||40,000|
|12.||James Lee Credit (Lee Pit Chin)||05/06/2013||314,000|
|13.||Cho Hong Chye Alvin a.k.a. Zhu Hongcai Alvin, and Money Plant Pte Ltd||10/06/2013||17,000|
|14.||Primacy Management Services (Lee Kong Meng)||15/07/2013||114,000|
|15.||AA Credit (Phua Chin Meng)||29/07/2013||50,000|
|16.||Hong Yang Credit||05/08/2013||48,000|
|17.||M’Tac Triple8 Moneylender and Credit (Peh Soon Wah)||16/09/2013||24,000|
|18.||SB Credit (Teo Eng Teck)||23/09/2013||24,000|
|19.||A8 Credit (Cheng Hwang Teck)||14/10/2013||18,000|
|20.||Royal Credit (Tan Chong Boon)||18/11/2013||36,000|
|21.||Sapphire Credit Investment (Tan Wah Yee)||13/01/2014||20,000|
|22.||77 Moneylender (Lee Zhe Kai, previously known as Kee Yong Hwa)||03/02/2014||15,000|
|23.||Credit Paradise (Tan Hock Yong)||10/02/2014||24,000|
|24.||Moneyhub Credit Pte Ltd (Chia Chong Yew)||31/03/2014||24,000|
|25.||Heedmasters Credit (Peh Teck Tiong)||07/04/2014||17,000|
|26.||Credit @ Vincent Koh Pte Ltd (Koh Poh Huat)||21/04/2014||63,000|
|27.||SOS Credit (Chng Wee Soon)||26/05/2014||24,000|
Last updated on 25 Sep 2019