Company director fined S$6,800 for breaching moneylending laws

Company director fined S$6,800 for breaching moneylending laws

SINGAPORE: A company director was fined S$6,800 for breaching moneylending laws, the Registry of Moneylenders said in a press release on Wednesday (May 23). 

Teh Chee Wee, the director of moneylending company RTG Credit, pleaded guilty in the State Courts and was convicted on five out of 16 charges on May 14, said the registry, which is a department under the Ministry of Law. 

The 42-year-old was found guilty of failing to supply a statement of accounts to borrowers for subsisting loans. 

He also "failed to keep the loan account book in such a manner that every amount of repayment paid to the account was appropriated in the book to the principal sum, the amount of interest and the permitted fees", it added. 

Since 2011, 46 licensed moneylenders or their officers have been convicted and fined for offences under the Moneylenders Act and Rules (MLA/R), said the registry. 

"Giving a statement of accounts to borrowers for outstanding loans ensures that the borrowers are kept abreast of their loan account status," said the registry. 

Moneylenders will also avoid potential disputes with borrowers on the repayable amount, it added. 

Those found guilty of breaching the MLA/R face a fine of up to S$40,000 and/or a jail term of up to two years on each charge. 

Source: CNA/ad

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