SINGAPORE: A moneylender has been fined S$187,500 for providing false information about the annual income of borrowers to the Registrar of Moneylenders, the Ministry of Law said in a press release on Tuesday (Nov 21).
Tan Kim Wah Steven, the sole director and shareholder of moneylending company WST Credit, pleaded guilty and was convicted of 25 out of 75 charges against him in the State Courts on Monday.
The 57-year-old was fined S$187,500, in default 50 weeks' imprisonment, the ministry said.
His company had held a moneylending licence from Oct 28, 2010 to Oct 27 this year but its licence was not renewed after this.
The Registry of Moneylenders, a department under the Ministry of Law, had brought charges against Tan on Jun 12 this year.
Since 2011, 44 licensed moneylenders or their officers have been convicted and fined for offences under the Moneylenders Act, the ministry added.
Those convicted of breaching the Moneylenders Act and Rules face a fine of up to S$40,000 and/or imprisonment of up to two years for each charge.