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Licensed Moneylending Director, Teh Chee Wee, Fined $6,800 for Breaches of Moneylending Laws

Posted in Press releases

1.    The Registry of Moneylenders, a department under the Ministry of Law, brought charges in the State Courts on 18 December 2017 against Teh Chee Wee (郑 志 威), 42 years old, the director of the moneylending company, RTG Credit (S) Pte Ltd.

 

2.    RTG Credit (S) Pte Ltd held a moneylending licence since 6 December 2013.

 

3.    On 14 May 2018, Teh pleaded guilty in the State Courts and was convicted on five out of 16 charges for the following offences:

 

  • Four charges under section 21(7) read with section 21(1) of the Moneylenders Act (Cap 188) for having failed to supply a statement of accounts to borrowers for loans which were subsisting.
  • One charge under rule 16(3) read with rules 16(2)(c)(ii) and 14(2)(c) of the Moneylenders Rules 2009 and section 24(1)(a) of the Moneylenders Act (Cap 188) for having 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.

 

4.    Teh was sentenced in the State Courts on 21 May 2018 to a total fine of $6,800, (in default 4 weeks’ and 4 days’ imprisonment).

 

5.    Forty-six licensed moneylenders or their officers have been convicted and fined for offences under the Moneylenders Act and Rules (“MLA/R”) since 2011 (see Annex).

 

6.    Strict compliance with the MLA/R ensures that loan agreements are entered into in a proper and transparent manner. Giving a statement of accounts to borrowers for outstanding loans ensures that the borrowers are kept abreast of their loan account status. In addition to that, moneylenders will also avoid potential disputes with borrowers on the repayable amount. In essence, these practices protect the interests of both borrowers and licensed moneylenders. The Registry reminds all licensed moneylenders to adhere to these requirements at all times.

 

7.    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 MLA/R face a fine of up to $40,000 and/or an imprisonment term of up to two years on each charge.

 

Annex

 

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.

i.        Money Plant Pte Ltd

ii.       Cho Hong Chye Alvin a.k.a. Zhu Hongcai Alvin

10/06/2013

2,000

15,000

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

28.

Uni Cash 88 Credit (Tan Chiu Wui)

07/08/2014

2,000

29.

JBM Credit (Koo Guan San)

10/11/2014

82,000

30.

Expressloans Credits (Lee Wee Gee)

15/12/2014

40,000

31.

Budget Capital Pte Ltd (Neo Bock Soon)

05/01/2015

80,000

32.

Lion Credit Pte Ltd

02/02/2015

10,000

33.

Moneyline Express Pte Ltd

i.   Chiang Tin Wei, Samuel

ii.  Chuah Kim Tiong Eric

 

21/04/2014

 

06/02/2015

 

2,500

 

162,000

34.

Money3 Pte Ltd (Jennie Anne Opperman)

13/04/2015

14,000

35.

Credit Xpress (Lim Kheng Meng)

20/04/2015

10,000

36.

Velocity Cash (Chan Ka Mun, Andy)

05/11/2015

25,000

37.

Skyline Credit

i. Hu Sufen

ii. Chng Kok Keng

25/02/2016

13,000

12,000

 

38.

Denaro Pte Ltd (Liew Hwai Shen)

27/06/2016

27,000

39.

AS Shalihin Enterprise (Tan Boon Nge)

16/09/2016

28,000

40.

Gauthamma Credit (Rajadanran s/o Suppiah)

17/10/2016

29,000

41.

Gee Credit (S) Pte Ltd

(Yap Boon Keng)

5/12/2016

7,000

42.

WST Credit Pte Ltd

(Tan Kim Wah, Steven)

20/11/2017

187,500

43.

CYS Credit Pte Ltd

 

9/4/2018

22,500

 

 

 

 

Last updated on 24 May 2018