Licensed Moneylending Director, Teh Chee Wee, Fined $6,800 for Breaches of Moneylending Laws
23 May 2018 Posted in Press releases
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.
RTG Credit (S) Pte Ltd held a moneylending licence since 6 December 2013.
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.
- 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).
- 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).
- 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.
- 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 $40,000 and/or an imprisonment term of up to two years on each charge.
List of past convictions since 2011
|No||Name of Moneylender||Sentence Date||Fine amount($)|
|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
|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
|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|
i. Hu Sufen
ii. Chng Kok Keng
|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