Errant Licensed Moneylender, Tan Kim Wah Steven, Fined $187,500
21 Nov 2017 Posted in Press releases
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The Registry of Moneylenders, a department under the Ministry of Law, brought charges in the State Courts on 12 June 2017 against Tan Kim Wah Steven (陈 金 华), 57 years old, the sole director and shareholder of the moneylending company, WST Credit Pte Ltd.
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WST Credit Pte Ltd held a moneylending licence from 28 October 2010 to 27 October 2017. The licence was not renewed after 27 October 2017.
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On 20 November 2017, Tan pleaded guilty in the State Courts and was convicted on twenty five out of seventy five charges for offences under Section 24(7) of the Moneylenders Act (Cap 188) for recklessly furnishing false information to the Registrar on the annual income of borrowers.
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Tan was sentenced in the State Courts to a total fine of $187,500 (in default 50 weeks’ imprisonment).
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Forty-four licensed moneylenders or their officers have been convicted and fined for offences under the Moneylenders Act since 2011 (see Annex).
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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 Moneylenders Act and Rules face a fine of up to $40,000 and/or an imprisonment term of up to two years on each charge.
Annex
List of past convictions since 2011
| No | Name of Moneylender | Sentence Date | Fine Amount($) |
|---|---|---|---|
| 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 |
Last updated on 23 Nov 2017