Errant Licensed Moneylender, Tan Chiu Wui, Fined $2000

08 AUG 2014

8 Aug 2014 Posted in Press releases

  1. The Registry of Moneylenders, a division of the Insolvency and Public Trustee’s Office, brought charges in the State Courts on 10 March 2014 against Tan Chiu Wui( 陈秋伟), 44 years old, a director of the moneylending company, Uni Cash 88 Pte. Ltd (previously known as Uni Development Pte Ltd).

  2. The company held a moneylending licence from 16 February 2011 to 15 February 2014, which was not renewed after it expired as investigations revealed that the company had committed offences which warranted prosecution.

  3. On 7 August 2014, Tan pleaded guilty in the State Courts and was convicted on one out of two charges for a breach under Section 15(2)(a) of the Moneylenders Act for contravention of licence conditions by failing to obtain the prior approval of the Registrar of Moneylenders for the company’s telephone landline. The remaining one charge for a breach under Section 26(3) of the Moneylenders Act for failing to comply with the direction of the Registrar on permitted advertising channels was taken into consideration by the Court for the purposes of sentencing.

  4. Tan was sentenced in the State Courts to a fine of $2,000 (in default ten days’ imprisonment). 27 licensed moneylenders have been convicted and fined since 2011 (see Annex A).

  5. The Registry carries out regular inspections of 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.

8 AUGUST 2014
REGISTRY OF MONEYLENDERS
INSOLVENCY & PUBLIC TRUSTEE’S OFFICE
MINISTRY OF LAW

About the Insolvency & Public Trustee’s Office The Insolvency & Public Trustee’s Office (IPTO) in Singapore is a department under the Ministry of Law. IPTO oversees the administration of individual and corporate insolvencies, the administration of small intestate estates and un-nominated Central Provident Fund (CPF) monies, as well as the licensing and regulation of moneylenders and pawnbrokers. For more information on moneylending, please visit www.ipto.gov.sg/moneylenders.html.

Annex A
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. Cho Hong Chye Alvin a.k.a. Zhu Hongcai Alvin, and Money Plant Pte Ltd 10/06/2013 17,000
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

Last updated on 25 Sep 2019