Moneylender fined $42,000

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IN YOUR FACE!

Oh Kwan Huat, the sole-proprietor of licensed moneylending business, Super Credit, pleaded guilty and was convicted on four charges on Aug 6.

A total of 14 charges were filed against him on Dec 19, last year.

He was found guilty on two charges for recklessly providing false information to the Registrar.

One charge for granting a loan exceeding the prescribed amount of $3,000 to a borrower with an annual income below $20,000; and one charge for granting an unsecured loan to a borrower with an annual income between $20,000 and $30,000.

In doing so he caused the outstanding loan amount to exceed the prescribed limit of two months of the borrower's income.

Oh was sentenced in the Subordinate Courts to a fine of $42,000, in default of 4 weeks' imprisonment.

Those convicted of breaches of the Moneylenders Act and Rules face fines of up to $40,000 and/or an imprisonment term of up to two years on each charge.