7 days ago
Jail, caning for loan shark who provided illegal loans despite having a legal moneylending business
Sign up now: Get ST's newsletters delivered to your inbox
Jason Pang Kum Huat gave three debtors illegal loans as he knew they would be blacklisted by legal moneylenders.
SINGAPORE - Though he had a legal loan company, a man decided to act as a loan shark and provided illegal moneylending services to three debtors.
On Aug 13, Jason Pang Kum Huat, 44, was sentenced to 16 months' jail, nine strokes of the cane, and a fine of $40,000.
He had pleaded guilty to two offences under the Moneylenders Act and one charge of possessing an offensive weapon in public. Two other Moneylenders Act charges were taken into consideration for his sentencing.
Deputy Public Prosecutor Susanna Yim said Pang had a legal loan company but did not name the firm.
Accounting and Corporate Regulatory Authority records show that Pang is currently a director of five companies, including Sentinel Financial Credit and Enforcement Debt Recovery.
In June 2024, three debtors – Mr Tan Boon Hua, Mr Tan Ah Seng and Mr Tan Kok Ann – contacted Pang to borrow money.
Pang decided to provide illegal loans to them as he knew their creditworthiness was not good and that they would be blacklisted by legal moneylenders.
Mr Tan Boon Hua and Mr Tan Ah Seng each took a loan of $2,000, while Mr Tan Kok Ann loaned $1,000, all at the interest rate of 20 per cent.
The next month, Pang was upset that Mr Tan Kok Ann had not paid his debts.
Passing by an open carpark around Block 835 Jurong West Street 81, he decided to randomly splash three cars with paint thinner and paste a debtor's note on their windscreens.
DPP Yim said Pang had targeted these cars because they did not have in-car cameras.
According to court documents, one of the car owners contacted the police, reporting that their car had be en vandalised by a loan shark, even though they had not taken out any loans.
Pang later paid the car owner $1,000 for repairs. He was traced and arrested on July 26, 2024.
On the day of his arrest, police officers searched his car and found an extendable baton, which he admitted belonged to him and was for his own use.
DPP Yim called for him to be jailed for 17 months, given nine strokes of the cane, and fined between $30,000 to $50,000.
She noted that Pang had been convicted of an illegal moneylending offence and sentenced to seven years' corrective training in 2009, which meant he is liable for enhanced punishment.
