25 Jan '11, 10pm

Jail, fine and cane for loan shark's accomplice: Ho worked with his accomplices in carrying out the loansharking...

SINGAPORE - An unemployed man - one of the accomplices of a former part-time lecturer accused of loan-sharking activities - has been jailed for five years and fined $480,000. Garreth Ho Sheng Yu, 38, will also receive six strokes of the cane. If he fails to pay the fine, he will have to spend an additional two years behind bars. Court papers said Ho is an accomplice of Lee Kim Hock, 51, who allegedly headed an unlicensed moneylending syndicate while he was serving as a part-time polytechnic lecturer. Ho worked with his accomplices in carrying out the loansharking business between August and November last year. Together, they gave out loans totalling $5,500 and collected more than $2,000 in repayments. The debtors were charged an interest rate of 20 per cent. Ho is the second person to be convicted for his role in the illegal business. One of his accomplices, Melvin Tan Che...

Full article: http://www.todayonline.com/Singapore/EDC110126-0000194/Ja...

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