{"id":38827,"date":"2016-12-22T09:32:54","date_gmt":"2016-12-22T02:32:54","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-company-director-fined-215000-for-unlicensed-work\/"},"modified":"2016-12-22T09:35:16","modified_gmt":"2016-12-22T02:35:16","slug":"property-company-director-fined-215000-for-unlicensed-work","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-company-director-fined-215000-for-unlicensed-work\/","title":{"rendered":"Property company, director fined $215,000 for unlicensed work"},"content":{"rendered":"


\nThis is the largest fine handed down by the court for this offence.
\nA property management company and its sole director have been fined a total of $215,000 for conducting unlicensed estate agency work, the largest fine ever meted out by the court for this offence, the Council for Estate Agencies (CEA) said in a statement.
\nFranks Property and its sole director and shareholder, Lim Koon Heng, 70, previously held a House Agent Licence issued by the Inland Revenue Authority of Singapore (IRAS).
\nAfter the CEA\u2019s formation in October 2010, all property agencies and agents were required to be licensed and registered with the CEA before they could carry out estate agency work. However, Franks Property and Lim did not do so.
\nDespite their failure to register with the CEA, Franks Property carried out three sale and purchase property transactions between 2012 and 2013.
\nUnder the Estate Agents Act (Cap. 95A), an officer of a company may be guilty of the same offence committed by the company if the offence was committed with the officer\u2019s consent.
\nLim signed off on the invoices issued for all three transactions, which involved the $8.02 million sale of a home at Vanda Drive, the $7.5 million sale of a shophouse at Smith Street, and the $1.02 million sale of a unit in Far East Shopping Centre.
\nFor these transactions, Lim and Franks Property received a total commission of $94,976.64.
\n\u201cThis is the highest amount of commission collected among the unlicensed estate agency work cases that the CEA has prosecuted,\u201d it noted.
\nFor the purpose of sentencing, the court also considered six other charges filed against Lim and Franks Property.
\nFranks Property was fined $115,000, while Lim was slapped with a $100,000 fine, in default of 32 weeks\u2019 imprisonment.
\nUnder Section 28(1)(b) of the Estate Agents Act, the punishment for each offence is a fine not exceeding $75,000, or imprisonment of not more than three years or both.
\n\u201cIn the case of a continuing offence, there may be a further fine not exceeding $7,500 for every day or part thereof during which the offence continues after conviction,\u201d added the CEA.
\nWith this, the CEA advises consumers to engage only property agencies and agents who are licensed and registered with them. They can verify whether an entity or individual is licensed or registered via the public register on the CEA website.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Property company, director fined 5,000 for unlicensed work<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This is the largest fine handed down by the court for this offence. A property...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-38827","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-a6f","jetpack-related-posts":[{"id":105767,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/man-fined-72000-for-illegal-estate-agency-work\/","url_meta":{"origin":38827,"position":0},"title":"Man fined $72,000 for illegal estate agency work","date":"April 4, 2019","format":false,"excerpt":"\r The unlicensed agent had posted nine online advertisements for the lease of private properties and HDB flats on public property portals. A 31-year old man was convicted in court of nine charges of conducting estate agency work without being registered as a real estate agent with the Council for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20902,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/woman-fined-16000-for-unlicensed-estate-agency-work\/","url_meta":{"origin":38827,"position":1},"title":"Woman fined $16,000 for unlicensed estate agency work","date":"July 14, 2016","format":false,"excerpt":"\r Under the law, it is an offence for individuals to handle property transactions if they are not licensed. A 41-year-old Singaporean woman was sentenced on Wednesday (13 July) to pay a fine of $16,000, in default six weeks\u2019 imprisonment, for acting as an unlicensed estate agent in relation to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":85882,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/man-fined-71500-for-unregistered-estate-agency-work\/","url_meta":{"origin":38827,"position":2},"title":"Man fined $71,500 for unregistered estate agency work","date":"April 19, 2018","format":false,"excerpt":"\r Under CEA rules, it is an offence for someone to act as an agent in any property transaction if they are not registered or licensed. (Photo: CEA) A 36-year-old man was fined $71,500 on Wednesday (18 Apr) after pleading guilty to eight charges of posing as a property agent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26832,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bogus-agent-charged-for-unlicensed-real-estate-work\/","url_meta":{"origin":38827,"position":3},"title":"Bogus agent charged for unlicensed real estate work","date":"September 22, 2016","format":false,"excerpt":"\r Shakir Khan was arrested in March this year after CEA officers suspected he was conducting estate agency work illegally. A 56-year old Singaporean man was charged in court on Wednesday (21 September) for conducting estate agency work without a license, revealed the Council for Estate Agencies (CEA). Under the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26141,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-property-agent-fined-for-handling-clients-money\/","url_meta":{"origin":38827,"position":4},"title":"Former property agent fined for handling client\u2019s money","date":"September 15, 2016","format":false,"excerpt":"\r The cash amounting to $93,000 is the biggest sum involved, revealed the Council for Estate Agencies (CEA). A former property agent was convicted on Wednesday for handling his client\u2019s transaction money amounting to $93,000. Under the Estate Agents Act, it is an offence for property agents to handle any\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44900,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/man-jailed-fined-23000-for-illegal-estate-agency-work\/","url_meta":{"origin":38827,"position":5},"title":"Man jailed, fined $23,000 for illegal estate agency work","date":"February 21, 2017","format":false,"excerpt":"\r Consumers are urged to engage only property agencies and agents who are licensed and registered with the CEA. Shakir Khan, a 56-year-old Singaporean, was convicted in court of two charges of conducting estate agency work without first being registered as a salesperson, or licensed as an estate agent by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/38827"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=38827"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/38827\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=38827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=38827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=38827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}