The Pietermaritzburg Magistrate’s Court fined Fast Solutions Cash Loans R40,000 after an extensive investigation by the Hawks revealed 119 counts of credit law violations. File picture
Fast Solutions Cash Loans has been hit with a R40,000 fine by the Pietermaritzburg Magistrate’s Court after being found guilty on 119 counts of contravening the National Credit Regulator Act 34 of 2005.
The judgment, handed down on November 26, follows an extensive investigation by the Directorate for Priority Crimes Investigation, commonly known as the Hawks.
Of the R40,000 fine, R20,000 was suspended for three years on the condition that the company does not repeat the offence during the suspension period.
The case against the loan company began when the National Credit Regulator lodged a formal complaint, leading to a raid on the company's Church Street premises in Pietermaritzburg.
During the operation, Hawks investigators seized various items, including bank cards, identity cards, driver's licenses, a laptop, and a card machine.
“The conviction and sentencing of Fast Solutions Cash Loans came after an extensive investigation by the Pietermaritzburg Serious Commercial Investigation of the Hawks,” said police spokesperson, Warrant Officer Sibu Ncane.
The court also mandated the company to pay R7,000 on the day of sentencing and required monthly payments of R2,500 until the full fine is settled.
KwaZulu-Natal Hawks Provincial Head, Major General Lesetja Senona, emphasised the significance of the ruling.
“This case serves as an important reminder to all companies operating in the financial sector to comply with the relevant laws and regulations governing their activities,” said Senona.
The company first appeared in court on August 29 and attended several hearings before the final sentencing.
IOL
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