Money misappropriated at Swissco HoldingsCompany News // January 5, 2015
The Board of Directors of Swissco Holdings Limited and its subsidiaries has informed shareholders that the group has discovered that an aggregate amount of approximately S$2.58 million was misappropriated from the accounts of the group over the last three years by the VP - Finance of the company. As of the date of the announcement, S$900,000 has been recovered, leaving a balance of approximately S$1.68 million to be recovered.
Preliminary investigations revealed that the employee had falsified the company documents to direct payment of the misappropriated funds to her personal and family members’ bank accounts.
The company immediately commenced investigations upon discovery of the misappropriation.
As at the date of this announcement, the following actions have been undertaken:
- the employee was immediately suspended from all her duties and responsibilities while the company conducted its internal investigation
- the company has also appointed Stone Forest Corporate Advisory Pte Ltd to conduct an independent review and to report to the Audit Committee of its findings
- a police report has been lodged and the Group is currently awaiting the outcome of the police investigation.
The board noted that the financial losses arising from the misappropriation which now stands at S$1.68 million, nett of the recovered amount of S$900,000 is not expected to have an impact on the profit and NTA of the group for the financial year ending 31 December 2014.