Swissco investigates S$2.58m company fraud

Singapore: Singapore-based offshore marine services provider Swissco Holdings has informed the shareholders of the misappropriation of S$2.58m ($2m).

The money has allegedly been taken from the accounts of the group over the last three years by the company’s vice-president of finance.

The employee has been suspended from duty as an independent review is conducted by Stone Forest Corporate Advisory, and a police investigation is also underway.

S$900,000 ($680,000) has been recovered, leaving a balance of approximately S$1.68m; however, the misappropriated amount is not expected to have an impact on the company’s profit of this year, the company says. [30/12/14]

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