Swissco's Finance Executive Misappropriates $2M from the Firm's Account

Singapore-based integrated marine services provider Swissco Holdings Limited (the Company) and its subsidiaries (the Group) informed shareholders of the Company (the Shareholders) Friday that the Group has discovered that an aggregate amount of approximately $2.06 million or SGD 2.58 million (the Misappropriated Funds) was misappropriated from the accounts of the Group over the last 3 years by the VP - Finance (the Employee) of the Company. As of the date of this announcement, $719,800 (SGD 900,000) has been recovered, leaving a balance of approximately $1.34 million (SGD 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; and
  • 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 $1.34 million (SGD 1.68 million), nett of the recovered amount of $719,800 (SGD 900,000) is not expected to have an impact on the profit and NTA of the Group for the financial year ending Dec. 31.

Further announcements in relation to the development of the matter will be made to Shareholders in due course.

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