Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/financial/money/swisscos-finance-executive-misappropriates-2-milli.shtmlSwissco's Finance Executive misappropriates $2 million
Swissco Holdings Limited has discovered that an aggregate amount of approximately S$2.58 million (the “Misappropriated Funds”) was misappropriated
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Swissco Holdings Limited has discovered that an aggregate amount of approximately S$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, S$900,000/- has been recovered, leaving a balance of approximately S$1.68m 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.
