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.

Tags: Swissco Holdings Limited