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Thursday, 16 September 2010

Understanding Stock Market Risks - Financial Fraud Risk is real!

Read? Understanding Stock Market Risks - Updated

Luckily, it is just a minor fraud. What if it is a bigger one, SPH stock price surely kena hit. Financial fraud risk is real and can be hard to prevent it from happening.

SPH VP sacked for receiving illegal payments, misappropriating shopping vouchers

SINGAPORE: Singapore Press Holdings Ltd (SPH) said it has dismissed Mr Peter Khoo Chong Meng, a senior vice-president in the English & Malay Newspapers Division, after he voluntarily admitted to receiving illegal payments and misappropriating shopping vouchers handled by his Editorial Projects Unit.

These vouchers were intended for branding and promotion activities of The Straits Times, which his unit organises.

Mr Khoo, who has served 22 years in SPH, has made restitution of S$196,500 for the payments he admitted to receiving illegally and for the vouchers he misappropriated.

A police report has been made and investigations are ongoing.

Mr Khoo also chaired the organising committee which coordinates events and activities to raise funds for The Straits Times School Pocket Money Fund (STPMF). He has been replaced in this role with immediate effect by Ms Bertha Henson, Associate Editor of The Straits Times, who will also head the Editorial Projects Unit.

The Straits Times School Pocket Money Fund is administered by the National Council of Social Service (NCSS). SPH said in the statement that to the best of the company's knowledge, none of the donations made to the Fund has been misappropriated.

Mr Han Fook Kwang, Editor of The Straits Times, said: "This is a big setback for us. While we do not believe the STPMF was involved, I would like to assure our many donors and supporters that it is our top priority to maintain the integrity of the Straits Times School Pocket Money Fund."

Ms Ang Bee Lian, Chief Executive Officer of NCSS, said: "NCSS has in place administrative and audit processes including the engagement of external auditors to ensure that the STPMF has been appropriately disbursed to Voluntary Welfare Organisations for the clients."

- CNA/ir
This one is the biggest one so far but someone, somewhere in Singapore will one day break his record

Singapore's largest commercial fraud case. APB's former finance manager Chia Teck Leng had swindled four foreign banks of $117 million between 1999 and 2003 by faking documents in APB's name and forging top executives' signatures. The banks were under the impression that they were lending money to APB when, in fact, it was being siphoned off by Chia.

Chia claimed he blew more than half of what he siphoned - $62 million - in casinos around the world, before being convicted and sentenced to 42 years' jail in 2004.

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