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Another Massive Corporate Corruption Case - SWISSCO VP Kena Caught! Casino Victim?

makapaaa

makapaaa

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[TD="align: center"]Yesterday 09:38 PM[/TD]
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[TD="class: trow1, align: center"] sgbuffett <!-- start: postbit_offline --> http://sgfuck.org/mybb/images/buddy_offline.gif <!-- end: postbit_offline -->
Elite Member
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[TD] The Board of Directors (the “Board”) of Swissco Holdings Limited (the “Company”) and its
subsidiaries (the “Group”) wishes to inform shareholders of the Company (the
“Shareholders”) that the Group 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 recover
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Re: Another Massive Corporate Corruption Case - SWISSCO VP Kena Caught! Casino Victim

Guess the race?
 
 
Re: Another Massive Corporate Corruption Case - SWISSCO VP Kena Caught! Casino Victim

songsongjurong said:
nohing much, but name is shadee toong ai hoon. linkedin profile deleted,swisscon cleaned up their website.
Click to expand...

some shady name alright.
 
Re: Another Massive Corporate Corruption Case - SWISSCO VP Kena Caught! Casino Victim

Sounds like a Sinkie. I knew it!
 
Re: Another Massive Corporate Corruption Case - SWISSCO VP Kena Caught! Casino Victim

http://quotes.wsj.com/SG/XSES/ADP/company-people/executive-profile/56666482

Shadee Toong
Vice President-Finance, Swissco Holdings Ltd.

Ms. Shadee Toong is Vice President-Finance at Swissco Holdings Ltd. and a Member at CPA Australia Ltd.

She received her undergraduate degree from Curtin University

why name sounds like 傻弟
 
Re: Another Massive Corporate Corruption Case - SWISSCO VP Kena Caught! Casino Victim

remote_image_1330274749.jpg




Oct 30, 2010

Daughters sue dad over $15m of shares

Duo say stocks are a gift; he says they had to pay for them

By K. C. Vijayan, Law Correspondent

Mr Yeo Chong Lin, executive chairman of Yeo Holdings, says the shares were initially allotted to his daughters on the condition that they pay for them. He later transferred the shares to his sister and brother. -- ST FILE PHOTO

TWO daughters sued their father yesterday for the $15 million worth of shares they claim were meant for them as a gift.

Mr Yeo Chong Lin, who is worth more than $115 million, is disputing the claim, arguing that the 758,278 shares were allotted to each of them on the condition that they pay for them. The shares in Yeo Holdings, an investment firm, were never handed over to them but remained in his possession. They were later transferred by Mr Yeo to his sister, Ai Tin, and brother, Chong Boon.

His two daughters, Ms Catherine Yeo, 52, and Ms Margaret Yeo, 40, are seeking a declaration from the High Court that the share transfer was wrong. They are also seeking damages for their alleged losses.

Both daughters fell out with their father after their parents' divorce in 2005, according to court documents filed.

Mr Yeo, 76, who is executive chairman of Yeo Holdings, was divorced by his wife of 49 years, Madam Nancy Tay, 72. He was ordered to pay some $41 million in assets to her by the High Court in May.

The couple have two sons and two daughters.

His daughters said in court documents filed that their father verbally offered to increase their shareholdings in Yeo Holdings to 758,278 shares each in recognition of their work for Swissco Offshore, a ship-handling firm and subsidiary of Swissco International, the main asset of Yeo Holdings.

Catherine worked at Swissco Offshore for about 20 years while Margaret put in several stints between 1998 and 2005. They also claimed they were to get the shares as gifts from a father wanting to provide for his children.

But they fell out with him in April 2005 when their mother started divorce proceedings. In his defence statements filed in the divorce suit, he accepted that his daughters were allotted the shares.

In court papers filed by their lawyer, Mr Boey Swee Siang, the daughters also claimed he had never asked that the shares be paid for before the divorce proceedings.

Mr Yeo, however, countered that he had offered to release the shares in June 2006 if they pay for them but neither of them took up his renewed offer.

He pointed out that he started Yeo Holdings in January 2004 with his son Alex, putting up $4,999,999 to the latter's $1.

He was, therefore, the beneficial owner pending transfer of the shares in any way he deemed fit.

In September last year, he transferred the shares, allotting them to his brother and sister without his daughters' consent.

His daughters claimed the move was invalid and sought damages.

A pre-trial conference was held on Wednesday.

The case will be heard in the High Court next month when Mr Yeo's lawyer, Mr Nicholas Lazarus, will seek to lift a High Court injunction freezing his assets, pending the outcome of the suit.

[email protected]
 
Re: Another Massive Corporate Corruption Case - SWISSCO VP Kena Caught! Casino Victim

07_01.jpg




Swissco's gift of $200,000 to help needy medical students



CONTRIBUTING TO SOCIETY:

Mr Yeo Chong Lin (right), Founder of Swissco with CEO Alex Yeo.


MEDICAL undergraduates in need of financial assistance can now look forward to generous assistance from Swissco International Ltd (Swissco), a Mainboard listed company. With a history that dates back to 1970, Swissco is today one of the leading Singapore marine company that provides a modern fleet of offshore support vessels and specialised marine transport solutions to the oil and gas industry. Swissco is presenting a cash gift of $200,000 to the Yong Loo Lin School of Medicine at NUS.

The sum will be used to set up an expendable bursary fund, with two bursaries valued at $20,000 each to be awarded annually to applicants who have met the University's approved guidelines for eligibility. The Swissco International Bursary, named in recognition and appreciation of Swissco's contribution, will be used to support successful applicants from their freshman year till graduation.

Mr Yeo Chong Lin, Executive Chairman of Swissco, was inspired by a recent article published in The Straits Times, on the plight of medical students needing $20,000 each year. He hopes that the cash gift will lend a helping hand to needy students in completing their studies and to contribute to society upon graduation.

"As a home grown company, Swissco believes in giving back to our society by doing our part in helping to nurture the young generations of Singapore," said Mr Yeo.
 
Re: Another Massive Corporate Corruption Case - SWISSCO VP Kena Caught! Casino Victim

Was he under-paid ? Hmmm ... sound familiar .... ....:o
 
Re: Another Massive Corporate Corruption Case - SWISSCO VP Kena Caught! Casino Victim

Equalisation said:
Was he under-paid ? Hmmm ... sound familiar .... ....:o
Click to expand...



Swissco VP Accused of Falsifying Accounts and Misappropriating $2.58 Million



Marine services firm, Swissco Holdings, has lodged a police report in relation to the misappropriation of $2.58 million by their vice president of finance.

The VP is accused of falsifying the company documents and accounts and transferring the company’s money to personal and family bank acconts.

The company has since recovered about S$900,000 but the rest remains outstanding.

The SGX-listed firm explained in a filing to the exchange that they have suspended the employee and are conducting an internal investigation. They have also lodged a police report.



Swissco Holdings VP misappropriated S$2.6m of company funds



POSTED: 26 Dec 2014 22:42



URL: http://www.channelnewsasia.com/news/singapore/swissco-holdings-vp/1551440.html



A police report has been made and Swissco says the employee has been suspended while internal investigations are ongoing.



SINGAPORE:


An employee of SGX-listed firm Swissco Holdings misappropriated about S$2.58 million of the company's funds over the last three years.

In a filing to the exchange on Friday (Dec 26), the marine services firm said it has recovered S$900,000 so far.

According to Swissco, its vice president of finance had falsified company documents to make direct payments to her personal and family

members' bank accounts. The name of the vice president was not given.

A police report has been made and Swissco said the employee has been suspended while internal investigations are ongoing.

The company added that the financial losses, which now stand at S$1.68 million, are yet to be recovered,

but are not expected to have an impact on the profit and net tangible asset of the group for the financial year ending Dec 31.
 
Re: Another Massive Corporate Corruption Case - SWISSCO VP Kena Caught! Casino Victim

women her age needs lots of sex to balance their emotions...
 
Re: Another Massive Corporate Corruption Case - SWISSCO VP Kena Caught! Casino Victim

remote_image_1330274749.jpg





A SELF-MADE millionare, reportedly worth an estimated S$ 115mil, was ordered by the Singaporean High Court to pay his former wife S$ 41mil in maintenance and matrimonial assets, China Press reported yesterday.

The former wife, Nancy Tay, 72, initiated the divorce proceedings in 2005 on grounds of adultery.

Yeo Chong Lin, 74, chairman of the republic’s Swissco International Ltd, and Tay were married for 49 years and have four children.

The daily, quoting the judge, said Yeo was ordered to pay her 35% of his matrimonial assets.

Yeo claimed to have only S$ 52mil in matrimonial assets but the judge was reportedly of the view that he had not declared his assets in full, the daily said.

What was excluded from the estimated sum of S$ 115mil were two pieces of property and seven luxury cars totalling S$ 4.72mil which Yeo bought after the divorce, the daily reported.

The judge said Yeo was responsible in providing for the family, adding that Tay had contributed to the family to the best of her ability,

The early years of marriage were tough for the couple as they had been poor, the daily reported.



SOURCE: thestar.com.my
 
Re: Another Massive Corporate Corruption Case - SWISSCO VP Kena Caught! Casino Victim

A SELF-MADE millionare, reportedly worth an estimated S$ 115mil, was ordered by the Singaporean High Court to pay his former wife S$ 41mil in maintenance and matrimonial assets, China Press reported yesterday.
Click to expand...

When you are a millionaire, don't married in sinkieland.. Simple as that.
 
Re: Another Massive Corporate Corruption Case - SWISSCO VP Kena Caught! Casino Victim

anytime a non-Swiss company has the word 'Swiss' in it...................run in the other direction..........
 
Re: Another Massive Corporate Corruption Case - SWISSCO VP Kena Caught! Casino Victim

Is Nancy Tay related to Arthur Tay - who is the Owner of the Big Marina in Sentosa ?
 
Re: Another Massive Corporate Corruption Case - SWISSCO VP Kena Caught! Casino Victim

wendychan said:
the arthur tay here ?

http://www.singaporelaw.sg/sglaw/la...v-tay-lee-kiang-liza-and-others-2013-sghc-239
Click to expand...

Yes.
SUTL = Singapore United Tobacco Ltd,
Used to be the King of bonded stores, cigarettes for ships.
According to the Oral History of elder Singaporeans
There were / and possibly still ? / lotss of hanky-panky in the marine business
That Accountants disguise as "consultation / agent" fees.
..the practice at Swissco, is not exclusive within Swissco.

It would be very interesting if the forensic accountants also investigate companies with similar business as Swissco.
 
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