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- [FONT=Geneva, Helvetica, Verdana, Arial, sans-serif][SIZE=-1]Mr Lim: 'It's unfortunate because these are really good pieces. But being good pieces, they are quite easily tracked down.' [/SIZE][/FONT]
<TABLE cellSpacing=0 cellPadding=0 width=452 border=0><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published January 13, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Cortina seeks to turn tide in time of pain
Missing timepieces include a Patek Philippe 3939 watch worth around $500k
By JAMIE LEE
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</TD><TD>Feedback</TD></TR></TBODY></TABLE>(SINGAPORE) Christmas gifts do not come more poisoned than this. A trusted senior employee has gone missing, as have timepieces worth almost $8 million. More than two weeks on, the one word that keeps springing to the lips of the general manager of Cortina Holdings, Jeremy Lim, is - painful.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Rare watches: Patek Philippe's 3939 is known for its minute repeater, tourbillon, and subsidiary seconds dial. (Above) The Vacheron Constantin Metiers D'art Masque Collection, worth $642,800, with just 25 such sets available worldwide </TD></TR></TBODY></TABLE>The heist last month - one of the biggest in Singapore in recent memory - caused the company to lose some 386 watches as well as some cash in one clean swoop sometime between Christmas and Boxing Day.
In an exclusive interview with BT yesterday, Mr Lim revealed that the missing timepieces include a Patek Philippe 3939 - worth around half-a-million dollars - and a set of Vacheron Constantin Les Masques watches that cost roughly the same. There are just 25 such sets available worldwide.
Watches from Rolex, Panerai, Audemars Piguet and Girard-Perregaux were also stolen from Singapore's smallest luxury watch company by market value.
'It was a big shock to the company,' Mr Lim, son of founder Anthony Lim, told BT. 'It doesn't matter which (watch) is the most expensive ultimately, it's all painful.'
Though his father was saddened, the older Lim, who is the managing director of the firm, has offered some sagely guidance.
'Of course he's very upset,' said the younger Lim. 'But I guess out of situations like that, he still gives us advice.' His father told him to 'learn from your mistakes and move on because there are many more things to do than to dwell on these things', he added.
One silver lining was that it would be easier to trace the footsteps of these rare pieces that were stolen, he noted.
'They are not easy to come by,' said Mr Lim, referring to the Patek Philippe 3939 and the Vacheron Constantin Les Masques watch set.
'It's unfortunate because these are really good pieces. But being good pieces, they are quite easily tracked down,' he pointed out. 'The moment you send it to any service centre around the world, we will at least nab the buyer.'
Cortina has circulated a list of the stolen watches to suppliers across the world to alert buyers, such as auction houses, of the stolen products, said Mr Lim.
The watch retailer - which was listed in 2002 - has also hired a consultant to review its security system. This could bring changes to the security equipment put in stores and hiring policies.
The scrutiny on the latter comes after the police have alerted Interpol to find ex-employee Jerry Ee to assist in investigations. BT understands that the implication is similar to an arrest warrant though the police has declined comment.
Mr Ee has been uncontactable since the day of the theft and was fired from the company after staff members were unable to contact him for two days, said Mr Lim, adding that this was a policy for all employees.
'26th, he didn't turn up for work. 27th, he didn't turn up for work,' he said.
Cortina then sent out a notice to its business partners and its subsidiaries on Dec 29 to notify them that Mr Ee had been fired. Contrary to earlier reports, the company did not put up a notice in the newspapers, Mr Lim said.
'Until he's proven guilty, I can't say anything,' Mr Lim said of Mr Ee.
The missing ex-employee is an unlikely suspect - he was with the company for four-and-a-half years and rose through the ranks quickly, revealed Mr Lim.
'He learned very fast,' said Mr Lim, who has met Mr Ee before. 'He started out as a junior sales staff and proved to be very hard-working and was willing to teach younger people so he won a lot of friends.'
Mr Ee was promoted to a senior supervisor role about a year-and-a-half ago, reporting directly to the manager and assistant manager of the store, Mr Lim added.
'The junior staff respect him quite a lot,' said Mr Lim.
Cortina staff have since been questioned by the police and the company has also provided the police with video footage of the store's activities that was filmed in December, said Mr Lim. He added that the police have not informed the company of any new developments.
As for insurance, Mr Lim said that the company's Fidelity Guarantee - which is a form of insurance that covers dishonest acts - is likely to be triggered, but was unable to say how much insurance the company would claim as investigations were still ongoing.
Mr Lim noted that Fidelity Guarantee covers a certain percentage of the company's stock. He declined to give the percentage of coverage but said it was within industry standards. BT understands that this could be about half the value of the stock.
Cortina's expansion plans remain on track, including two stores at Ion Orchard and two outlets at Marina Bay Sands in Singapore. The retailer - which has 17 outlets in all - would also open a multi-brand store in Taiwan in about five months' time.
With the recession, sales in both the mid-market and luxury market segments would be affected, said Mr Lim. 'The rich will always be rich, yes it's true. But it's not so much of whether you're rich or poor. It's more of the sentiment. Because of the uncertainty even if you're rich, you may not want to spend.'
When asked if directors' fees would be cut to stem costs, he said that the company would look at it but the fees - which stand at $382,125 for the financial year ended March 31, 2009 - are 'very reasonable'.
Cortina had initially planned to hold its annual sale in March. That has been brought forward to today. The company reported a net profit of $9.7 million in its last financial year.
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