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Sep 22, 2009
Manager jailed for $1.5m CBT <!--10 min-->
<!-- headline one : start --> <!-- headline one : end --> <!-- Author --> <!-- show image if available --> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr><td colspan="2" class="padlrt8 georgia11 darkgrey bold">By Elena Chong </td></tr> <tr valign="bottom"> <td width="330">
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Yeo Kok Hwee was working at Overseas Union Enterprise Trading when he misappropriated $1.47 million from 2000 to 2004. -- PHOTO: SPF
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A FORMER finance manager who embezzled about $1.5 million over a five-year period was jailed 66 months on Tuesday.
<table valign="top" align="left" width="200"> <tbody><tr><td class="padr8"> <!-- Vodcast --> <!-- Background Story --> <style type="text/css"> #related .quote {background-color:#E7F7FF; padding:8px;margin:0px 0px 5px 0px;} #related .quote .headline {font-family: Verdana, Arial, Helvetica, sans-serif; font-size:10px;font-weight:bold; border-bottom:3px double #007BFF; color:#036; text-transform:uppercase; padding-bottom:5px;} #related .quote .text {font-size:11px;color:#036;padding:5px 0px;} </style> Fake invoices to pay gambling debts
LAWYER P.O. Ram said Yeo, who was last working as a sales executive, began to overspend on expenses such as the latest cellphone and a new car in 2000.
Yeo, he said, was simply signing away on credit as he was expecting to receive huge bonuses from his company which did not come.
</td></tr> </tbody></table> Yeo Kok Hwee, 39, was working at Overseas Union Enterprise Trading when he misappropriated $1.47 million from 2000 to 2004. He returned $506,175 to the company. He pleaded guilty earlier to three counts each of criminal breach of trust as a servant involving $1.3 million, creating false transaction statements, and forging invoices.
Yeo, who has since been made bankrupt, joined the OUE subsidiary in 1996. He was responsible for petty cash, accounting and payments by the company.
The court heard that he had the practice of asking his superior to pre-sign cheques should the latter go on overseas assignment or on leave. Investigation showed that he had reflected those pre-signed cheques as cancelled in official documents when he actually encashed them or deposited the them into the bank account of his intended payee. To cover up his withdrawals, he created fake United Overseas Bank monthly transaction statements which were printed in Johor Baru.
Assistant Public Prosecutor Santhra Aiyyasamy said Yeo excluded the transactions reflecting the withdrawals made by him and replaced them with falsified statements.
He also created fictitious payment vouchers in the name of a fake vendor, Sunrise Worldwide. On May 19, 2005 at Meritus Mandarin Hotel, following discrepancies detected by a panel of inquiry, Yeo admitted to having misappropriated the money to settle his gambling debts. Fifty-nine other charges were considered during his sentencing.
Sep 22, 2009
Manager jailed for $1.5m CBT <!--10 min-->
<!-- headline one : start --> <!-- headline one : end --> <!-- Author --> <!-- show image if available --> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr><td colspan="2" class="padlrt8 georgia11 darkgrey bold">By Elena Chong </td></tr> <tr valign="bottom"> <td width="330">
</td> <td width="10">
Yeo Kok Hwee was working at Overseas Union Enterprise Trading when he misappropriated $1.47 million from 2000 to 2004. -- PHOTO: SPF
</td></tr> </tbody></table>
A FORMER finance manager who embezzled about $1.5 million over a five-year period was jailed 66 months on Tuesday.
<table valign="top" align="left" width="200"> <tbody><tr><td class="padr8"> <!-- Vodcast --> <!-- Background Story --> <style type="text/css"> #related .quote {background-color:#E7F7FF; padding:8px;margin:0px 0px 5px 0px;} #related .quote .headline {font-family: Verdana, Arial, Helvetica, sans-serif; font-size:10px;font-weight:bold; border-bottom:3px double #007BFF; color:#036; text-transform:uppercase; padding-bottom:5px;} #related .quote .text {font-size:11px;color:#036;padding:5px 0px;} </style> Fake invoices to pay gambling debts
LAWYER P.O. Ram said Yeo, who was last working as a sales executive, began to overspend on expenses such as the latest cellphone and a new car in 2000.
Yeo, he said, was simply signing away on credit as he was expecting to receive huge bonuses from his company which did not come.
... more
</td></tr> </tbody></table> Yeo Kok Hwee, 39, was working at Overseas Union Enterprise Trading when he misappropriated $1.47 million from 2000 to 2004. He returned $506,175 to the company. He pleaded guilty earlier to three counts each of criminal breach of trust as a servant involving $1.3 million, creating false transaction statements, and forging invoices.
Yeo, who has since been made bankrupt, joined the OUE subsidiary in 1996. He was responsible for petty cash, accounting and payments by the company.
The court heard that he had the practice of asking his superior to pre-sign cheques should the latter go on overseas assignment or on leave. Investigation showed that he had reflected those pre-signed cheques as cancelled in official documents when he actually encashed them or deposited the them into the bank account of his intended payee. To cover up his withdrawals, he created fake United Overseas Bank monthly transaction statements which were printed in Johor Baru.
Assistant Public Prosecutor Santhra Aiyyasamy said Yeo excluded the transactions reflecting the withdrawals made by him and replaced them with falsified statements.
He also created fictitious payment vouchers in the name of a fake vendor, Sunrise Worldwide. On May 19, 2005 at Meritus Mandarin Hotel, following discrepancies detected by a panel of inquiry, Yeo admitted to having misappropriated the money to settle his gambling debts. Fifty-nine other charges were considered during his sentencing.
