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ValueMax files police report on an outlet employee

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ValueMax Group announced on Monday that it has discovered a probable case of criminal breach of trust by an outlet employee and has filed a police report on Oct 24.

VALUEMAX Group announced on Monday that it has discovered a probable case of criminal breach of trust by an outlet employee and has filed a police report on Oct 24.

"To the best of the company's knowledge, this is an isolated case where none of the pledges at the outlet were affected,'' it said, adding that the discovery was made during an internal review.

The amount involved is expected to be less than 0.3 per cent of the group's net tangible assets, and hence, it is not expected to have a material impact on the group's financials for the year ending Dec 31, 2015.

ValueMax, which provides pawnbroking and secured moneylending services, said it would monitor the progress of the police investigation and make further announcements when necessary.

For the first-half of 2015, ValueMax made a net profit of S$5.48 million on a turnover of S$137.24 million.