Secura Group subsidiary suspended from SkillsFuture Singapore Agency funding schemes for a year

SECURA Group's subsidiary, Secura Training Academy (STA), has been suspended from all funding schemes administered by the SkillsFuture Singapore Agency (SSG) for a year due to breaches.

In a filing to the Singapore Exchange on Thursday, Secura said that STA had appealed to SSG on July 23 after it received a notice of intent from the SSG on July 15 that it planned to suspend STA for a year, starting Aug 18, from its funding schemes. It was informed on Aug 18 that its appeal was unsuccessful but has since appealed again.

STA has also had to make a refund of about S$42,111 to the SSG. For the financial year ended Dec 31, 2019, STA earned revenues of about S$780,000 and a net profit of approximately S$101,000, Secura said.

Secura added: "The company noted that the breaches were due to an inadvertent administrative oversight by STA's management and has since implemented rectification measures. The audit committee (AC) takes a serious view on the suspension, and has directed the management to implement tighter internal controls on the administration of the funding and claims management of STA."

It went on to say that the AC has also commissioned RSM Risk Advisory to conduct an internal audit review for STA with respect to compliance to the SkillsConnect general terms and conditions. 

Secura went on to highlight: "The board believes that such breaches should not recur in the future."

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Shares in Secura closed at 7.8 Singapore cents on Thursday, down 3.7 per cent or 0.3 cent.