Putting the lid on fraud in companies
The three key solutions are proper controls, a system of surveillance and good management to lead the way.
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IN AUGUST, two senior executives of local shipbuilder ST Marine made the headlines for cheating on entertainment expense claims. They claimed more than S$5 million over 10 years to fund bribes paid to customers. A third colleague is on trial for another S$1.6 million worth of bogus claims.
Earlier, there were media reports of an event organiser inflating expenses for an annual festive light-up in Geylang Serai. He had cheated government statutory boards of almost S$200,000.
Both cases highlight the extent of fraud that many companies face - a financial problem that is becoming more prevalent here.
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