Dear A.S.S. Editor
The Singapore Statutory Boards Employees’ Co-operative Thrift and Loan Society (SSBEC), which had $5.1m stolen from their two former employees, is now waiting for a Commercial Affairs Department (CAD) probe to be completed before deciding on civil remedies to recover its funds.
An SSBEC spokesman said it will “decide on the civil suit options to recover the money once we know the outcome” of the investigations. Two female employees of the cooperative were jailed on Tuesday for misappropriating $5.1 million in funds between 2008 and 2013. They had used the money to fund an extravagant lifestyle – including buying luxury staycations at five-star hotels and gym memberships with personal trainers.
It had been revealed in 2014 that the fraud had placed the co-op in a vulnerable financial position. The SSBEC’s 4,000 members are employees of statutory boards – mainly from national water agency PUB and the Housing Board. It also has members from Singapore Power. Founded in 1925, the co-op takes deposits and disburses loans to members, who make monthly contributions of at least $10 to specific deposit accounts.