Tag Archives: Internal Audit

UNITED ENGINEERS COMPANY CHEATED OF $11M BY EMPLOYEES!

United Engineers (UE) Limited, a local environmental engineering and property services company, has been defrauded of over $11 million dollars worth of assets between the financial years 2010 and 2014. Local banking giant Overseas-Chinese Banking Corp is known to have a 20.47% share in the company. In a statement today, UE announced that a number of employees from a UE subsidiary, United Engineers Developments, were suspended because they had forged proposed contracts so as to award contract tenders to certain preferred third party contractors for their own benefit.

Read More »