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Inquiry into operations of thrift and loan society

The Registrar of Co-operative Societies has begun an inquiry into the operations and financial condition of the Singapore Statutory Boards Employees' Co-operative Thrift and Loan Society Limited.

SINGAPORE: The Registrar of Co-operative Societies has begun an inquiry into the operations and financial condition of the Singapore Statutory Boards Employees' Co-operative Thrift and Loan Society Limited.

In a statement released on Monday, the registrar said it had received information about "possible irregularities in the governance and administration of the co-op, following the reported loss of some S$5 million due to fraud allegedly committed by two of the co-op's employees".

The first alert to this alleged fraud occurred in October 2013.

In November 2013, members of the co-op were informed of the alleged fraud, the extent of the loss, and the co-op's financial position.

These issues were further discussed at the annual general meeting in June.

The statement added that the registry "strongly advised" the co-op's committee of management to take "further prudential measures to mitigate the impact of the alleged fraud, which was assessed to have placed the co-op in a vulnerable financial position".

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