Cortina recovers 230 stolen watches, revises theft loss to S$3.3m
By Satish Cheney & Wong Siew Ying, Channel NewsAsia | Posted: 20 March 2009 1754 hrs

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SINGAPORE: Luxury watch dealer Cortina has revised down its losses after recovering 230 timepieces worth some S$4.6 million. These watches were stolen last December from its Raffles City outlet.

Cortina said the loss arising from the theft is now estimated at S$3.3 million.

Former Cortina staff Jerry Ee allegedly stole 386 luxury timepieces from the Cortina shop last Christmas.

He turned himself in at the Singapore Embassy in Bangkok on Tuesday, along with more than half of the watches he had allegedly stolen.

The 35-year-old was brought back to Singapore on Thursday and is expected to be charged in court on Saturday.

Police said investigations are underway to recover those watches that are still missing.

In a stock exchange filing on Friday, Cortina said the net tangible asset value per share and earnings per share of the group will be reduced by 1.4 cents, based on the audited balance sheet and full-year results as at March 31, 2008.


- CNA/so