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M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequacy

halsey02

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Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

Madness. I rather splurge S$360,000 at KTVs. What the hell he wants the 2 things swimming in the water for? He gets high watching them?

That was what I was thinking about...$360,000 he can pay for a harem!!:biggrin:
 

Ramseth

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Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

That was what I was thinking about...$360,000 he can pay for a harem!!:biggrin:

Check with Equalisation. For $3k per night, he said the morning after is awakening in heaven. $360k can last many many nights if you do the maths.
 

johnny333

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Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

That was what I was thinking about...$360,000 he can pay for a harem!!:biggrin:


A harem of unwanted Spore female aunties :eek:

Maybe would be clearer if you translated it the number of "golden taps" & peanuts:rolleyes:)
 

KuanTi01

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Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

The two fishes have no resale value, depreciates immediately when bought, not his money he is spending.

$360,000 for an Arowana & a Stingray.....:p

Yeah, he's a real moron! With his lavish lifestyle and flashy sports car, I wonder how much time he spent gawking at his fishes. What a show-off! He should at least outdo the SLA guy by buying himself a lambo and a Ferarri. :rolleyes:
 

Brightkid

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Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

I beleive it is not the fault of the Yeo-guy. According to an old man, if you pay a person enough, he/she will not be corrupt.

Going by this old man's thinking, if M1 pay Yeo-guy $2M a year legally, he do not need to pocket that $2M and commit a crime.

What a brilliant old man.
 

jw5

Moderator
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Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

That was what I was thinking about...$360,000 he can pay for a harem!!:biggrin:
Maybe that's what the fishes were for. :biggrin:
 

Airlib

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Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

I guess its rich people's weird fetish?? Some spent on fancy sports car, some spent on property... there will be a few who want to be different, first we have horse (Ming Yi), now we got sting-ray.....
What's next???
 

mortarmafia

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Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

Very good! Now SLA can recruit him and NKF also! :wink:
 

Alamaking

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Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

Guess how long he will kenna jailed? 3-5 years at most
 

sufferwell

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Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

what kind of stingray can be worth 200K?
does anyone know?
 

devilblue

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Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

Many things "acquired" by cheatster of "ultra-inflated price" is/are for purpose of laundry manifestations. It is the seller(s) of the fish/sting-ray that is most questionable than the buyer himself?
 
Y

Yip Hon

Guest
Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

>


Business Times - 24 Nov 2010


After fraud, M1 looks to automate processes

By MICHELLE QUAH

(SINGAPORE) Mobile and broadband operator, M1, says that it is continuing to review its processes - including examining whether it ought to automate more of its processes - following the discovery of the $2 million fraud perpetrated by its former account manager.

When asked by BT if it was investigating other account managers and sales staff to see if anyone else might have exploited the same loophole that its former account manager of corporate sales, Matthew Yeo Kay Keng did, M1 would only say that it regularly reviews its processes.

'When this case was discovered, we took immediate action to tighten controls and will continue to review for further improvements, including the increased use of automation where appropriate,' M1's chief financial officer Lee Kok Chew said.

Mr Yeo is currently out on police bail, after being held for questioning earlier. No charges have been pressed against him, but it is believed that investigations into him and this affair are continuing.

BT reported yesterday that M1 had last week sued Mr Yeo, 35, after it discovered during a review of its employees' sales performance, that Mr Yeo had pocketed 3,414 handsets which he sold to resellers for $2.09 million - money which he spent on Porsches, luxury watches and ornamental fish.

In an affidavit prepared by Mr Lee, the crime was said to have been uncovered when M1 discovered that the number of handsets reportedly sold by Mr Yeo were far greater than the actual number of subscriptions keyed into M1's system.

Mr Yeo's duties had been to meet corporate clients and earn commission from the sales made. Instead, he generated stock order forms for non-existent orders supposedly placed by his customers and accompanied some of these stock order forms with duplicated or falsified mobile service subscriptions.

He is believed to have gotten away with this, for the time he served as an account manager with M1 from January 2008 to November this year, because his sales were not checked. He also diverted suspicion by delivering handsets - those for actual orders - to his customers himself.

M1 only uncovered his fraud during its review of employees' sales performances earlier this month. When it found that Mr Yeo's subscription sales were low, it conducted a check on some of his clients and found a discrepancy between the number of handsets reportedly sold by him and the actual number of subscriptions keyed into M1's system.

It then interviewed Mr Yeo, who admitted to wrongfully and dishonestly taking the handsets for his own benefit. Mr Yeo then reportedly told the company that he received about $2 million from the sale of such handsets, of which he spent $230,000 on a Porsche in August this year, which he traded in for a $430,000 Porsche in October.

Mr Yeo is also said to have told M1 that he also spent the money on a Patek Philippe watch worth $50,000, three Rolex watches worth $8,000 each, and four Audemars Piguet watches worth between $15,000 and $30,000 each. He is also believed to have bought a Hublot watch, a Panerai, several IWCs, and one Porsche design watch. He also bought ornamental fish: an Arowana worth $160,000 and a stingray worth $200,000.

The telco also found that Mr Yeo had been transferring money offshore - a total of $47,300 to a Yang Chi Kit in Hong Kong.

M1 has since obtained a court injunction against Mr Yeo on Nov 18, which prohibits him from removing any of his assets from Singapore, disposing of any of them or doing anything that might diminish their value - up to the value of $2.09 million, excluding interest accrued.


Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
 
Y

Yip Hon

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Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

>


Business Times - 23 Nov 2010


Telco sues over 'M1ssing M1llions'

M1 says ex-employee embezzled $2m and splurged on Porsches, Rolexes, Audemars Piguets and $200,000 live stingray

By MICHELLE QUAH

(SINGAPORE) First there was the Lamborghini man, now there's the Porsche man - as yet another tale of suspected embezzlement and lavish spending comes to light.

BT has learnt that Singapore telco, M1, is suing a former employee for having allegedly made off with some $2 million of its money - money which Matthew Yeo Kay Keng, 35, is said to have spent on two Porsches and an array of luxury watches, including three Rolexes and four Audemars Piguets, and a $200,000 live stingray.

According to court documents inspected by BT yesterday, M1 claims its former account manager sold 3,414 handsets to resellers, when he was employed between January 2008 and November this year, and pocketed the cash - $2.09 million of it.

M1 dismissed Mr Yeo on Nov 15 and filed a writ of summons against him the next day. The telco is suing Mr Yeo for breach of his employment agreement, breach of duty of fidelity, fraudulent misrepresentation and unjust enrichment. And it is asking the court to award it damages - which may or may not include restitution from Mr Yeo - as well as interests and costs.

M1 also obtained a court injunction against Mr Yeo on Nov 18, which prohibits him from removing any of his assets from Singapore, disposing of any of them or doing anything that might diminish their value - up to the value of $2.09 million, excluding interest accrued.

Mr Yeo - who has seven days to respond to the writ of summons - has not yet filed his defence. He was in police custody after being dismissed by M1, but BT was unable to confirm if he remains so.

The alleged crime was discovered earlier this month, when M1 conducted a review of its employees' sales performance, according to the affidavit prepared by the telco's chief financial officer, Lee Kok Chew. Mr Yeo had been employed as a sales executive from December 1997 to October 2006, before leaving and rejoining as an account manager in the corporate sales department in January 2008.

According to Mr Lee's affidavit, Mr Yeo - whose duties were to meet with corporate clients and earn commission from the sales made - was found to have an unsatisfactory sales record, in that his subscription sales were low. M1 then conducted a check on a number of Mr Yeo's clients and found that the number of handsets reportedly sold by Mr Yeo were far greater than the actual number of subscriptions keyed into M1's system.

It then discovered that Mr Yeo had generated stock order forms for non-existent orders supposedly placed by his customers. The handsets were then allegedly sold by him to resellers for cash, which he pocketed.

Mr Lee, in his affidavit, said the company then conducted an interview with Mr Yeo on Nov 15 - during which Mr Yeo is said to have admitted to wrongfully and dishonestly taking the handsets for his own benefit. Mr Yeo then reportedly told the company that he received about $2 million from the sale of such handsets, of which he spent $230,000 on a Porsche in August this year, which he traded in for a $430,000 Porsche in October.

Mr Yeo is also said to have told M1 that he also spent the money on a Patek Philippe watch worth $50,000, three Rolex watches worth $8,000 each, and four Audemars Piguet watches worth between $15,000 and $30,000 each. He also allegedly claimed that he had only $500 in his UOB account, and that he was willing to sell his car, watches and fish - an Arowana worth $160,000 and a stingray worth $200,000 - to make up for what he had done.

Mr Lee's affidavit said M1 subsequently found discrepancies in Mr Yeo's statements. It found that he has several other bank accounts - with Maybank and Standard Chartered - as well as shares in a securities account with the Singapore Exchange.

The telco also found that Mr Yeo had been transferring money offshore - a total of $47,300 to a Yang Chi Kit in Hong Kong, a discovery which likely prompted M1 to obtain an injunction against the former account manager.

The injunction prohibits Mr Yeo from dealing in or disposing of his assets worldwide. The assets include his Porsche and his collection of high-end watches - which, in addition to those mentioned before, also include one Hublot, one Panerai, several IWCs, and one Porsche design watch - which are collectively estimated to be worth $621,000, and other brands of watches estimated to be worth $300,000. Other assets include his Floravale condominium, the cash in his various bank accounts, his shares, and his fish.

Mr Yeo is, however, allowed to spend $1,000 a week on his ordinary living expenses and a 'reasonable sum' on legal advice and representation. The injunction states that the unencumbered value of the assets that remain here must be at least $2.09 million.

News of this suit comes just days after it was revealed that Koh Seah Wee, a former senior executive of the Singapore Land Authority - who conspired to steal some $12 million from the statutory board - is suspected to also have stolen from another place of work, the Intellectual Property of Singapore, and to have spent part of that money on a $1.6 million Lamborghini.


Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
 
Y

Yip Hon

Guest
Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

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Ex-M1 employee under probe for possible S$2m theft


By Cheow Xin Yi, TODAY | Posted: 24 November 2010 0006 hrs



SINGAPORE: Police are investigating a possible criminal embezzlement of S$2 million worth of handsets by a former employee of telco M1.

The money was allegedly then used to buy Porsches, luxury watches and a
S$200,000 live stingray.

Matthew Yeo Kay Keng, a former M1 account manager, is now out on bail after being released from police custody.

A police spokesperson said Mr Yeo is being probed for cheating and criminal breach of trust-related offences.

It is believed that the Commercial Affairs Department has been roped in to help, with possible collusion as one area of investigation.

M1 is also suing Mr Yeo for breach of employment agreement and fraudulent misrepresentation, among others, and is asking for damages, the Business Times reported on Tuesday.

At the heart of the telco's claims - filed in High Court by law firm Drew & Napier last Tuesday, one day after M1 dismissed Mr Yeo - are 3,414 handsets.

M1 is alleging that Mr Yeo had generated stock order forms for non-existent orders supposedly placed by his customers and sold the handsets to resellers for S$2.09 million.

The alleged crime was said to have been uncovered earlier this month, when M1 did a review of its employees' sales performance, including Mr Yeo's.

He had been employed as a sales executive from December 1997 to October 2006, before leaving and rejoining in January 2008 as an account manager.

Despite the news, telco analysts and the market alike shrugged off the alleged loss, with M1's share price rising 0.44 percent on Tuesday.

Analysts told MediaCorp the amount would not have a significant financial impact on M1 and that the incident was not indicative of a systemic gap in the industry.

"Fraud could happen in any company and any industry. I don't think it's a telco-specific issue at all. There's the handset correlation, but a lot of people could also steal pens and papers from companies," said Nomura Securities telco analyst Sachin Gupta.

Noting that Mr Yeo was reported to have left M1 and returned, corporate governance watcher Ho Yew Kee said the former probably understood the system and knew how to exploit any possible loophole.

Even with internal controls, fraud would be even harder to prevent if there was collusion, added the National University of Singapore associate professor.

When contacted, one of the other telco players emphasised that it had a "zero tolerance approach to fraud". A SingTel spokesperson said, "SingTel has in place a whistleblower programme for any concerns relating to suspicion of fraud or other unethical activities to be reported. We also conduct regular fraud and control awareness training for our employees to heighten their vigilance against fraud."

- TODAY/ir
 

Dreamer1

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Loyal
Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

ABSOLUTE POWER CORRUPTS ABSOLUTELY.

Very few SMART Sinkies believe in this,though,that is why they are sinking,invisibly!
 

Windsor

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Re: M1 manager stole $2m to buy expensive cars, watches to make up for sexual inadequ

I guess its rich people's weird fetish?? Some spent on fancy sports car, some spent on property... there will be a few who want to be different, first we have horse (Ming Yi), now we got sting-ray.....
What's next???

He was not a rich guy, just a wannabe and real stupid for being caught with his hands in the cookie jar. More than than stupid enough to want to steal so much just to spent on a few fishes. So many of these Singapore big time swindlers and all of them so stupid. Remember the SIA guy who cannot use some of his stolen money to go to the dentist and do his teeth? Why don't they run road? The Great Train Robber I recall had a fantastic life in Rio de Janeiro.
 
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