Rejected by ST Forum
The SIA Debacle
Sim Yong Teng
128 Coronation Rd West
S 269353
July 03 2000
The Editor,
The Straits Times
Dear Sir
It is indeed most shocking to read how one solitary employee managed to cheat Singapore Airlines over an extended period of 13 years, and to the tune of over S$35 million!!
As one of Singapore's top listed companies, it is indeed a sad reflection on the company's internal controls, its audit system and financial management. Apparently, if not for an alert officer at Overseas Union Bank, this siphoning may well continue, unchecked. The point is "Are there anymore Teo Cheng Kiats in the woodworks? "
As a stakeholder in the company, I am concerned at the apparent attitude of management who seemed to suggest that they are doing us a favour by apprehending and reporting the culprit. I would therefore like to see those responsible for this lapse in judiciary responsibility, including top management, take collective responsibility and for a start, disqualify themselves from all bonuses and share options for the current financial year
Yours truly,
Mike Sim