SINGAPORE: A former assistant finance manager of an IT equipment company was sentenced to 10 years' jail on Tuesday for embezzling S$5.1 million from his firm.
The court heard that Ho was employed as an assistant finance manager by EZY InfoTech, a locally incorporated authorised product distributor for IT equipment, since 2009.Ho was in charge of Silver Crown's corporate bank account with China Construction Bank Corporation and was entrusted with the relevant password and banking token.
He would simply transfer the money to his own personal bank account before withdrawing it or transferring sums to designated bank accounts provided by the loan sharks. In October 2018, the company's chief finance officer sensed something amiss and made enquiries with the banks. Subsequent checks revealed that Ho had embezzled S$5.1 million from Silver Crown's bank account between April 2016 and August 2018.