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Regulator probes co-op for statutory board employees for 'possible irregularities'

Published on Jun 23, 2014 10:46 PM

SINGAPORE- The regulator of cooperative societies here has launched a probe into a co-operative for permanent employees of statutory boards following possible fraud.

In a statement sent on Monday evening, the Registrar of Co-operative Societies said it had received information about "possible irregularities in the governance and administration" in the Singapore Statutory Boards Employees' Co-operative Thrift and Loan Society.

The probe will look into the operations, financial condition, and affairs of the co-op, the Registry of Co-operative Societies, which is under the Ministry of Culture, Community and Youth, said.

The Straits Times had reported earlier this month that about $5 million has been reported missing from the co-op's account, and that the police are looking into the matter. After the news broke, the co-op had issued a statement saying it had suspended two of its workers, without elaborating.

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