SINGAPORE - The Singapore Statutory Boards Employees' Co-operative Thrift and Loan Society said that it has suspended two staff after discovering in October last year that they had misappropriated the co-operative's funds.

About $5 million has been reported missing from its accounts. Police confirmed on Friday that a report had been lodged and said they are looking into the matter. Members of the co-op were informed of the missing funds at its annual general meeting on Saturday morning at the Singapore Khalsa Association.

In a statement, the co-op said that it has engaged a lawyer to represent the co-operative and protect members' interests but was not able to provide more information as the case is under police investigation. They said: "We would like to assure our members that we are doing everything we can to assist police with their investigations... Our priority is to ensure that we do everything we can to ensure that the financial impact of this incident to our members is reduced to a minimum."

Founded in 1925, Singapore's oldest co-op has at least 1,000 members who are permanent employees of all statutory boards.