ValueMax files police report on possible criminal breach of trust by employee

A ValueMax pawnshop and retail store at Boon Keng.
A ValueMax pawnshop and retail store at Boon Keng.PHOTO: VALUEMAX GROUP PTE LTD

SINGAPORE - Listed pawnbroker and moneylender ValueMax Group said on Monday (Oct 26) that it has discovered a probable case of criminal breach of trust by an outlet employee and filed a police report on Oct 24.

The discovery was made during an internal review, it said.

"To the best of the company's knowledge, this is an isolated case where none of the pledges at the outlet were affected," said ValueMax.

It added that the amount involved is anticipated to be less than 0.3 per cent of the group's net tangible assets and was thus not expected to have a material impact on the financials of the group for the year ending Dec 31.

ValueMax said it would monitor the progress of the police investigation and make further announcements when necessary.

ValueMax posted a net profit of $5.48 million for the first six months of this year.