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When a company doesn’t know how its money has gone missing
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This case should serve as a cautionary tale for all businesses to tighten their financial and audit controls because no one in the bakery chain had a clue on how and what amount of its money was missing.
ST ILLUSTRATION: MANNY FRANCISCO
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A company director who lent a large sum to help his firm expand its business found himself embroiled in a corporate comedy of errors after being accused of stealing money that was his in the first place.
Much of the debacle stemmed from the fact that the firm – a bakery chain – seemed to have poor financial checks and a lack of proper records on how its funds were being used.
