Singapore Taekwondo Federation dismisses claims that $630,000 is 'unaccounted for' in its accounts, attributes discrepancy to typo

The Singapore Taekwondo Federation refuted online claims that say there is a sum of $630,000 "unaccounted for" in its accounts and attributed the discrepancy to a typographical error.
The Singapore Taekwondo Federation refuted online claims that say there is a sum of $630,000 "unaccounted for" in its accounts and attributed the discrepancy to a typographical error.PHOTO: REUTERS

SINGAPORE - The Singapore Taekwondo Federation (STF) has refuted claims made on social media that there is a sum of $630,000 "unaccounted for" in its accounts.

On Tuesday (Sept 18) afternoon, a Facebook post by Mr Daniel Tay, a voting member of the STF, alleged that there is a discrepancy between the STF's annual report for financial year 2014 and the report for FY 2015 submitted to the Commissioner of Charities.

The key difference highlighted by Mr Tay was the $3.81 million in reserves that was reflected in one report, but with the other showing $3.18 million instead - a difference of $630,000.

In a statement released on its official website in the evening, the STF assured its members that its statement of accounts is sound.

"There was no unaccounted money in the Singapore Taekwondo Federation (STF) audited accounts. The total reserves for FY14 was $3.810 million as reflected in the audited statement of accounts. There was, however, a typographical error in the annual report which showed $3.180 million," said the statement released on the STF website.

Mr Tay also alleged that the STF had submitted one version of the annual report, uploaded to the Singapore Charity portal, with another version sent to affiliates, with the STF clarifying that it is normal practice to send a "draft annual report" to affiliates. But in this case, errors were detected, corrected, then updated, tabled and approved at its Annual General Meeting.

"The management committee would like to state categorically that the audited accounts are accurate and (a) true reflection of the STF financial status," said the STF in its statement, adding that it reserves the right to seek legal redress.

"The transposition error was inadvertently made in only one of its annual reports. And that is all.

"We welcome members to seek clarification if they are unsure."