A former Intraco employee who had allegedly misappropriated funds totalling some $260,000 had reached a settlement with the company and has made partial restitution.
As announced earlier by Intraco on April 13, it received fake invoices and letters of engagement from an entity with a "nearly identical" name to an external independent service provider. The former employee is the shareholder of this said entity and the deeds took place in FY2023 to FY2025.
According to Intraco on April 13, it had filed reports with the police and the Monetary Authority of Singapore.
In an update announcement on May 3, Intraco says that it had on April 27 reached a settlement agreement with this former employee.
As of April 30, this former employee had paid an initial restitution amount of $200,000, with $75,000 meant for the settlement of the misappropriated sum of $99,300 related to fictitious invoices, and $125,000 for misappropriated funds of $160,000 from a related entity SlideSG, which has since been renamed iChange in January this year.
According to Intraco, this former employee will make good the remaining $60,000 in six monthly instalments of $10,000 each by October.
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"In the event of any default or delay in payment, the company shall be entitled to commence civil proceedings and claim for the outstanding balance," says Intraco.
Intraco shares closed at 38 cents on April 21, up 2.01%.
