Telco sues over 'M1ssing M1llions'

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#3
Nov 24, 2010
Ex-M1 staff 'stole and sold 3,400 phones'

By Chua Hian Hou

SINGAPORE telco M1 is alleging that a former employee stole 3,414 high-end smartphones and enjoyed the high life - driving luxury cars and wearing designer watches - with the $2.09 million he got from selling them.

According to court papers filed by M1 last week, Mr Matthew Yeo Kay Keng had allegedly been stealing handsets for the last three years.

He had also apparently got bolder over time.

Mr Yeo, said M1, had taken 154 handsets in 2008. But by 2009, he had quadrupled his annual loot to 625; this spiked again to 2,635 this year.

His alleged crime spree came to light earlier this month, when a performance audit found a discrepancy between what the 35-year-old account manager was supposed to make for the company and what MI was really taking in.

This was because Mr Yeo, who deals with corporate clients - selling their staff handsets and phone subscriptions - had allegedly been cooking up fake sales orders. With these fake orders, he would collect handsets and then sell them off for his own benefit.

Because of this, the monthly revenue M1 had been receiving from the staff of these corporate clients was lower than what it should have been.

M1, with 1.89 million mobile phone customers as of Sept 30, declined to elaborate on the case. The documents did not say who bought the phones, or what models and brands they were.

On Nov 15, the day Mr Yeo returned to work after a $10,000 holiday to Japan, he was asked to explain the discrepancy.

At the interview, according to sworn statements by M1 chief financial officer Lee Kok Chew, Mr Yeo admitted to taking the handsets.

At the same interview, he also disclosed how he spent the money: a $430,000 Porsche sports car bought just last month, and Patek Philippe and Audemars Piguet watches that cost up to $50,000 each.

He was also apparently an ornamental fish fan, shelling out $200,000 for a stingray and $160,000 for an arowana.

He offered to sell the car, fish and watches in restitution, but said he was low on cash, having only $500 in a UOB bank account.

He was dismissed by the telco the same day.

Through its law firm Drew & Napier, M1 applied the next day for a court order freezing Mr Yeo's assets listed above, which were estimated to be worth nearly $1 million. His other assets, including other undeclared bank accounts and his Floravale condominium unit, were also on lock-down.

M1 also made a police report. A police spokesman said Mr Yeo, who is under investigation, is out on bail.

In the affidavits, M1 said evidence which revealed that he had not been completely forthcoming was also uncovered.

He allegedly had other assets, including shares and accounts with other banks, although the contents of those accounts are not known. He was also said to have moved money overseas.

The Straits Times tried to contact him yesterday, but a call from his condo's security office to his home went unanswered.

Mr Yeo, who is married with two children, has until tomorrow to decide if he wishes to contest M1's charges.

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Telco sues over 'M1ssing M1llions' - by Musicwhiz - 23-11-2010, 04:38 AM
RE: Telco sues over 'M1ssing M1llions' - by Musicwhiz - 24-11-2010, 07:19 AM

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