Singapore-based construction and engineering company Tee International is undergoing a review of its policies, aiming to enhance existing internal controls in light of unauthorized compensation paid to ex-company director Phua Chian Kin, the company said in a regulatory filing.
Following an external investigation, Phua admitted to using company funds for his personal use, according to a report in the Singapore Business Review. The checks for the remittances were signed without supporting documents, according to reports, despite the presence of established policies and procedures in place to prevent such payments.
Since the payments came to light, the company has commissioned its internal auditor Protiviti to conduct a review of the improper payments and to provide recommendations for improvements.
In September 2019, the number of signatories required for approval of payments over $50,000 has been increased from two to three. The interim group chief executive office (GCE) and the Group CFO are prohibited from jointly approving payments as well. Going forward the CFO will also not be allowed to jointly approve payments with the financial controller.
Meanwhile, the company announced that its group chief financial officer, Yeo Ai Mei, has resigned in view of her “involvement in unauthorized remittances.”