Singapore executive changes: MDR Ltd.
MDR Ltd. has terminated the employment of Richard Siua Cheng Foo, age 50, as group chief operating officer (COO) effective Thursday, citing the investigations by the company and the Commercial Affairs Department (CAD) of the Singapore Police Force over alleged suspected misconduct, the company said in a filing to SGX Thursday.
“Following the termination of employment, Mr. Siua will no longer hold any position in the company and/or the group,” MDR said in the statement. Siua had been appointed to his role in 2018, the filing said.
Shenton Wire was unable to locate contact details for Siua to reach out for comment.
Ong Ghim Choon, the group CEO, will assume the responsibilities previously held by Siua, which included overseeing the operations and management of distribution, retail and after-market service, the filing said.
In mid-December, MDR said it lodged a police report after discovering two separate cases of unauthorised use of the group’s marketing incentive rebates, including rebates from the group’s principals which are used mainly for marketing or promotional support in subsidiaries 3 Mobile Telecom, A-Mobile and Handphoneshop. The rebates were allegedly misused via suspected unauthorised sales of handsets and phone accessories and the alleged misappropriation of the sale proceeds, MDR said.
The preliminary internal review indicated around S$2.08 million may have been allegedly misappropriated, MDR said in mid-December.
At the time, MDR said two senior executives were persons of interest, with neither being directors.
MDR alleged that due to the senior positions held by the persons of interest, they were able to override some standard operating procedures (SOPs) related to the sales process for verifying the receipt of the handsets and accessories.
MDR said it will be engaging an independent audit firm to identify possible weaknesses in internal controls, and as an interim measure, has put in place additional procedures related to marketing incentives, such as dual approval and dual signatories.
The company is an after-market service provider for mobile phones and consumer electronics products; it operates a network of telecommunications retail stores, offering Singtel products and services.