It then discovered that Mr Yeo had generated stock order forms
for non-existent orders supposedly placed by his customers. The
handsets were then allegedly sold by him to resellers for cash,
which he pocketed.
Mr Lee, in his affidavit, said the company then conducted an
interview with Mr Yeo on Nov 15 - during which Mr Yeo is said to
have admitted to wrongfully and dishonestly taking the handsets for
his own benefit. Mr Yeo then reportedly told the company that he
received about $2 million from the sale of such handsets, of which
he spent $230,000 on a Porsche in August this year, which he traded
in for a $430,000 Porsche in October.
Mr Yeo is also said to have told M1 that he also spent the money on
a Patek Philippe watch worth $50,000, three Rolex watches worth
$8,000 each, and four Audemars Piguet watches worth between $15,000
and $30,000 each. He also allegedly claimed that he had only $500
in his UOB account, and that he was willing to sell his car,
watches and fish - an Arowana worth $160,000 and a stingray worth
$200,000 - to make up for what he had done.
Mr Lee's affidavit said M1 subsequently found discrepancies in Mr
Yeo's statements. It found that he has several other bank accounts
- with Maybank and Standard Chartered - as well as shares in a
securities account with the Singapore Exchange.
The telco also found that Mr Yeo had been transferring money
offshore - a total of $47,300 to a Yang Chi Kit in Hong Kong, a
discovery which likely prompted M1 to obtain an injunction against
the former account manager.
The injunction prohibits Mr Yeo from dealing in or disposing of his
assets worldwide. The assets include his Porsche and his collection
of high-end watches - which, in addition to those mentioned before,
also include one Hublot, one Panerai, several IWCs, and one Porsche
design watch - which are collectively estimated to be worth
$621,000, and other brands of watches estimated to be worth
$300,000. Other assets include his Floravale condominium, the cash
in his various bank accounts, his shares, and his fish.
Mr Yeo is, however, allowed to spend $1,000 a week on his ordinary
living expenses and a 'reasonable sum' on legal advice and
representation. The injunction states that the unencumbered value
of the assets that remain here must be at least $2.09
million.
News of this suit comes just days after it was revealed that Koh
Seah Wee, a former senior executive of the Singapore Land Authority
- who conspired to steal some $12 million from the statutory board
- is suspected to also have stolen from another place of work, the
Intellectual Property of Singapore, and to have spent part of that
money on a $1.6 million Lamborghini.
