Bank of China exec jailed for six years

Bank of China exec jailed for six years

SINGAPORE (AFP): A Bank of China deputy manager in Singapore
was sentenced to a six-year jail term for embezzling S$1.8
million (US$1 million) from clients, The Straits Times reported
on Tuesday.

Deputy manager Lum Yue Mun siphoned off the deposits from
three Indonesian clients over a 12-year period from 1986 to 1998
to buy shares, cover the losses he incurred in shares trading and
also to pay for his personal expenses.

In court on Monday, Lum pleaded guilty to forging the
signatures of his clients to make unauthorized withdrawals.

His dishonesty was uncovered when one of the clients asked him
to transfer S$482,000 to her account at another bank, and he was
unable to perform the task.