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.