Letter of the Day | SSL issue is troubling

THE EDITOR, Madam:

It is very troubling that with the massive fraud at Stocks & Securities Ltd (SSL) which is under investigation, security seemed loose enough that the property was broken into and at least five laptops were stolen, and possibly other items critical to the investigation. We heard recently that the fraud involved over 200 accounts and amounted to US$30 million, and it is understood that the investigation has crossed international borders. A few months ago, we learned that the Government was spending over $15 million monthly for payroll and to keep SSL operating during the investigation, although the company is no longer viable financially. The priority should’ve been securing everything related to SSL to ensure that the investigation was not for one second compromised, so that those found guilty could be brought to justice ASAP.

While some staff who understand the systems and procedures are essential to the operations and investigations, given the magnitude of the fraud and the suspicion that some insiders may know something and/or were involved, one would expect only a skeleton staff to continue under strict management, which ought to be independent, with specialised skills in audit and controls. Greater emphasis should’ve been placed on securing the property of SSL to ensure that documents, systems and computers are not destroyed or stolen. And why would a CFO leave his laptop in the office overnight anyway? If security of data on a laptop is an issue, which require them to remain on site, the laptops should’ve been secured in a fireproof vault, with complete backups available; and the entire property should have around-the-clock security, given what was at stake. It was initially stated that the FBI was involved in the investigations; is this still the case? It seems unreal that the FBI would be involved, if the property was not properly secured.

The robbery does not auger well for investigative processes, justice and the recovery of stolen funds; it is a major embarrassment to the Government and locals involved in the investigation. Corruption has infiltrated the inner fabric of our core, to the extent that nothing really is shocking any more. White-collar crimes have become too frequent, and what is worse, most tend to get away with it; and those who are caught still find ways to beat the system.

P. CHIN

chin_p@yahoo.com