International Business & Economy Over 20 DBS staff may be arrested for alleged corruption to get...

Over 20 DBS staff may be arrested for alleged corruption to get customers’ data to promote loans

Author

Date

Category

- Advertisement -

The Apple Daily reported that some DBS Group Holdings Ltd staff in Hong Kong have been arrested for allegedly bribing department managers to get client data (including names and contact details) to promote loans. It said that over 20 current and former staff had been arrested.

The bank disputed the publication’s report about the number of staff arrested. It however refused to specify a number.

The Hong Kong Monetary Authority (HKMA) have also expressed concern over the arrests. The HKMA said that it will “follow up with the relevant bank.”

Apple Daily further reported that Hong Kong’s Independent Commission Against Corruption (ICAC) have begun investigating the bank staff after the data were supplied to a telemarketing center in mainland China. ICAC refused comment.

- Advertisement -

According to reports, telemarketers allegedly contacted DBS clients to try to get them to borrow from the bank, with the employees and the call center splitting commissions. Some employees were sales staff who were authorized to sell loan products in branches or on the street but not by cold calling, Apple Daily said.

Send in your scoop to news@theindependent.sg 

- Advertisement -

Independent Budget office a “wasteful duplication” of functions: DPM Heng

Singapore – Deputy Prime Minister Heng Swee Keat said that an independent Budget office would be a "wasteful duplication of functions" as there are independent audits by the Auditor General's Office and parliamentary scrutiny of the Government's spending. On Friday (Feb 26),...

Hyper-competition does not necessarily lead to better economic performance: PSP’s Kumaran Pillai

Singapore – Opposition Progress Singapore Party's (PSP) Kumaran Pillai took to social media to urge more investment in local talent as many feel they "have gotten the short end of the stick" when it comes to employment. In a Facebook post on...

Kranji land ‘erroneous’ clearing: more supervision not always best solution, says Chan Chun Sing

Singapore – Processes should be streamlined and not more layers of supervision added in public service, said Trade and Industry Minister Chan Chun Sing on Friday (Feb 26) in response to the erroneous clearing of a large patch of woodland in...

Send in your scoop to news@theindependent.sg 

Theindependent