The Commercial Affairs Department (CAD) is the principal white-collar crime investigation agency in Singapore. It safeguards Singapore’s integrity as a world-class financial and commercial centre through vigilant and professional enforcement of the laws. It investigates into a wide spectrum of commercial and financial crimes and is an outfit with its own investigative and intelligence resources in the Singapore Police Force.This indirectly hinted that there are problems in Ren Ci that may possibly lead to some form of criminal offences. Perhaps a better book-keeping process might have kept Ren Ci out of these problems. At worst, they may be reprimanded for certain business decisions they made, but to intentionally hide it is probably a no-no.
A Ministry of Health probe into Ren Ci Hospital and Medicare Centre has discovered that a few financial transactions could not be ’satisfactorily explained’.
‘In order to seek greater clarity into these transactions, MOH has referred them to the Commercial Affairs Department for it assistance,’ said the ministry in a statement on Monday. ‘MOH will be seeking the cooperation of Ren Ci’s board and staff to assistant in CAD’s investigation.’
The ministry will continue its subsidies to Ren Ci for its patient care services to ensure that patients continue to receive care and medical treatment and the day-to-day operations remain undisrupted. Ren Ci has been under investigation by MOH since last November following the discovery of some possible irregularities in certain financial transactions involving the charity and other external organisations.
Ernst & Young Associates was appointed to conduct the inquiry.
The charity had extended interest-free loans, amounting to millions of dollars, to several companies. An audit turned up discrepancies between the amount recorded by the charity as loaned out and that recorded by the companies as borrowed.
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