SINGAPORE — A former service manager at Maybank, Phua Kai Liang, has been sentenced to 46 months' jail on Wednesday (Sept 27) after pleading guilty to two counts of committing criminal breach of trust by dishonestly misappropriating more than S$1.4 million of the bank's money for personal use.
Phua, 34, who was employed as the service manager for the Maybank branch in Chua Chu Kang, misappropriated the funds to pay off credit card debts and recover losses from foreign currency trading. His responsibilities as a service manager included managing the service crew and overseeing the safe at the bank's branch.
To access the safe, Phua had to disarm the security alarm and use a key to unlock the cabinet. The safe could then be opened using a combination password known only to him and the deputy service manager. Taking advantage of this access, Phua misappropriated cash from the safe on multiple occasions between March 23 and June 10, 2021.
In early 2021, facing credit card debts and losses from forex trading, Phua resorted to borrowing money from friends, family, and licensed moneylenders. He also engaged in gambling at a casino to recoup losses. Eventually, he decided to use cash from Maybank's safe for gambling and forex trading.
Phua waited for opportune moments when there was no one around, used the key to open the safe without authorization, and converted the misappropriated money into casino chips or deposited it into his own bank account. The funds were used for gambling, forex trading, and personal expenses.
After losing S$404,000 in casino chips on the evening of June 10, 2021, Phua confessed his actions to his parents and fiancee. Encouraged by his fiancee, he decided to make full restitution to Maybank. On the morning of June 11, his fiancee prepared S$404,000 in cash, which Phua returned to Maybank's safe with the assistance of the cash officer. Phua informed the branch manager and Maybank of his wrongdoings on the same day.
In total, Phua misappropriated S$1,439,250 from Maybank's safe over 15 occasions, but only S$404,000 was paid in full restitution.
Phua's defense counsel, Riko Chua Isaac, urged the court to consider a sentence of 36 to 45 months' jail, emphasizing that Phua acted out of desperation rather than greed. The defense highlighted Phua's awareness of the potential consequences and his commitment to rebuilding his life upon release.
For committing criminal breach of trust by dishonestly misappropriating cash, Phua could have faced a maximum sentence of 15 years in jail and a fine.
This is very alarming news, it's overwhelming! 😱 unbelievable how someone in a position of trust could use a bank's safe for personal gain without permission It made me curious how this bank will overcome this case if the person assigned to this position to make all the banks safe is the one who will make them unsecure.
Hearing of Phua Kai Liang's misappropriation sentence at Maybank is regrettable. His confession and efforts toward making amends demonstrate some responsibility, even though his actions are alarming. This serves as a reminder of the value of honesty and integrity in the financial industry.
Witnessing how even a modest amount of money can result in unethical actions is truly disheartening. It's a clear indication that money has the power to expose one's true nature, whether it's through acts of honesty or, regrettably, instances of dishonesty. This occurrence highlights the significance of ethical behavior and responsibility in every facet of life. Good to know that the person who steal the money will spend 3 years in jail. I hope she/he will change and start a new life
It is sad to see people being pushed into extreme activities due to financial difficulties. 🙃 This serves as a stark reminder of the urgent need for accessible mental health support, financial education, and a compassionate social framework to address the root causes of extreme behavior.
He take advantage his position at Maybank to fund gambling and his debts, without considering the future consequences. It's a reminder of the need for self-control and make responsible decision making, especially the trust. 🙃