Epson Claims Ex-Singapore Staff Defrauded Printer Maker With ‘Secret Fund’

Bloomberg, 26 Jul 2011
Seiko Epson Corp. (6724) claimed three former employees in Singapore conspired with three suppliers to pay out funds based on fake or inflated bills, the printer maker’s lawyer said at the start of a trial in the city.
Part of the money was then kept in a “secret fund” used to provide unauthorized rebates to dealers and distributors, Epson’s lawyer Boey Swee Siang said at the Singapore High Court hearing today. Epson hasn’t determined the size of the fund, according to the lawsuit.
The alleged fraud allowed Epson’s former employees to get bonuses for meeting sales targets which they may not have otherwise met, according to the suit. Full story