Uncovered Fraud in Parliament Savings Cooperative's B14m Accounts
Rewritten Article:
Parliamentary Official Savings and Credit Cooperative's Loss due to Fraud: No Panic, Says House Speaker
In the wake of a 14-million-baht loss due to fraud at the Parliamentary Official Savings and Credit Cooperative, House Speaker Wan Muhamad Noor Matha has assured members and stakeholders that the scandal won't derail its operations. He also vowed to round up any additional conspiring culprits.
According to Wan, the cooperative's board has swiftly formed an investigation committee to root out the embezzlement, and the crooked employee, who once served the cooperative, has been identified and faces imminent punishment. The board has fired the employee without offering compensation and has filed a police complaint at the Bang Pho station.
Wan further safeguarded the cooperative's members and stakeholders by affirming its strong operational status, stressing that the remaining funds are safe and secure. "Luckily, we caught the malefactor early, and they confessed. However, we need to delve deeper into this mess to uncover any accomplices," Wan commented.
Wan also acknowledged the possibility of other financial institutions encountering similar predicaments but assured successful operations as long as they maintain trust from their members. Conversely, he warned of significant consequences if confidence wavers.
Despite Wan's personal disengagement with the cooperative and lack of deposits, he acknowledged that it's crucial for him and the Secretariat of the House of Representatives to help restore trust. The majority of cooperative members are parliamentary personnel, with some having retired but continuing to deposit funds.
While data on embezzlement prevalence in Parliamentary SCCs is scarce, research into financial sector trends reveals vulnerabilities, such as governance gaps and fee-related risks. To mitigate these threats, Wan urges enhanced oversight and licensing, consumer protection frameworks, governance reforms, and technology and compliance best practices.
In the event of future incidents, Wan emphasizes the importance of repayment protocols and public accountability to maintain transparency and regain trust. These measures, albeit not specific to the current situation, can pave the way for more secure financial operations in cooperative institutions.
- The Parliamentary Official Savings and Credit Cooperative, despite an admitted loss of 14 million baht due to embezzlement, is unaffected in its operations according to House Speaker Wan Muhamad Noor Matha.
- The fraud incident at the Parliamentary Official Savings and Credit Cooperative involves a former employee who has been identified and dismissed without compensation, and a police report has been filed at the Bang Pho station.
- In general-news related to crime and justice, Wan urges enhanced oversight, licensing, consumer protection, and governance reforms in financial institutions to mitigate risks such as embezzlement.
- The Parliamentary Official Savings and Credit Cooperative, primarily serving parliamentary personnel, is accountable to its stakeholders, and Wan, though uninvolved, recognizes the importance of restoring trust in the cooperative for its continued success.
