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Industrials

Darco Water Technologies (DWT SP)

Year: 2010

Singaporean industrial water company Darco listed in Singapore in 2002. In April 2010, the company announced an internal investigation into substantial cost overruns at its Taiwanese subsidiary. The conclusion of this investigation in November suggested that its senior Taiwanese staff had inflated costs by around S$8m, equal to 9% of consolidated sales, through fake invoices with suppliers. The staff were charged with fraud, breach of trust and for misappropriating company funds. The comapny remains listed but has lurched from one acocunting scandal to another.

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