18-7-2024 (SINGAPORE) A former high-ranking executive at a prominent eyewear company has been sentenced to 14 months in prison for misappropriating over a quarter of a million dollars from his employer. The verdict, handed down on 18 July, marks the culmination of a case that has sent ripples through Singapore’s business community.
Suranakapan Palit, a 48-year-old Thai national who once commanded an annual salary of $156,000 as the business development director at Luxottica SEA, stood before the court to face the consequences of his actions. Having previously admitted guilt to two counts of criminal breach of trust involving more than $207,000, Palit’s fall from grace was sealed with the judge’s pronouncement.
The court heard how Palit systematically abused his position of trust over an extended period. Between 26 October 2018 and 22 October 2019, he misused a company-issued credit card, making unauthorised withdrawals and personal purchases totalling over $97,000. Undeterred by the risk of discovery, he continued his illicit activities, misappropriating an additional sum exceeding $110,000 between 1 January and 21 April 2020.
Deputy Public Prosecutor Ng Shao Yan emphasised during earlier proceedings that the company credit card was strictly intended for work-related entertainment and travel expenses. Palit’s brazen misuse of these funds represented a significant breach of the trust placed in him as a senior executive.
The scheme began to unravel when Palit abruptly left Singapore on 4 March 2020. His departure raised suspicions, leading to a thorough internal investigation by Luxottica SEA. The company’s robust control systems eventually uncovered the full extent of Palit’s misconduct, prompting swift action.
On 24 November 2020, the company’s human resources director filed a police report, setting in motion the legal proceedings that would eventually lead to Palit’s downfall. However, the wheels of justice were temporarily stalled as Palit remained outside Singapore’s jurisdiction.
It wasn’t until 21 August 2023 that authorities finally caught up with the fugitive executive. Upon his return to Singapore, Palit was promptly arrested, bringing him face to face with the consequences of his actions.
The sentence handed down reflects the gravity of Palit’s offences. Under Singapore law, each count of criminal breach of trust carries a potential maximum sentence of 15 years’ imprisonment and a fine. The 14-month jail term, while significant, falls well short of the maximum penalty, possibly reflecting mitigating factors presented during the trial.
