The subsidiary of Secura Group, Secura Training Academy (STAPL) says it has received a notice of intent from the SkillsFuture Singapore Agency (SSG) that it will be suspending STAPL from all funding schemes administered by SSG.
SSG had conducted an audit and assessment on the claims submitted by Secura Training Academy (STAPL) and found five breaches including the incorrect declaration the course end date for seven claims, and the submission of 25 claims before the cheque was cleared.
Despite STAPL's appeal to the SSG on July 23, the SSG subsequently informed STAPL that the appeal was unsuccessful and that it had decided to suspend STAPL’s funding granted under the contract between SSG and STAPL for 12 months with effect from August 18.
STAPL says it has since made the refund of $42,111.25 to SSG. For the financial year ended Dec 31, 2019, STAPL registered revenue of approximately $0.78 million and net profit of approximately $101,000.
In an August 20 filing via SGX, Secura Group has noted that the breaches were due to an “inadvertent administrative oversight” by STAPL’s management and has since implemented rectification measures.
Earlier on the same day, Secura Group was one of the 55 companies that five remisiers from various brokerages were alleged to be conducting false trading. The offences took place mainly in 2015.
See: Five ex-remisiers charged for false trading of 55 SGX-listed securities
Shares in Secura closed 0.3 cent, or 3.7% down, at 7.8 cents on August 20.