support@kopiandproperty.com

Previous
Next

Advertisement Banner

RM582,125 missing from condo management body accounts

missing

RM582,125 missing from condo management body accounts

When it comes to strata units, usually high-rise, all the unit owners would have to pay maintenance fees. Well, usually a receipt is issued when we pay the maintenance fees. If something is not right with the receipt, we would definitely ask the management office. Maintenance fees are needed so that when any maintenance is needed, there are funds to pay for them. Someone has to pay for security, cleaning, repair of facilities and more.

Well, this following condo has just found out that RM582,125 is missing from their accounts. Yea, the amount is over half a million. Not a small amount and it was reported to be an amount which started missing from 2017 to 2020.

Article in freemalaysiatoday.com Brickfields commercial crime investigation department are investigating a case of a former housing management corporation employee who is alleged to have absconded with more than RM500,000 from the company.

Brickfields district police chief Amihizam Abdul Shukor said in a statement, “Preliminary investigations found that the suspect issued residents’ maintenance receipts that differed from the amount of collection money entered into the company’s accounts between July 2016 and September 2020.”

According to the company, investigations by a forensics accounting firm found that RM582,125 had gone missing from the management body’s accounts between 2017 and 2020. Do read the full article here: Article in freemalaysiatoday.com

Check and Balance is really needed

Hopefully more details will be available so that it can be a learning for all the management committees in terms of check and balance. How it happened and what really happened would be a key lesson here. As for when it actually happened, when we do sufficient audits, it would definitely be discovered earlier rather than later.

As per the report, the amount from maintenance and the amount which was in the issued receipts differ. Hmm… Well, it’s really time to check on the receipts which we receive yeah. If we like to help to ensure our maintenance funds remain where it should be, better be sure than sorry later on. As for mine, my wife’s the one paying and she’s a woman. Definitely better than me where checking receipts are concerned.

Property News Malaysia? Sign up for daily investment news updates (FREE since Nov 2013 and FOREVER). Alternatively, Follow me on Telegram here.

Please LIKE kopiandproperty.com FB page to get daily updates about the property market beyond kopiandproperty.com articles. Else, follow me on Twitter here.

Next suggested article: Property deals worth highlighting 

Header Image by Jan Alexander from Pixabay 

Property Investment always start with knowledge. Equip ourselves with more here.

Motion arrow towards right
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Motion arrow towards right
Share on facebook
Share on twitter
Share on linkedin
Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

Previous
Next

Advertisement Banner

Facebook Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Table of Contents

Most Recent Posts

join the family

Like us for daily investment news and more

Hit the like