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Cortina Watch reports loss of S$7.9 million worth of inventory  2 Comments

Published Tuesday, December 30, 2008 by Harry SK Tan |

 


Cortina Watch - one of the top three watch retailers in Singapore for luxury watches was reported today in ChannelNewsAsia that its Raffles City Branch had almost 8 million dollars worth of its watches stolen on Christmas night.
This loss is expected to have a negative impact on Cortina's accounts and its share value. Probably the largest heist in the history of Singapore watch industry this daring theft would also impact on the other watch retailers enforcing a higher level of security - in addition to the huge vaults already found on each of the retail premises.
Watch retailers here would probably have adequate business and stock insurance and should not suffer too heavily from such an daring crime in the heart of one of the busiest shopping centres in Singapore. Investigations are still on going but so far no specific news is available about whether the stolen goods are close to being recovered.
-HT
Update: Latest report seems to indicate that the heist was in fact a suspected inside job by one of Cortina's employees. I will update on this story as it unfolds through the local media.

 

 




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