Cortina Watch Theft Saga

[ping3288]

if the 7.9mil is calc using list px, then potential max loss to cortina is lower than the 7.9mil

[116520]

Of course.... the actual loss cos only be around $2-3M

If they declared the S$7.9M as a loss, they save a lot in taxes as well.

If the stolen watches are those not so popular models, after they claim from insurance, they can buy better and popular models.

So it could be a good news for them...ha ha...

if the 7.9mil is calc using list px, then potential max loss to cortina is lower than the 7.9mil

[Darkangel]

Use list price = higher losses..then can claim more mah

[daveevan]

Use list price = higher losses..then can claim more mah

more and more like burn own factory claim insurance...

[ping3288]

i think some of the higher end watches (the grand complication, minute repeaters, diamond-encrusted stuffs..... those 6-figure watches) are on consignment from the brand distributors

[116520]

But insurance company not so stupid, they will pay you in cost (also not in full) and take long long to pay you...

more and more like burn own factory claim insurance...

[benhur]

robin hood + santa claus at work

[ping3288]

for claiming of insurance, everything must be in order.

a) proper police report
b) proper insurance cover
c) v detailed investigation by the insurer
d) proper invoices from distributors

most of the time, can only recover the insured amount, and the insured amount is fixed beforehand by both parties in the contract. so it depend on whether they are fully/partially insured.

also, those insurance company pple not so stupid to pay u the list px, they will only pay full/partial figure based on the stock-in costs.

[116520]

Also, if there is no signs of break-in, e.g. alarm, drilling of safes, etc, I think insurance company will not pay...

If there is no proof of break-in, the directors can su ka su ka open the safe at night and takeaway some watches and report loss the next day and claim from insurance...

for claiming of insurance, everything must be in order.

a) proper police report
b) proper insurance cover
c) v detailed investigation by the insurer
d) proper invoices from distributors

most of the time, can only recover the insured amount, and the insured amount is fixed beforehand by both parties in the contract. so it depend on whether they are fully/partially insured.

also, those insurance company pple not so stupid to pay u the list px, they will only pay full/partial figure based on the stock-in costs.

[Darkangel]

But insurance company not so stupid, they will pay you in cost (also not in full) and take long long to pay you...

YEah that's for sure

[Metank]

Cortina watches at Raffles city THEFT!!

ON CHRISTMAS day last week, a theft involving timepieces valued at about $7.9m was committed at the Cortina Watch outlet in Raffles City.
The watch company believes that the theft was committed after business closed on Dec 25 and they only discovered the losses on the Dec 26.

A police report has been made and the case currrently under police investigation.

Following the reported incident, the management has swiftly taken steps to tighten security measures at all its retail outlets.

The Board is also taking steps to conduct a comprehensive review of the Group's security procedures and recommend measures for improvement.

In the meantime, the management is in discussions with its insurers on the loss to the Group arising from the incident.

The incident will have an adverse impact on the Group results for the financial year ending 31st March 2009.

Assuming a maximum loss of $7.9 million, the net tangible asset value per share and earnings per share of the Group would be reduced by 4.8 cents and 3.5 cents respectively.

http://www.straitstimes.com/Breaking...ry_319773.html

OMFG i wish i was the phantom!!!

[cedric]

Bros are already in discussion yesterday...

http://sg-roc.com/showthread.php?t=10398

[theOrion]

Hmz

Hmmz the news did report that the safe was broken into. But oh well, just becareful when you find popular or highend new pieces at good prices with no papers or box or both, as it is likely that they would have not taken those.

[mazingerz]

the store's safe and camera and the RC's security useless one ah??? find it hard to believe...

servicing in process... security guard on shift holiday mood....

mission impossible,,,,

[ping3288]

just read the sgx announcement

the $7.9 mil is net cost of the watches stolen.