Bank of Singapore Ltd, the private-banking arm of Oversea-Chinese Banking Corp (OCBC), has fired up to 40 employees over the misuse of medical benefits, according to a CNA report.

Hundreds of employees were involved in an investigation that began last year into the misuse of insurance claims, which extended to ineligible items such as skincare products, supplements, toothbrushes and bird’s nest - a Chinese delicacy, people familiar with the matter told CNA. The news was first reported by eFinancialCareers, which said the staff were fired last week.

“Where wrongdoing is alleged, the matter will be investigated and reviewed according to the bank’s investigative and disciplinary framework ensuring a fair and robust process,” a Bank of Singapore spokesperson told Bloomberg News on Saturday. “Staff involved will be given the time and opportunity to be heard. Should any wrongdoing be found after the conclusion of investigation and the necessary disciplinary inquiry, the appropriate disciplinary actions will be undertaken.”

Employees were told to return the money for the claims, and in more serious cases, it affected bonuses as well as the cost-of-living support provided to junior staff members across the OCBC group, the CNA report said. The probe involves an insurance plan that allows employees to claim up to S$10,500 (US$7,700 or RM36,752.94) for medical and dental expenses. 

OCBC is conducting its own investigation into the matter, according to the report.

  - Bloomberg