Luxury Watches Worth $7.9 Million Stolen from Singapore Store
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04.01.09, 11:55
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World
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Luxury watches worth $7.9 million were recently stolen from a high-end jewelry store in Singapore. A crime of this proportion is a rarity in what is considered one of Asia’s safest spots.
The Cortina Holdings Company, which operates stores in Hong Kong, Southeast Asia and Taiwan, reported that it discovered the robbery last Friday. In a statement submitted to the Singapore stock exchange, the company noted that “the robbery included luxury watches with a net value of $7.9 million.”
The robbery took place at a Cortina jewelry shop located at a Singapore shopping center after shopping hours on Christmas and prior to the store’s reopening on Friday. The police announced that they were investigating the robbery, one of the largest to ever take place in Singapore.
Cortina sells luxury brands such as Cartier and Patek Phillipe, with the value of each item often reaching tens of thousands of dollars.
The company stated: “The board of directors is taking steps to examine security procedures and recommend improvements.”
Earlier last year, Cortina reported a 200% increase in its net income to $9.5 million over the previous year from the sale of fine jewelry and luxury watches. Fine jewelry and luxury watch sales rose by 20.5% in comparison to the previous year, reaching $238.6.
The company stated that the robbery will have a negative effect on the Group’s results during the financial year to end in March.
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By: Uri Haviv and Rachel Lieberman
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