BTC has had to write off $1.3 million stemming from a ?lapping scheme? which saw three employees dismissed from the firm in October.

In its six month earnings report, BTC?s parent company KeyTech Ltd. said it had to reduce its cash balances by $1.3 million as a result of the scheme.

BTC fired three employees at the end of October as a result of which it said was ?unlawfully implemented and operated over a period of years within BTC?s Banking Administrative and Cashiering function?.

The scheme, which was discovered in early October, involved concealing cash shortages by delaying bank deposits until the amount could be made up from subsequent cash receipts, the company said.

?Management has taken appropriate action to deal with the individuals involved and with the assistance of a forensic auditor, a plan to minimise the risk of fraudulent activities in the future has been implemented,? KeyTech said in its earnings report. The company previously announced that KPMG has been assisting them with the ongoing investigation.

The individuals have not been charged before the courts yet.