POLICE are investigating the theft of $7.9 million worth of luxury watches and other timepieces from the Raffles City outlet of Cortina Holdings sometime on Christmas night.

The company said the theft was discovered by staff when the store, Cortina Watch, reopened for business on Dec 26. In a statement to the Singapore Exchange (SGX), it said the theft had occurred after the outlet closed on Christmas night, Dec 25.

A spokesman for Cortina - a retailer and distributor of luxury timepieces - said it had moved swiftly to tighten security at all five of its outlets in Singapore.

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