Singapore company’s ex-CEO claims unauthorised transfers were for his unpaid salaries
Sign up now: Get ST's newsletters delivered to your inbox
Advanced Systems Automations has lodged a police report against former CEO Seah Chong Hoe and a former director for “potential offences”.
ST PHOTO: BRIAN TEO.
DeeperDive is a beta AI feature. Refer to full articles for the facts.
SINGAPORE - Advanced Systems Automation (ASA) said on July 24 its former chief executive Seah Chong Hoe claimed that the three cheques he issued to himself from the company’s bank account were for unpaid salaries he was owed.
However, the board has not found records in the company’s books documenting that the three cheques he issued were to discharge outstanding salaries owed to himself, ASA said.
This was in response to the Singapore Exchange’s queries about unauthorised fund transfers and a police report the group lodged against Mr Seah and its former director, Mr Mohd Sopiyan Mohd Rashdi, for “potential offences”.
The two had bypassed the board in making themselves bank signatories of the firm’s Maybank bank account and Mr Seah had made unauthorised transfers of company funds, the group said previously.
ASA said it is currently reviewing the matter to determine if Mr Seah’s claims are genuine and that it is taking legal advice.
It added that the fund transfers do not have material impact on its financial position as the amounts have already been recorded as liabilities in its balance sheet.
With effect from July 21, Mr Seah resigned as director of three of the group’s Malaysian subsidiaries: Emerald Precision Engineering, Yumei Technologies and Yumei Real Estate Investment Trust. He also resigned as managing director of Yumei Technologies.
The company’s Catalist-listed shares tumbled 12.5 per cent, or 0.1 cent, to close at 0.7 cent on July 25, after the announcement. THE BUSINESS TIMES
