The board of DMX Technologies Group has fired two senior executives over allegations of serious misconduct and negligence.
In a statement by vice-chairman and acting chief executive Iwao Oishi, the company said it had "come to its attention that Ms Jismyl Teo and Mr Skip Tang had committed serious misconduct and acted negligently in the course of their duties in their respective positions as the executive director and chief executive officer of the company and the chief financial officer of the company".
Under the circumstances, the mainboard-listed digital media and software provider said it had terminated their employment with immediate effect.
"The company is also taking steps to remove Ms Jismyl Teo from her respective posts within the company and the group, including her position as the executive director of the company," the statement said.
The duo had earlier been suspended over an investigation in Hong Kong. Both Ms Teo and Mr Tang had been arrested on Feb 3 by Hong Kong's Commercial Crime Bureau. They were later released on bail.
In an announcement on Feb 25, DMX said its board had appointed a legal counsel to conduct initial investigations, which included a probe into the conduct of Ms Teo and Mr Tang.
A month later, it was announced that the investigation revealed irregular accounting practices at two of the company's subsidiaries in 2008 and 2009, prompting DMX to lodge a report with the Hong Kong Police Force.
The company has since expanded the scope of the initial investigations and, in addition to the legal counsel, engaged an accountant to conduct forensic investigations concurrently.
Shares of the company have been suspended from trading since March.
The firm has sought and been granted extensions from the Singapore Exchange for the release of its financial results for the 2014 fiscal year and also for the first quarter of this year.
It has up to Sept 30 to announce its 2014 results and up to the end of the year to announce its results for the first, second and third quarters of 2015.