NGSC files police report over $1.1m in unauthorised payments

Catalist-listed NGSC has lodged a police report in relation to suspected unauthorised payments of about $1.1 million by two former directors of the company and is also seeking legal advice to recover the payments.

"The Commercial Affairs Department of the Singapore Police Force is now in possession of relevant documents provided by the company to assist in their investigations," NGSC said in an announcement filed with the Singapore Exchange (SGX) yesterday.

NGSC, formerly known as Next-Generation Satellite Communications, is an investment holding group which, through its subsidiaries, is in the business of providing satellite-based services to a variety of industries.

This includes telecommunications services in rural areas of China and Indonesia, as well as data centre services in Indonesia, according to its website.

Last month, shareholders had requisitioned an extraordinary general meeting (EGM) to oust four company directors, but the directors' resignations last week triggered the cancellation of the meeting this Thursday, said NGSC's board last week in a statement filed with the SGX.

The move for an EGM was triggered by shareholders Telemedia Pacific Group and Madam Sri Tjintawati Hartanto, who previously served as executive director.

A version of this article appeared in the print edition of The Straits Times on June 04, 2019, with the headline 'NGSC files police report over $1.1m in unauthorised payments'. Print Edition | Subscribe