Latest news with #SeahChongHoe
Business Times
4 hours ago
- Business
- Business Times
Advanced Systems Automations' ex-CEO says fund transfers were for unpaid salaries
[SINGAPORE] Catalist-listed Advanced Systems Automations (ASA) on Thursday (Jul 24) said that its former chief executive claimed that cheques for more than S$1 million issued to him from the company's bank account were for unpaid salaries and other monies he was owed. The company, which manufactures equipment for semiconductor assembly, said: 'However, the board has, to date, found no record in the company's books explicitly documenting that the payments via the three cheques were for such purposes.' It said this in response to queries from the Singapore Exchange (SGX) about unauthorised fund transfers and a police report the company lodged over 'potential offences' committed by its ex-CEO Seah Chong Hoe and its former director, Mohd Sopiyan Mohd Rashdi. The two had bypassed the board in making themselves bank signatories of the company's Maybank bank account, the group said previously. Following the unauthorised change in bank signatories, the three cheques for a collective sum exceeding S$1 million, were issued from the company's bank account to Seah. The cheques were for the sums of S$442,052.18, S$259,013 and S$310,000. Prior to the cheques being issued, Seah instructed for S$903,594.46 to be transferred from the bank account of ASA's wholly owned Malaysian subsidiary, Emerald Precision Engineering, to the company's bank account. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up ASA said it is obtaining legal advice regarding his claims. It is also reviewing the basis of the outstanding amounts allegedly owed to him to determine if they are genuine. 'In the event it is determined that Seah is not entitled to these outstanding amounts, the company will seek reimbursement of the outstanding amounts,' ASA said. If a reimbursement is successful, it would positively affect the group's financial position, ASA said. However, if it is unsuccessful, there will be no material impact on the company's financial position, because the amounts have already been recorded as liabilities in its balance sheet. Hence, the company maintains that its financial and operational stability are intact, and that it would be able to carry on with its business, regardless whether the funds are recovered. Seah resigned as director – effective Jul 21 – 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. ASA is a subsidiary of mainboard-listed Asti , which designs, develops, produces and markets semiconductor equipment. Asti is on the SGX watch list. Its shares have been suspended from trading since July 2022, prior to which the company was ordered by SGX to delist for failing to satisfy the watch list exit criteria. The counter finished Thursday 14.3 per cent or S$0.001 higher at S$0.008, before the announcement.
Straits Times
5 hours ago
- Business
- Straits Times
Advanced Systems Automations ex-CEO claims unauthorised transfers were for his unpaid salaries
Find out what's new on ST website and app. The company's Catalist-listed shares tumbled 12.5 per cent, or 0.1 cent, to 0.7 cent as at 9.51am on July 25, after the announcement. SINGAPORE - Advanced Systems Automations (ASA) on July 24 said that 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 Mr Seah issued were to discharge outstanding salaries owed to himself, ASA said. This was in response to queries from the Singapore Exchange about unauthorised fund transfers and a police report the group lodged against Mr Seah and its former director, Mohd Sopiyan Mohd Rashdi, for 'potential offences'. The two had bypassed the board in making themselves bank signatories of the company's Maybank bank account and Mr Seah had made unauthorised transfers of company funds, the group said previously. ASA said that 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 funds 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. Top stories Swipe. Select. Stay informed. Business GIC posts 3.8% annualised return over 20 years despite economic uncertainties Business GIC's focus on long-term value aims to avoid permanent loss amid intensifying economic changes Opinion No idle punt: Why Singapore called out cyber saboteur UNC3886 by name Asia Cambodia and Thailand are willing to consider ceasefire: Malaysian PM Anwar Asia Deadly Thai-Cambodian dispute puts Asean's relevance on the line Business MAS' measures spark cautious optimism for Singapore stock market revival: Analysts World Trump and Fed chief Powell bicker during tense central bank visit Life Hulk Hogan, who helped turn pro wrestling into a billion-dollar spectacle, dies at 71
Business Times
6 hours ago
- Business
- Business Times
Advanced Systems Automations ex-CEO claims unauthorised fund transfers were for unpaid salaries
[SINGAPORE] Advanced Systems Automations (ASA) on Thursday (Jul 24) said that its former chief executive Seah Chong Hoe claimed that cheques issued to him from the company's bank account were for unpaid salaries and other monies he was owed. 'However, the board has, to date, found no record in the company's books explicitly documenting that the payments via the three cheques were for such purposes,' ASA said. This was in response to queries from the Singapore Exchange about unauthorised fund transfers and a police report the group lodged against Seah and its former director, Mohd Sopiyan Mohd Rashdi, for 'potential offences'. The two had bypassed the board in making themselves bank signatories of the company's Maybank bank account, the group said previously. Following the unauthorised change in bank signatories, three cheques for S$442,052.18, S$259,013 and S$310,000 were issued from the company's bank account to Seah. Prior to the cheques being issued, Seah also instructed for S$903,594.46 to be transferred from the bank account of ASA's wholly owned Malaysian subsidiary, Emerald Precision Engineering, to the company's bank account. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up ASA said it is obtaining legal advice regarding Seah's claims as well as reviewing the basis of the outstanding amounts allegedly owed to him to determine if they are genuine. 'In the event it is determined that Seah is not entitled to these outstanding amounts, the company will seek reimbursement of the outstanding amounts,' ASA said. In the event a reimbursement is successful, it would positively affect the group's financial position, ASA said. However, if a reimbursement is unsuccessful, there will be no material impact on the company's financial position as the amounts have already been recorded as liabilities in its balance sheet. Hence, the group maintained that its financial and operational stability remain intact and that it will be able to carry on business in the ordinary course, regardless of whether the funds are recovered. With effect from Jul 21, 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 counter finished Thursday 14.3 per cent or S$0.001 higher at S$0.008, before the announcement.
Business Times
6 hours ago
- Business
- Business Times
Advanced Systems Automations ex-CEO claims unauthorised funds transfers were for unpaid salaries
[SINGAPORE] Advanced Systems Automations (ASA) on Thursday (Jul 24) said that 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 Seah issued were to discharge outstanding salaries owed to himself, ASA said. This was in response to queries from the Singapore Exchange about unauthorised fund transfers and a police report the group lodged against Seah and its former director, Mohd Sopiyan Bin Mohd Rashdi, for 'potential offences'. The two had bypassed the board in making themselves bank signatories of the company's Maybank bank account and Seah had made unauthorised transfers of company funds, the group said previously. ASA said that it is currently reviewing the matter to determine if Seah's claims are genuine and that it is taking legal advice. It added that the funds 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 Jul 21, 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 counter finished Thursday 14.3 per cent or S$0.001 higher at S$0.008, before the announcement.
Business Times
3 days ago
- Business
- Business Times
Advanced Systems lodges police report over former execs' alleged offences, unauthorised fund transfers
[SINGAPORE] Catalist-listed Advanced Systems Automation (ASA) has lodged a police report with the Singapore Police Force over potential offences committed by its ex-chief executive officer and a former director. On Tuesday (Jul 22), ASA said it lodged a report in relation to alleged breaches made by Seah Chong Hoe, who was terminated as CEO on Jun 19, and former director Mohd Sopiyan Bin Mohd Rashdi, who resigned as non-independent, non-executive director on the same day. Seah and Mohd Sopiyan were found to have bypassed the board in making themselves authorised bank signatories of the company's Maybank bank account. This was revealed during an investigation of the company's past transactions made from January 2025 till Seah's termination on Jun 19. The two told Maybank that a board resolution was passed to authorise a change in the bank account's signatories, although the company investigation showed that no such resolution was passed, ASA said. Following the unauthorised change in bank signatories, cheques were issued from the Maybank account to Seah, totalling (more than) S$1 million, without the knowledge or authorisation of the board. These included a first cheque for S$442,052.18, a second for S$259,013 and a third for S$310,000. Prior to the three cheques being issued, Seah on or around Jun 12, 2025, had instructed S$903,594.46 to be transferred to ASA's bank account from a bank account belonging to its Malaysia-based wholly owned subsidiary, Emerald Precision Engineering. Additionally, Seah has yet to return ASA several company documents that he had control over during his tenure as CEO, despite 'repeated requests' for him to do so, the company said. The documents include financial, commercial and other corporate records. ASA is a provider of backend equipment solutions, technologies and distribution services. It manufactures automated backend equipment for the semiconductor assembly process and equipment contract manufacturing.
