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Advanced Systems Automations ex-CEO claims unauthorised transfers were for his unpaid salaries
Advanced Systems Automations ex-CEO claims unauthorised transfers were for his unpaid salaries

Straits Times

time4 days 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

Advanced Systems Automations ex-CEO claims unauthorised fund transfers were for unpaid salaries
Advanced Systems Automations ex-CEO claims unauthorised fund transfers were for unpaid salaries

Business Times

time4 days 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.

Advanced Systems Automations ex-CEO claims unauthorised funds transfers were for unpaid salaries
Advanced Systems Automations ex-CEO claims unauthorised funds transfers were for unpaid salaries

Business Times

time4 days 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.

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