Advanced Systems Automation (SGX:WJ9) said it will continue its investigations over alleged misappropriation of funds involving former chief executive officer, Seah Chong Hoe, according to a Friday filing with the Singapore Exchange.
Seah was terminated as the company's CEO earlier in June this year and remained a director at Malaysian subsidiary, Yumei Technologies, due to unexpected delays. However, the company has appointed now appointed boards of its Malaysian subsidiaries.
The terminations stem from unexplained and unauthorized changes to bank signatories and withdrawals amounting to more than SG$700,000 which resulted in significant gaps in the group's accounting records. To date, Seah has not complied with the company's requests to return information, documents and the property of the company.
The group has also filed a police report based on its interim findings and is looking to continue with its business and operations amid ongoing investigations.
Shares of the company surged nearly 17% in recent trading.
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