PT International Development (HKG:0372) said authorities are investigating the suspected misappropriation of 22.4 million yuan from Guangxi Guangming Warehouse Storage, according to a Tuesday Hong Kong bourse filing.

The company said Thousand Vantage Investment directors Zhu Bin and Chen Kui, former Guangming executive Zhu Xuefeng, and certain external parties were suspected of involvement.

Guangming is an indirect, non-wholly-owned subsidiary of the company, held through Thousand Vantage.

Authorities have recovered 9.6 million yuan, while 12.8 million yuan remains unrecovered, the filing said.

PT International said it will seek the removal of Zhu Bin and Chen as directors of Thousand Vantage and does not expect the case to materially affect operations, as the alleged conduct occurred before it acquired a controlling stake in Thousand Vantage in 2021.