Advanced Systems Automation files report over unauthorised financial activities

Alleged offences include unauthorised issuances of funds and non-return of company documents.

Advanced Systems Automation Limited, through its appointed legal adviser Prolegis LLC, has lodged a police report on 18 July concerning potential offences committed by the company’s former executives.

Alleged offences include the unauthorised change of bank signatories, unauthorised issuance of funds, and non-return of documents belonging to the company.

The former chief executive was terminated on 19 June, whilst the other official, a non-independent and non-executive director of the company, resigned on the same day.

According to the company’s latest announcement, both changed the authorised bank signatories of the company’s Maybank account without approval from the Board and issued cheques totalling $1.01m.

A sum of $903,594.46 was allegedly transferred from a bank account belonging to the company’s wholly-owned subsidiary, Emerald Precision Engineering Sdn. Bhd., into the Maybank account on or around 12 June, at the instruction of the former chief executive.

The company also disclosed that he has not yet returned important documents to the company, despite repeated requests made to him through his appointed legal adviser.

The company said that even with the ongoing investigations, it will continue to carry on its business and operations in the ordinary course.

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