ASA confirms $1m issued to ex-CEO without board knowledge

A third cheque for $310,000, dated 9 June 2025, was later identified by the bank and disclosed to the Board on 18 July 2025.

Advanced Systems Automation Limited (ASA) has confirmed that a total of $1,011,065.18 was issued to its former CEO, Mr. Seah Chong Hoe, without the knowledge or authorization of the Board.

According to ASA’s statement, the amount comprises three cheques drawn from the company’s Maybank account. Initially, two cheques totaling $701,065.18 were reported.

A third cheque for $310,000, dated 9 June 2025, was later identified by the bank and disclosed to the Board on 18 July 2025.

Mr. Seah has claimed the funds were payment for unpaid salary and other compensation. However, the Board noted it has found no evidence in the company's records to support that the cheques were issued for legitimate outstanding entitlements. Legal advice is being sought to assess Mr. Seah's claims.

Importantly, ASA emphasized that these amounts had already been recorded as liabilities in the Group’s balance sheet.

Despite the incident, the company reaffirmed that its financial and operational position remains stable.

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