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ENGRO Corporation Limited said on Thursday that it has uncovered fraud committed by an employee of its China subsidiary, Shanghai S3 Building Materials Co Ltd (Shanghai S3).
Some 1.37 million yuan (S$284,000) was siphoned from the accounts by the employee, who has been immediately suspended with no pay from all her duties and responsibilities.
A police report has been lodged and the case is under Police Forensic Department's investigation in China.
The group said that internal auditors have been deployed to carry out further investigations in the subsidiary concerned and concluded that this incident was an isolated case committed by a staff.
It added that internal controls of the subsidiary concerned have been reviewed and tightened, and that the misappropriation is not expected to have material financial impact on the group for the financial years ended Dec 31, 2016 and ending Dec 31, 2017.