Advanced Systems files police report over former execs’ alleged offences, unauthorised fund transfers
Cheques totalling more than S$1 million were issued from the company’s bank account to its former CEO
[SINGAPORE] Catalist-listed Advanced Systems Automation (ASA) has lodged a police report over potential offences committed by its ex-chief executive officer and a former director.
On Tuesday (Jul 22), ASA said this was in relation to alleged breaches made by Seah Chong Hoe, who was terminated as CEO on Jun 19, and former director Mohd Sopiyan Bin Mohd Rashdi, who resigned as non-independent, non-executive director the same day.
The pair were found to have bypassed the board in making themselves authorised bank signatories of the company’s Maybank bank account. This was revealed during an investigation of the company’s past transactions between January 2025 and Jun 19, when Seah was fired.
The two told Maybank that a board resolution was passed to authorise a change in the bank account’s signatories, although the company investigation showed that no such resolution was passed, ASA said.
Following the change in bank signatories, cheques were issued from the Maybank account to Seah, totalling more than S$1 million, without the knowledge or authorisation of the board.
These included a first cheque for S$442,052.18, a second for S$259,013 and a third for S$310,000.
Before the three cheques being issued, Seah had, on or around Jun 12, instructed S$903,594.46 to be transferred to ASA’s bank account from a bank account belonging to its Malaysia-based wholly owned subsidiary, Emerald Precision Engineering.
He has yet to return ASA several company documents over which he had control during his time as CEO, despite “repeated requests” for him to do so, the company said. The documents include financial, commercial and other corporate records.
ASA is a provider of backend equipment solutions, technologies and distribution services. It manufactures automated backend equipment for the semiconductor assembly process and undertakes manufacturing of equipment on contract.
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