Dyna-Mac says S$1m misappropriated at its unit, files police report

Singapore

MAINBOARD-LISTED Dyna-Mac Holdings Ltd has lodged a police report in relation to suspected criminal conduct involving misappropriation of funds amounting to about S$1 million by a former employee of a subsidiary.

"Upon the discovery of the misappropriation, the board, together with the audit committee, had taken immediate steps to (i) review the internal controls of the affected department of the subsidiary; and (ii) investigate any further incident of misappropriation," the group said in a filing with the Singapore Exchange on Sunday.