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Ex-GM of ISDN Holdings under investigation for misappropriating funds
A FORMER general manager of ISDN Holdings' indirect wholly-owned subsidiary may have misappropriated the company's funds, ISDN's internal investigations have found.
The subsidiary, Beijing Junyizhicheng Technology Developing Co (SD Beijing), filed a police report in China on Jan 31 against the ex-employee, Duan Hong Xing. ISDN said on Friday that the police are looking into the alleged misconduct or misappropriation of funds on the part of Mr Duan during his employment with SD Beijing.
On Oct 29, the group said that SD Beijing was served a writ of summons filed by one Wang Yu, who alleged, among other things, that he had extended a loan of 9.5 million yuan (S$1.9 million) to Mr Duan, and that SD Beijing stood as a guarantor for the loan.
ISDN made clear then that it was not involved in the loan and did not provide the alleged guarantee. On Nov 12, the group said it terminated the employment contract of Mr Duan with effect from July 2, 2018, and appointed Sun Nai Ming to act as general manager of SD Beijing in his place.
ISDN is a Singapore-headquartered company that provides integrated precision engineering and industrial computing solutions.