No further action from police on S$10,000 drawn from Kitchen Culture account
THE Commercial Affairs Department (CAD) has said there is insufficient evidence to prove that a criminal offence was committed in relation to 4 cash cheques totalling S$10,000 that were withdrawn from Kitchen Culture’s bank account.
This comes after the CAD’s review into the matter raised in a police report lodged by the company last December.
CAD will therefore be taking no further action on the matter, Kitchen Culture said in a bourse filing on Wednesday (May 11) night.
The Catalist-listed firm’s financial controller had made the police report so as to obtain a police order that would be submitted to the bank, to facilitate the retrieval of the 4 cash cheques that were withdrawn in 2020.
The matter arose from 2 employees informing the company that they were not the recorded recipients of the cash cheques, Kitchen Culture said in a filing last month. in April 2022.
Back in July 2021, the company also lodged a report with the CAD, in relation to “suspected payroll irregularities” amounting to about S$520,000.
SEE ALSO
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Shares of Kitchen Culture : 5TI 0% have been suspended from trading since July 2021. They last traded at S$0.08.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Singapore loses ‘world’s best airport’ crown to Qatar
Elon Musk stakes fortune on cult following who made him rich
Micron poised to get over US$6 billion in chips grants in announcement next week
Gold gains as Middle East tensions lift safe-haven appeal
New Cadence supercomputers aim to speed creation of chips, software
Singapore shares climb at Thursday’s open; STI up 0.3%