Police reports filed against individuals from AGV's subsidiaries

POLICE reports have been filed against individuals from AGV Group's subsidiaries for alleged mismanagement and wrongdoings when carrying out their respective duties.

The hot dip galvanising services provider said in a bourse filing on Wednesday (Apr 27) that the allegations set out in the police report, which have been filed by individuals in Singapore and Malaysia, have yet to be verified.

No information on the police reports were provided in the filing.

The interim judicial managers of the company said it is seeking legal advice on the matter and will cooperate with the authorities as necessary.

This is not the first time that the Catalist-listed company had brushes with the law.

AGV's executive director Albert Ang was investigated by the police's Commercial Affairs Department (CAD) in September 2020 after finding "reasonable grounds" that he had committed an offence. Ang stepped down from his position in October of that year.

CAD had launched a probe into the offence of false trading and market rigging transactions under Section 197 of the Securities and Futures Act of Singapore.

AGV shares have been suspended from trading since November last year.

The company had warned that the lack of financial support amid Covid-19's impact on its business has resulted in a material uncertainty over its ability to continue as a going concern.

This comes amid the termination of its October share placement, and notice from its controlling shareholder who said he would not provide financial support for the company's cash gap in full.