TEE Int'l investigating unauthorised transactions of over S$6m linked to CEO

Singapore

MAINBOARD-LISTED engineering group TEE International is appointing an external third party independent investigator to look into unauthorised transactions totalling S$6.55 million made by its subsidiaries to related parties.

The transactions, which took place from July 2018 to May 2019, were allegedly made under the instruction of group chief executive and managing director Phua Chian Kin, said TEE International.

Transactions from certain related parties to the subsidiaries had also taken place during that period.

The board and executive committee were reportedly similarly unaware of these remittances.

TEE International clarified that monies under the remittances have been fully repaid by and to the group as of Aug 29. The unauthorised remittances were discovered by the group over the course of preparing for its financials for the full year ended May 31, 2019. Remittances amounting to S$3 million were recorded as "other receivables", and external auditor D…