Advanced Systems lodges police report over former execs' alleged offences, unauthorised fund transfers
On Tuesday (Jul 22), ASA said it lodged a report in relation to alleged breaches made by Seah Chong Hoe, who was terminated as CEO on Jun 19, and former director Mohd Sopiyan Bin Mohd Rashdi, who resigned as non-independent, non-executive director on the same day.
Seah and Mohd Sopiyan were found to have bypassed the board in making themselves authorised bank signatories of the company's Maybank bank account. This was revealed during an investigation of the company's past transactions made from January 2025 till Seah's termination on Jun 19.
The two told Maybank that a board resolution was passed to authorise a change in the bank account's signatories, although the company investigation showed that no such resolution was passed, ASA said.
Following the unauthorised change in bank signatories, cheques were issued from the Maybank account to Seah, totalling (more than) S$1 million, without the knowledge or authorisation of the board.
These included a first cheque for S$442,052.18, a second for S$259,013 and a third for S$310,000.
Prior to the three cheques being issued, Seah on or around Jun 12, 2025, had instructed S$903,594.46 to be transferred to ASA's bank account from a bank account belonging to its Malaysia-based wholly owned subsidiary, Emerald Precision Engineering.
Additionally, Seah has yet to return ASA several company documents that he had control over during his tenure as CEO, despite 'repeated requests' for him to do so, the company said. The documents include financial, commercial and other corporate records.
ASA is a provider of backend equipment solutions, technologies and distribution services. It manufactures automated backend equipment for the semiconductor assembly process and equipment contract manufacturing.
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