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HG Metal Manufacturing Ltd Updates On Misappropriation By Former Staff Member Of Subsidiary

Wednesday, 24 Jul 2013 07:52am EDT 

HG Metal Manufacturing Ltd reffered to the announcement dated April 15, 2013 relating to the suspected misappropriation of payments amounting to IDR 260 million (approximately SGD33,000) by a former staff member of the Company‚Äôs Indonesian subsidiary, PT. HG Metal Distribution Indonesia. The Board of Directors of the Company updated the shareholders that the Indonesian authorities have completed the investigations and appropriate legal punishment has been imposed on the Individual. In addition, the Misappropriation amount has been returned to HG Metal Indonesia. Following this incident, the Board has taken steps to ensure that the management maintains and continues to strengthen the internal control procedures for the Company and its subsidiaries. 

Company Quote

-0.0020 -2.78%
16 Oct 2014