January 3, 2018 / 1:55 AM / 7 months ago

Hong Kong's Clear Media says employee stole $12 mln

HONG KONG, Jan 3 (Reuters) - Clear Media Ltd said on Wednesday one of its employees had “illegally misappropriated” about 76 million yuan ($11.7 million) of the outdoor advertising company’s funds.

A cashier at the company’s finance department had confessed to Chinese police to stealing the funds that had been deposited with a mainland bank, Clear Media said in a filing to the Hong Kong bourse.

The company’s balances with other banks were not affected and the case did not impact Clear Media’s day-to-day operations, it added.

It did not identify the cashier. An internal committee had been established to look into the matter.

$1 = 6.49 yuan, 7.8160 HK dollars Reporting by Donny Kwok; Editing by Anne Marie Roantree and Stephen Coates

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