Ajisen China alleges ex-CFO misappropriated HK$23.6m

Business | 13 Mar 2019 4:59 pm

Ajisen China Holdings alleged in a statement today HK$23.63 million have been misappropriated by chief financial officer Robert Lau Ka-ho through fraudulent checks between January 2012 and November 2018.

On December 14, last year, the company said Lau is suspected to have misappropriated certain funds of Ajisen China Group Management, which is a wholly-owned subsidiary. The funds were transferred to the personal bank accounts of Lau.

The amounts have been reflected in

the company’s audited financial statements for the respective years as staff expenses. The financial position of the company for the year ended December 31, 2018 is expected to be impacted to the extent of HK$5.53 million.

This compares with the group’s unaudited consolidated turnover and unaudited consolidated net profit for the six months ended June 30, 2018 of

1.15 billion yuan (HK$1.34 billion) and 133.77 billion yuan (HK$156.51 billion) respectively.

The company has engaged RSM Consulting (Hong Kong) an independent consultancy on March 11, 2019, to investigate the Incident, and to review internal control procedures and systems and make recommendations to the board to address and rectify the weaknesses identified, if any.

The investigation and review are ongoing.

The company has taken formal legal action to recover its loss, Ajisen China said.

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