Athens: Atlantic Navigation Holdings (Singapore) has suffered an unauthorised withdrawal of $736,000 from a bank account belonging to one of its subsidiaries.
The funds were transferred from the bank account of Atlantic Maritime Group FZE to that of a third-party unrelated to the group, a filing to the Singapore stock exchange said today. It is unclear when exactly the withdrawal was made.
“The company has lodged a report with the Singapore Police Force and is currently liaising with the relevant bank to investigate the unauthorised withdrawal,” said Atlantic Navigation, which is undertaking recovery action and is in consultation with its auditor.
“The company intends, for good order and prudence, to make a provision of $368,000, being 50% of the unauthorised withdrawal, in its financial statements for the second quarter ended June 30, 2015.”
The withdrawal is not expected to affect the cash flow or operations of the Atlantic Navigation group.