AsiaFinance and Insurance

Atlantic Navigation suffers unauthorised withdrawal of $736,000

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.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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