Singapore-listed Dyna-Mac Holdings Ltd on Sunday said it has filed a police report in relation to suspected criminal conduct involving misappropriation of funds amounting to around S$1m ($733,000) by an ex-employee of a subsidiary.
“Upon the discovery of the misappropriation, the board, together with the audit committee, had taken immediate steps to (i) review the internal controls of the affected department of the subsidiary; and (ii) investigate any further incident of misappropriation.
“Based on the outcome of the investigations conducted, no other incident of misappropriation has been discovered,” the offshore fabricator said in a filing to the Singapore Exchange.
Dyna-Mac is now working with its insurance firm on claiming compensation.
Dyna-Mac is part owned by Keppel and sovereign wealth fund Temasek Holdings.