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Dyna-Mac ex-employee accused of stealing S$1m

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.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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