Dyna-Mac, a Singapore-based provider of systems for floating production units, has filed a police report against its former employee.
The company on Sunday said the police report had been lodged against one of its employees suspected for criminal conduct.
According to Dyna-Mac, the ex-employee – not named – misappropriated funds amounting to one million Singaporean dollars.
Upon the discovery of misappropriation, the company conducted an internal review and investigation. No other incident of misappropriation has been discovered.
The ex-employee in question had worked for a Dyna-Mac subsidiary company. The company which has yards in Singapore, Malaysia, Brazil, The Philippines and China, did not reveal the name of the subsidiary the former employee had allegedly stolen the money from.
Dyna-Mac said its subsidiary was working with its insurance company, hoping to obtain a compensation, while the Dyna-Mac board is also looking at ways to recover the misappropriated funds.
“If the group is unable to fully or substantially recover the misappropriated fund, the board expects that the misappropriation will have impact on the financial statements and performance of the subsidiary for the financial year ending 31 December 2016. Notwithstanding, the board does not expect it to have significant impact on the normal operations of the Group,” said the company in a statement signed by Lim Tze Jong, Executive chairman and CEO.