Money Missing from Atlantic Navigation’s Account
Singapore’s Atlantic Navigation Holdings Limited informed its shareholders that there had been unauthorised withdrawals of funds from the bank account of Atlantic Maritime Group FZE, a wholly owned subsidiary of the company, for an aggregate amount of USD 736,000.
Atlantic Navigation said that the funds in connection with the unauthorised withdrawal were purportedly transferred to accounts of unrelated third parties of the group.
The offshore service provider has lodged a report with the Singapore Police Force and is currently liaising with the relevant bank to investigate the transaction.
“Based on recovery actions being undertaken by the company and upon consultation with the company’s auditor, the company intends, for good order and prudence, to make a provision of USD 368,000, being 50% of the Unauthorised Withdrawal, in its financial statements for the second quarter ended 30 June 2015,” the company said in a release.
The withdrawal is not expected to affect the operations of the group and its cash flow requirements, the company added, noting that “the board is of the view that the group’s financial performance and position for the financial year ending 31 December 2015 would not be materially affected.”