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Atlantic Navigation loses $736,000 from bank account

Atlantic Navigation loses $736,000 from bank account
An unauthorised withdrawal of some $736,000 from the bank account of Atlantic Navigation’s subsidiary has been uncovered by the company, and a police report has been lodged.

The unauthorised withdrawal of the funds from the bank account of Atlantic Maritime Group FZE were purportedly transferred to accounts of unrelated third parties of the group, according to Singapore-listed Atlantic Navigation.

“The company has lodged a report with the Singapore Police Force and is currently liaising with the relevant bank to investigate the unauthorised withdrawal,” the offshore logistics services firm stated.

“Based on recovery actions being undertaken by the company and upon 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 30 June 2015,” it said.

Atlantic Navigation added that it does not expect this incident to affect its cash flow requirements.