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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.

Lee Hong Liang, Asia Correspondent

July 23, 2015

1 Min Read
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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.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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