JES International sues former admin officer as ex-ceo implicated in fraud

The Singapore-listed shipyard group said Ju, an administration officer at Jiangsu Eastern Heavy Industries had “absconded with group paraphernalia” following the resignation of chairman and ceo Jin Xin.

Jin Xin stepped down as chairman and ceo of JES in March this year with his daughter Audrey Xin appointed in his place, meanwhile his mother Cu Caixia was appointed as chairman in late May.

JES also revealed that unauthorised payments made to the former chief. “The board also wishes to announce that during the company’s periodic review of its financials, the company had uncovered possible unauthorised payment(s) made to Mr Jin Xin, the former chief executive officer and chairman of the group, as well as questionable transactions between the group and companies in which Mr Jin Xin’s interests are not declared,” it said.

It was then discovered that account books, cheque books and financial seals, had been removed by “associates” of Jin Xin after his resignation, which apparently it believes are now possessed by Ju.

“Upon the conclusion of the legal proceedings against Ms Ju Li Li and the Company regaining access to the requisite financial information and records, the company will conduct a more thorough investigation on its findings and keep shareholders of the company updated of the same,” JES said.

The company said it would not take action against Jin Xin, including a report to the Singapore police and legal proceedings if investigations show any financial irregularities in its accounts.