SERSOL TECHNOLOGIES BHD [] has detected embezzlement in its 50% owned associate Zhuhai MS Coating Ltd (ZMCL) and the losses are estimated to be 1.756 million renminbi (RM874,000).
“The embezzlement was committed by a former employee of ZMCL who has been detained by the Police Investigative Bureau of Zhuhai, China since Oct 3, 2011 for questioning and to facilitate their investigation,” it said.
It said that it had yet to determine the quantum of losses sustained in each respective financial years/period arising from the embezzlement.
“Taking into consideration the minority interests, the estimated losses attributable to the shareholders of Sersol is RM437,000,” it said.
“The embezzlement was committed by a former employee of ZMCL who has been detained by the Police Investigative Bureau of Zhuhai, China since Oct 3, 2011 for questioning and to facilitate their investigation,” it said.
It said that it had yet to determine the quantum of losses sustained in each respective financial years/period arising from the embezzlement.
“Taking into consideration the minority interests, the estimated losses attributable to the shareholders of Sersol is RM437,000,” it said.
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