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[SINGAPORE] Precision manufacturer Fu Yu Corporation will close its investigations into irregularities at its wholly owned supply chain unit, and will not take further action against the individuals involved.
“The board is of the view that it would not be in the best interests of the company and shareholders to continue with the investigations,” the company said in a bourse filing on Friday (Oct 3).
It added that the board believes there is “no merit in taking further action against any person flagged in the investigations”.
In January, the group announced that it was looking into Fu Yu Supply Chain Solutions (FYSCS), after it had discovered causes for concern at the unit related to a US$4.5 million acquisition, potential misuse of company resources, as well as a US$3 million pre-paid commission.
The probe found that the unit made unverifiable arrangements for a payment of around US$3 million, in which services did not appear to have been received.
These payments were made to KWW Consultancy, a company owned by FYSCS employee Wong Ka Wing, under an incentive agreement dated July 2022 for trades executed on behalf of FYSCS.
However, the sum was ultimately directed to a third party, Arc Intl Energy, through a deed of assignment dated Nov 9, 2022 – an arrangement whose commercial rationale investigators were “unable to conclusively state”.
The investigation also pertained to the influence of Fu Yu’s substantial shareholder Victor Lim on the group’s US$4.5 million acquisition of FYSCS in July 2021.
The other matters raised included the unauthorised use of a company e-mail account by Lim’s girlfriend, Hazel Cai, to source deals, as well as S$9,427.76 in reimbursements claimed by Lim during his tenure as FYSCS’ director of strategy.
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