A Chinese-invested shoe factory in Cambodia recently reported to police that one of its finance managers was suspected of misappropriating a large amount of money during his employment and was now unreachable. The company has formally terminated his employment and submitted evidence to law enforcement. The case is under investigation.
According to documents submitted by the company's management, the person involved is a Chinese man born in 1988 who headed its finance department. The case arose during quarterly account checks in mid-November. Managers became suspicious after he repeatedly put off requests to visit the bank to reconcile accounts. The company then checked the accounts at the bank itself and found that, from September to November this year, the manager had allegedly made repeated unauthorized withdrawals totaling more than $870,000. The company also said about $180,000 raised from an auction of construction materials earlier in the year had not been properly recorded in the accounts.
Preliminary calculations put the total amount involved at more than $1.05 million. The company said the employee fled after the matter came to light and could no longer be contacted. It said it had formally reported the matter to local police and urged him to explain the situation to law enforcement and cooperate with the investigation.
Police have begun investigating, including tracing the funds and obtaining bank records and other evidence, to establish the details of the suspected offenses. The company said it would cooperate fully and reserved the right to pursue legal liability for any resulting losses.
Compiled by this station
