Hong Kong Restaurant Operator Dismisses CFO Over Embezzlement Claims
Chen Juan
/SOURCE : yicai
Hong Kong Restaurant Operator Dismisses CFO Over Embezzlement Claims

(Yicai Global) Dec. 17 -- Ajisen China Holdings, an investment company that operates a fast-casual noodle restaurant chain, has dismissed the chief financial officer of one of its units in the country following claims of embezzlement to the tune of HKD1.8 million (USD230,000) and passed the case onto police.

The board has removed Lau Ka Ho as CFO of Ajisen China Group Management, the Hong Kong-based parent said in a statement, adding that the special administrative region's police will take up the case. 

The company's stock [HKG:0538] fell 1.3 percent in trading today to HKD2.24 amid the development. The share price has fallen 37.5 percent so far this year.

Ajisen's board will continue to look into any misconduct linked to Lau and aims to install a suitable replacement as soon as possible. 

The company aims to bring in professionals to observe the company's cash flow and check how funds are used while reviewing improvements on internal controls and procedures. The incident will not significantly affect daily operations, liquidity, financial status or performance, it said. 

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Keywords: Ajisen (China) Holdings Limited