HONG KONG, Jan 3 (Reuters) - Clear Media Ltd said on Wednesday one of its employees had “illegally misappropriated” about 76 million yuan ($11.7 million) of the outdoor advertising company’s funds.
A cashier at the company’s finance department had confessed to Chinese police to stealing the funds that had been deposited with a mainland bank, Clear Media said in a filing to the Hong Kong bourse.
The company’s balances with other banks were not affected and the case did not impact Clear Media’s day-to-day operations, it added.
It did not identify the cashier. An internal committee had been established to look into the matter.
$1 = 6.49 yuan, 7.8160 HK dollars Reporting by Donny Kwok; Editing by Anne Marie Roantree and Stephen Coates