BRIEF-Ecsponent Says $7.5 Mln Received By Unit Under Loan May Have Been Misappropriated

  • Reuters
  • Stock Market News
BRIEF-Ecsponent Says $7.5 Mln Received By Unit Under Loan May Have Been Misappropriated
Credit: © Reuters.

Sept 1 (Reuters) - Ecsponent Ltd ECSJ.J :

* USD7.5 MILLION OF FUNDS RECEIVED BY A MAURITIAN BASED SUBSIDIARY OF COMPANY UNDER A THIRD-PARTY LOAN FACILITY MAY HAVE BEEN MISAPPROPRIATED

* BOARD HAD INSTRUCTED A FORENSIC INVESTIGATION INTO USE AND DISTRIBUTION OF FUNDS FROM FACILITY

* INSTRUCTED LEGAL COUNSEL TO INSTITUTE LEGAL ACTION AGAINST CERTAIN PARTIES WHOM BOARD BELIEVES ARE POTENTIALLY LIABLE TO CO FOR ACTIONS

* ACTIVELY SEEKING TO RENEGOTIATE TERMS OF FACILITY WITH THE LENDER

* IS COMMITTED TO RESOLVING SITUATION BY SEEKING TO FIND A SOLUTION THAT IS MUTUALLY ACCEPTABLE TO ALL PARTIES

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100