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Asian Tour: Official steals funds, vanishes
AFP | Apr 7, 2011, 10.45am IST
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Tags:The Asian Tour|Singapore|Adrian Lee
SINGAPORE: Asia's biggest golf tour insisted it was business as usual on Thursday after a senior official allegedly embezzled a large sum of money and then disappeared.
The Asian Tour said Singapore police had been alerted after long-time finance and human resources manager Adrian Lee was sacked last month, and then apparently fled.
Tour officials would not confirm media reports that Lee made off with $1 million in company funds. But they gave assurances the circuit would not be affected.
"He (Lee) was discovered to have misappropriated company funds from the Asian Tour following internal checks and all attempts to contact Adrian have been unsuccessful," the tour said in a brief statement.
"We have made a police report and are providing them with assistance. All accounting procedures have been reviewed and are stringently monitored internally and by the auditors.
"Although this matter is regrettable, it has no impact on the day-to-day running of the Asian Tour."
The incident is poorly timed for the Singapore-based Asian Tour, which is in the midst of a regional fight for supremacy with ambitious rival circuit OneAsia, which sprang up in 2009.
The Asian Tour rose to a high of 32 tournaments in 2008 but has since dropped back to 20-something events this year. OneAsia has grown to 13 stops for the current season.
Tour executive chairman Kyi Hla Han, who is in Augusta, Georgia for the US Masters, was not immediately available for comment.
Asian Tour: Official steals funds, vanishes
AFP | Apr 7, 2011, 10.45am IST
Article
Comments
Tags:The Asian Tour|Singapore|Adrian Lee
SINGAPORE: Asia's biggest golf tour insisted it was business as usual on Thursday after a senior official allegedly embezzled a large sum of money and then disappeared.
The Asian Tour said Singapore police had been alerted after long-time finance and human resources manager Adrian Lee was sacked last month, and then apparently fled.
Tour officials would not confirm media reports that Lee made off with $1 million in company funds. But they gave assurances the circuit would not be affected.
"He (Lee) was discovered to have misappropriated company funds from the Asian Tour following internal checks and all attempts to contact Adrian have been unsuccessful," the tour said in a brief statement.
"We have made a police report and are providing them with assistance. All accounting procedures have been reviewed and are stringently monitored internally and by the auditors.
"Although this matter is regrettable, it has no impact on the day-to-day running of the Asian Tour."
The incident is poorly timed for the Singapore-based Asian Tour, which is in the midst of a regional fight for supremacy with ambitious rival circuit OneAsia, which sprang up in 2009.
The Asian Tour rose to a high of 32 tournaments in 2008 but has since dropped back to 20-something events this year. OneAsia has grown to 13 stops for the current season.
Tour executive chairman Kyi Hla Han, who is in Augusta, Georgia for the US Masters, was not immediately available for comment.
