SNK
21/03/2016 15:47
GENERAL
NOT PRICE SENSITIVE
REL: 1547 HRS Snakk Media Limited
GENERAL: SNK: Snakk Media subject of online scam
Snakk Media Limited (the Company) has been the subject of an online scam. The
financial loss, being NZ$215, 000 (before any recovery, see below), will not
affect ongoing operations or the Company's investment plans for FY17.
Likewise, it will not affect the Company's KOMs for FY16 and FY17. The
Company has over NZ$3 million in current available cash reserves.
The Board has engaged the Company's auditors, Staples Rodway, to conduct a
forensic investigation into the matter to independently assess the fraudulent
activity and the Company's position with respect to recovery of the funds.
The matter has also been reported to Netsafe Orb who will alert the
appropriate authorities.
The Company's bank is pursuing the recipient bank and the activity has been
logged with its fraud unit. The Company will reassess its options for the
recovery of the funds after the success or otherwise of those activities is
known and it has received Staples Rodway's report.
Immediate action has been taken to improve the relevant controls. In
addition, Staples Rodway will review the Company's procedures and monitoring
activities as part of their engagement to ensure that appropriate processes
are in place to prevent a repeat of an incident of this nature.
ENDS
For enquiries, please contact:
Heidi Aldred, Company Secretary, +61 410 802 992, [email protected]
www.snk.co.nz
End CA:00279602 For:SNK Type:GENERAL Time:2016-03-21 15:47:51
