Webtech Wireless (TSX:WEW) is promising to reveal the results of an investigation over concerns a former employee fraudulently redirected as much as $750,000 in funds over two years.
After announcing in late July a third-party forensic financial examiner would be going over its ledger books, the Vancouver-based tech company said August 15 investors would have to wait a few more days before the findings were disclosed.
Webtech Wireless admitted it had discovered at least $550,000 in diverted payments were made through its U.K. subsidiary from 2010 until the British office closed in 2012.
The company said it hired the forensic examiner upon noticing discrepancies in payments made to and received from British tax authorities.
Webtech Wireless is expected to confirm August 18 whether another $200,000 in payments under investigation were also fraudulently redirected.
That same day, the company is scheduled to release its second-quarter financial results.
By late July, Webtech Wireless had calculated a liability of $425,000 related to the fraud but the final amount will not be released until the Q2 financial results are made available.
The company is expected to take a charge for the liability either on the second-quarter operations or else as an adjustment against earning from previous quarters.
