Small cap ASX AI play suspends top exec amid missing millions
The fallen AI software company Dubber, which was briefly worth over $1.2 billion, has suspended trading and its managing director as it tries to locate its own funds.
Small cap AI-powered software developer Dubber has suspended its chief executive as it urgently searches for $26.6 million in missing cash.
The ASX-listed company, which develops software for corporates to record and analyse their phone calls, screeched into a trading halt earlier this week. On Friday, it finally explained why in a statement to the exchange, noting that it became aware of "inconsistencies" relating to funds held on its behalf by a third party trustee.
In the ASX release, it said this realisation triggered a preliminary investigation. "[We] have uncovered that funds, purported to have been held in a term deposit account, may have been applied for other purposes and are not currently available to the Company," it said in the ASX statement.
Of the $30 million sum in doubt, just $3.4 million has been recovered so far.
