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Controller Dismissed At Asche For Embezzling

January 11, 2000

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Asche Transportation Services, Shannon, IL, has dismissed the controller at subsidiary Asche Transfer after the controller apparently misstated financial reports and allegedly stole more than $60,000.

The controller appears to have made numerous accounting entries in 1999 that lacked proper support, and in certain instances failed to make accounting entries that should have been made. This affected both the company's quarterly reports for 1999 and the annual report for 1998. The controller is also alleged to have stolen approximately $62,000 last year.
Asche Transportation is undertaking a comprehensive review of Asche Transfer's accounting records, assisted by the company's auditor's, Ernst & Young. The company believes that the company's other two subsidiaries, AG Carriers and Specialty Transportation Services, are not affected by the actions of Asche Transfer's former controller.

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