Asche Transportation Services, Shannon, IL, has had to delay filing its annual financial statements.
Asche, which earlier this year dismissed three top executives for alleged embezzling, announced this week that the filing of its annual financial statements with the Securities and Exchange Commission will be delayed past the April 14 deadline pending completion of the audit of its financial statements for 1999.
Certain accounts at one of its subsidiaries, Asche Transfer, Inc. were misstated in prior reports, said company officials. In January, Asche fired the controller at Asche Transfer after the controller apparently misstated financial reports and allegedly stole more than $60,000.
The company is undergoing an investigation of the accounting records at Asche Transfer, Inc. to determine the amount of the restatement and the periods affected.