It's hard to guard against insider theft! A well-known home furnishing brand reveals an insider case: 100 million yuan of funds embezzled.

On March 28, Kuaikeji reported that last night, “China’s first mattress stock” Xilinmen issued a major announcement, disclosing that its subsidiary Xitu Technology encountered internal personnel suspected of illegally misappropriating funds using their position, with a total of 100 million yuan in bank account funds being illegally transferred, causing market shock.

It is reported that the involved funds were illegally transferred from Xitu Technology’s general account at the Hangzhou branch of the Industrial and Commercial Bank of China, and it was not an external fraud, but a typical case of “internal sabotage.”

After discovering the abnormal funds, Xilinmen promptly applied to the public security authorities for a case investigation, while implementing protective freezes on a total of 900 million yuan in bank accounts of three subsidiaries to fully prevent further risk spread.

Following the incident, the Shanghai Stock Exchange quickly issued a regulatory work letter, requiring Xilinmen’s directors, senior executives, and actual controllers to explain the relevant situation, strengthen accountability, and effectively protect investors’ rights and interests.

In response to the above situation, Xilinmen emphasized in the announcement that the freezing of the aforementioned 900 million yuan in bank accounts was a proactive protective freeze conducted by the company to safeguard fund security, and there is no situation of being frozen by a third party.

The company admitted that this matter may cause certain adverse effects on the normal use and operation of funds of the holding subsidiary in the short term, but considering the cash flow situation, it will not significantly adversely affect overall production and operational activities temporarily.

As a listed company with a market value of 6 billion yuan, the fact that 100 million yuan can be easily transferred points to a loss of control in the subsidiary’s fund management, with serious defects in key links such as financial approval, authority control, and account monitoring.

Currently, Xilinmen stated that it will fully cooperate with the public security authorities in the investigation, actively pursue the misappropriated funds, and comprehensively review the internal control system to close management loopholes, enhance fund supervision of subsidiaries, and establish stricter approval processes and real-time monitoring mechanisms.