Asia Sports Venture, a subsidiary of Malaysian TV company Astro Group, claimed that its former COO misappropriated RM 45,000 ($10,493) and "failed to act in the interests of the firm," according to Siau Ming En of TODAY. Documents filed with the courts showed that ASV claims that Venu Ganesh Naidu Ramadas misappropriated RM 45,000 "of the firm's money." The documents state that "the money was entrusted to him in February before he resigned in June." He then joined int'l sports marketing agency MP & Silva "in Malaysia as head of country." The firm also claimed that he "failed to act in the interests of and breached his duty of loyalty to the firm when he procured its sponsor" -- Superbest Power Health Food & Beverages -- "to collaborate with his new employer MP & Silva before he left the firm." Venu’s "gross lack of diligence and gross negligence” in finalizing a S$2.3M contract with a Thai company for the 2014 ISTAF World Cup in Thailand also caused ASV to lose the deal, the firm claimed. Venu is "contesting the claims" (TODAY, 12/18).
