ASX company boss accused of stealing

ASX listed Legacy Iron Ore's former managing director and accountant are facing allegations they took $725,000 out of the corporate account.

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A former managing director of Legacy Iron Ore Limited (ASX: LCY) has been charged with 13 counts of stealing from the company.

Former Legacy boss Sharon Kia Le Heng appeared in Perth Magistrates Court on Friday facing allegations of theft from the ASX-listed mining business.

Karen Kwan, an ex-Legacy accountant, also appeared in court facing the same charges.

Prosecutors claim the pair stole about $725,000 over a period of 17 months in 2012 and 2013.

The Australian Securities and Investments Commission is accusing the two women of making 13 electronic transfers out of Legacy's bank account into an entity called Regency Infrastructure Pty Ltd.

Regency is allegedly a company controlled by Heng, with the corporate watchdog claiming there was "no legitimate basis" for the payments.

The Motley Fool has contacted Legacy Iron Ore for comment.

The court granted Heng and Kwan bail but with strict conditions they surrender their passports and not flee overseas.

The case has been adjourned to 26 March.

The Legacy share price was unchanged Monday, staying at 0.7 cents. 

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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