Vape maker Chill Brands has said that chief commercial officer Antionio Russo and chief operating officer Trevor Taylor transferred the Chill.com domain to themselves in May.
This is the latest revelation in an investigation into the alleged attempt by Russo and Taylor to defraud the business.
The firm’s newly-formed board has also started an investigation into whether advisers appointed by the pair assisted them in the alleged defrauding.
Russo and Taylor had taken executive management control over the company and its units until 4 June.
This came after CEO Callum Sommerton was suspended in April following allegations around his use of insider information.
The company’s new board, headed by Harry Chathli, said, “These activities appear to have cumulated in the transfer of the domain’s registration to an account seemingly held and operated by Antonio Russo.”
The company has initiated actions to recover ownership of the domain, it said.
Top shareholder Jonathan Mark Swann called in April for Russo and Taylor to be removed as directors and replaced by Chathli.
The pair were removed as directors on 4 June, when a new board was appointed.
Chill Brands’ board also said it has discovered payments totalling nearly $400,000 were made from the bank account of the group’s US subsidiary to Russo and Taylor’s personal US bank accounts on 3 June.
The board is seeking an explanation from Taylor and Russo for these payments and “the recovery of these funds through all legal means available,” it said.
Russo and Taylor did not respond to Reuters’ request for comment.
While the investigations are ongoing, the company was unable to provide a trading update or seek a restoration of trading its shares.
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