Intraco, following internal probes, has discovered misappropriation of $99,300 by an unnamed "key management personnel" who left last May.
Based on what it has uncovered so far, the misappropriation took place in the financial years FY2023 to FY2025.
For context, the amounts misappropriated were equivalent to 0.9%, 2.7% and 0.5% of Intraco's profit after tax for those three years. The sum is also equivalent to 0.2% of its net asset value as at Dec 31 2025.
In short, this amount is not deemed "material" and does not have an adverse effect on the financial results of those years.
According to Intraco, it received fake invoices and letters of engagement from an entity with a "nearly identical" name to an external independent service provider. Intraco says that former employee is the shareholder of this said entity.
In addition, Intraco says the former employee made two bank transfers of $80,000 last March and April from its 19.9%-held associate SlideSG to an unidentified bank account.
Reports have been filed to the police and the Monetary Authority of Singapore and Intraco says it will consider "pursuing necessary legal recourse" to recover its losses.
Intraco shares last traded at 38 cents.
