Vin’s Holdings (SGX:VIN
) has uncovered certain irregular transactions involving payment made to invoices issued to Vin’s subsidiaries, Vin’s Credit and Vin’s Automotive Group by a certain entity, following the resignation and departure of a former key executive officer on April 16.
According to Vin’s, subsequent inquiries unveiled that the entity was 100% owned and controlled by the former executive officer.
The preliminary findings indicate that the former executive officer used his position and overrode certain internal controls to facilitate the execution of letter of engagements, as well as payment of funds to the entity.
As at the April 23 announcement, the aggregate amount is approximately $44,300, of which $10,000 was paid in FY2025, ended December 31, and $34,300 in FY2026, ended December 31.
For context, the amount of $10,000 paid in FY2025 represent about 2.07% of Vin’s profit after tax for FY2025 and 0.04% of its net total assets in the same period.
The actual impact of the $34,300 paid in FY2026 will be reflected in the financial statement for 1HFY2026, ending June 30.
While investigations are still ongoing, a police report has been filed and Vin’s will provide further update upon the completion of the investigations.
Shares of Vin’s Holdings closed 0.5 cents lower, or 1.89% down at 26 cents on April 23.
