Early findings reveal the former executive 'overrode certain internal controls'
Automotive group Vin's Holdings is investigating certain "irregular transactions" that it discovered following the departure of a former key executive officer.
In a statement, the automotive group revealed that the irregular transactions were worth a total amount of about S$44,300, which was paid to an entity in FY2025 and FY2026 that was owned and controlled by the former employee.
The transactions were discovered on 16 April, with an internal task force headed by CEO Khong Keng Leng established to investigate the case.
"As at the date of this announcement, investigations are still ongoing to determine if there any other instances of irregular transactions relating to the Entity or the Ex-Employee," it said in a statement.
"If any wrongdoing is involved, the Company reserves its right to pursue necessary legal recourse to recover its losses."
'Irregular transactions' uncovered
According to the company's statement, the irregular transactions involved payments made to invoices issued to the company's subsidiaries, Vin's Credit Pte. Ltd. and Vin's Automotive Group Pte. Ltd., by the ex-employee's entity.
The first transaction amounted to S$10,000 that was paid in the FY ending December 2025, while another S$34,300 was paid in the FY ending December 2026.
"These payments were processed on the basis of services purportedly rendered by the entity to the group," the statement from Vin's Holdings read.
"The company's preliminary findings indicate the the ex-employee, by virtue of his position, overrode certain internal controls to facilitate the execution of letter of engagements, as well as payment of funds to the entity."
The company has vowed to provide an update once the probe is finished, and will update shareholders on any material developments as appropriate.
It added that a police report has been lodged following the discovery of the irregular transactions, and an external auditor has begun assessing whether the transactions will have any impact on any previously issued financial statements.
"In any event, as of the date of this announcement, the Company notes that the amount paid to the Entity pursuant to the Irregular Transactions is not material and does not adversely affect the financial condition of the Company and the Group in any material respect," it said.
