[SINGAPORE] The employee alleged to have stolen US$2.1 million from a subsidiary of Trendlines Group was the unit’s chief executive officer and director, Anton Wibowo, the startup incubator based in Singapore and Israel said on Wednesday (Mar 19) evening.
Trendlines said it has terminated Wibowo’s employment and is considering legal recourse in relation to the misappropriations.
This will include any steps deemed feasible for asset recovery, the mainboard-listed company said, adding that it will update shareholders separately if successful.
The group said that the misappropriations took place at the Trendlines Agrifood Innovation Centre (AFIC) – where Wibowo was CEO and director – Trendlines Agrifood Fund, and a portfolio company.
Wibowo was also the director of Agrifood Fund, which is managed by AFIC.
Trendlines said Wibowo deposited the majority of the misappropriated amounts into his personal bank account and various digital wallets that belonged to him.
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Based on the company’s annual report issued on Mar 13, nearly US$1.3 million was misappropriated in 2024. The rest of the amount was taken the year before.
These findings were the result of an independent investigation by an external audit firm.
Trendlines’ audit committee also engaged its internal auditor to carry out a review of the payment procedures and internal controls of the group.
The internal auditor made several recommendations related to the process of approving payments, controls on the use of credit cards, and the headquarters’ supervision of subsidiaries.
For example, there will be a separation of duties such that roles pertaining to authorisation will not be involved in the bookkeeping process across the group, including subsidiaries.
Additionally, the group will provide refresher training on its whistle-blowing procedures. This is despite the company stating in its annual report that no whistle-blower reports were received in connection with the misappropriations.
As Trendlines searches for a suitable replacement CEO for AFIC, group founder and chair emeritus Stephen Rhodes will assume the responsibilities of the role in the interim, the company said.
It is also in the process of hiring a permanent chief financial officer, who will oversee the implementation of the internal auditor’s recommendations, among other things.
Shares of Trendlines closed flat at S$0.039 on Wednesday.
