AN EMPLOYEE of Trendlines Group was found to be potentially involved in a suspected misappropriation of funds from the accounts of the company’s Singapore subsidiary, Trendlines Agrifood Innovation Centre.
This arose from preliminary investigations launched into the potential misappropriations, after the Israel and Singapore-based startup incubator was alerted to the issue on Dec 30, 2024.
A police report was made by the group the following day, with Trendlines providing relevant documents and information for investigation.
On Thursday (Jan 2), Trendlines said that it “will offer full cooperation to the relevant authorities as and when needed” for them to conduct their investigations into the suspected misappropriations. The group added that it is taking “necessary action” to continue its investigations. This includes appointing relevant advisers while also considering legal recourse.
As at the date of its Jan 2 announcement and “based on what is currently known to the company”, Trendlines said the amount involved in the suspected misappropriations is not expected to have a material impact on the group’s financials for the fiscal year ended Dec 31, 2024.
It however cautioned: “This initial assessment may be revised depending on the progress and outcome of the investigations. “As investigations are still ongoing, the company will provide an update on the total amount misappropriated once the investigations have been completed.”
Shares of the group closed unchanged on Tuesday at S$0.051.
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