Serial Achieva has terminated with immediate effect a joint venture agreement signed last September with A-Speed Infotech.
The IT distributor says it terminated the agreement because ASP's director Alan Wei Zhaolun was charged by authorities on Feb 27 with criminal conspiracy to commit fraud on a supplier of servers.
According to Channel News Asia, Wei and two other individuals Aaron Woon Guo Jie and Li Ming were charged for offences related to the alleged movement of Nvidia chips.
They allegedly made false representations last year that the items would not be transferred to a person other than the "authorised ultimate consignee of end users".
The three men were nabbed after local authorities conducted raids across multiple locations, and came on the back of media reports that intermediaries here were involved in the illegal movement of Nvidia chips to China, which bypassed US export controls.
"The termination is not expected to have any material impact on the net tangible assets and earnings per share of the group for the current financial year ending 31 December 2025," says Serial Achieva.
See also: Salesforce pledges to invest US$1 billion in Singapore over the next five years
Serial Achieva shares last traded at 15 cents.
