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.
See also: MoneyMax taps pawnbroking and timeless gold to provide value across generations
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.
