As listed companies rolled out business updates and results over the past few weeks, two firms — one newly listed, the other a long-established name — disclosed something else: finance-related incidents ranging from misappropriation of funds to irregular transactions.
On April 13, Intraco (SGX:I06
) , founded in 1968, announced that a former key management personnel had misappropriated $99,300 between FY2023 and FY2025 via fictitious invoices.
The invoices were fraudulently issued, signed off using forged signatures and approved for payment via fictitious emails. Intraco said the incident stemmed from control overrides by the former employee, who was not named. It also alleged that the individual transferred $160,000 in two transactions to an unidentified bank account.
Less than a fortnight after Intraco first announced the misappropriation, car dealer Vin’s Holdings (SGX:VIN) , listed just last April, said it had uncovered irregular transactions involving invoices paid to its subsidiaries. As in Intraco’s case, an ex-employee at Vin’s Holdings overrode internal controls in carrying out the transactions, which totalled $44,300.
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In response to follow-up queries from the Singapore Exchange (SGX), Vin’s Holdings said on April 30 that the irregular transactions took place during the tenure of its former group financial controller, Koit Ven Jee, who was employed from May 19, 2025, to April 15.
Following the discovery of the irregularities, both companies took similar steps. Intraco set up a task force, led by its COO, to investigate and filed reports with the police, SGX and the Monetary Authority of Singapore.
As for Vin’s Holdings, CEO Galvin Khong has been tasked with leading an internal task force to investigate, in addition to a police report having been filed. The company says it has implemented additional internal controls and procedures. Approvals are now required from executive chairman Vincent Khong and the CEO for all new vendors and all first-time payments to vendors, regardless of the amount. The finance team will also conduct monthly transaction reviews.
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In a follow-up announcement on May 6, Vin’s Holdings says that the former employee has agreed to settle the issue by paying $44,300 and all professional fees incurred in connection with the transactions.
Vin’s Holdings’ follow-up came just days after Intraco’s earlier version of its settlement. Under the terms, the former employee repaid $200,000 by April 30. The remaining $60,000 will be paid in six equal monthly instalments of $10,000 between May and October. Intraco’s update did not indicate the status of the police report, while Vin’s Holdings has provided no further updates on the matter at press time.
When Intraco announced the irregularities, it said the amount involved was a small fraction of its earnings and net asset value and therefore not deemed “material”, and it outlined the remedial measures being implemented.
Still, listed companies of any size owe it to shareholders to ensure the basics are in place: transactions are properly conducted, and the books are in order. When irregularities — to put it politely — are discovered, prompt action is needed. The market is buoyant, but certain rules must remain ironclad.
