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Trek 2000 CFO retires amid CAD probe

Thursday, June 2, 2016 - 21:47
31026351 - 13_03_2014 - Henn Tan.jpg
THE chief financial officer (CFO) cum executive director of thumbdrive maker Trek 2000 has ceased his duties amid investigations by Singapore's white-collar crime police unit.

THE chief financial officer (CFO) cum executive director of thumbdrive maker Trek 2000 has ceased his duties amid investigations by Singapore's white-collar crime police unit.

In a statement released to the Singapore Exchange on Thursday night, Trek 2000 described Gurcharan Singh's cessation of duties as "retirement".

Mr Singh, 60, who has been in these roles for 16 years, was questioned by the Commercial Affairs Department (CAD) as recently as May 31, said the company in a separate statement filed on Wednesday night.

Edwin Long Ming Fai, 52, will take over the roles of deputy chief executive officer cum executive director with effect from Thursday.

Edward Tan Kew Poh, 40, has been appointed finance director.

Aside from Mr Singh, three other persons were also questioned by the CAD, said Trek 2000 in Wednesday's statement.

Henn Tan, the chief executive officer, chairman, and an executive director of the company, was interviewed by the CAD in relation to its investigations on May 30.

Executive director Poo Teng Pin was interviewed on May 25, 26 and 27. President of regional sales Foo Kok Wah was interviewed on May 25 and 26. They will continue to assist in investigations, and have been released on bail, said the release.

Trek 2000's auditors EY had earlier found issues while auditing its financial statements for the 2015 financial year.

EY found discrepancies in: the identity of a customer in a transaction between Trek 2000's sales system and its books; delivery orders acknowledged by the customer and the airway bill relating to the shipment of the goods; and the identity of the payer as stated on certain bank transfer notices showing payments of about US$2.65 million made by the customer to the group.

Trek 2000 suspended trading in its stock on April 27.

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