Altered bank statement uncovered in Singapore Kitchen Equipment transactions

AUDITORS probing a series of eight flagged transactions in the accounts of Catalist-listed Singapore Kitchen Equipment 5WG (SKE) have reported the company to the Minister for Finance, the firm revealed on Thursday.

In a regulatory filing that gave an update to an additional review called after the audit of its financial statements for the year ended Dec 31, 2020, the company disclosed that this complaint was filed on July 30, 2021, after an altered bank statement was discovered when auditors examined the documents underlying these transactions.

These transactions, which took place between SKE and its major shareholder QKEH, were listed in a debit note QKEH issued to SKE that amounted to some S$1.4 million. Approval for payment of this debit note had not been sought from SKE's board.