Founder's legal case has no impact on company: Trek 2000

LEGAL proceedings against Trek 2000 International founder Henn Tan have "no impact on the company's operations and businesses", the Mainboard-listed firm said in a Singapore Exchange filing on Tuesday after the market close.

Tan stepped down from his position as chairman emeritus from June 29, and is no longer part of the company, said the firm.

The charges were brought entirely against him and the other ex-management staff in their own personal capacity, and do not involve the company and its subsidiaries, said Trek 2000 International.

Fined S$80,000 on Monday for neglecting to get Trek 2000 to disclose interested-person transactions during his tenure as chairman and chief executive officer, Tan still faces nine other outstanding charges.

Referring to a report in The Business Times on Sunday about his guilty plea, Trek 2000 clarified that "the information reported in the article does not contain any material or privileged information".

The article was based on information disclosed in reports by RSM Corporate Advisory, previously announced on July 18, 2017 and April 23, 2018, said Trek 2000.

It added that the company is now run by a different management team that has been in place since early 2018.

"The Board would like to reiterate that there has been no disruption to the group's current business operations," it said.

"The Board would like to provide assurance to shareholders and hopes to eliminate any concerns brought about by the recent news article on the personal legal case of its ex-management staff."