Vin’s Holdings announces probe into irregular payments linked to ex-employee

[SINGAPORE] Automotive group Vin’s Holdings has said that it has uncovered irregular transactions to an entity controlled by a former employee of the company.

In a bourse filing on Thursday (Apr 23), the Catalist-listed group said the transactions came to light on Apr 16, following the resignation of a former key executive officer.

A total amount of S$44,300 was found to have been paid to an entity following supposed services rendered to the group, and invoices were issued to group subsidiaries Vin’s Credit and Vin’s Automotive Group.

This entity was later found to be “100 per cent owned and controlled” by the former employee. The group did not name the executive or the entity.

A sum of S$10,000 was paid in FY2025, and S$34,300 in FY2026.

However it arose that the former employee “by virtue of his position, overrode certain internal controls to facilitate the execution of letters of engagement, as well as payment of funds to the entity”.

Vin’s has convened an internal task force – headed by the company’s CEO and overseen by its Audit and Risk Committee – to conduct an internal enquiry into the transactions.

It has also notified its external auditor to assess whether the incident will affect the group’s issued and audited financial statements for FY2025. A police report has also been filed.

The group added that the amount paid to the entity as a result of the transaction is not material and does not adversely affect the financial standing of the firm.

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On Apr 14, Vin’s announced a strategic collaboration with Volt Auto, the authorised distributor for China car brand Dongfeng in Singapore, under which Vin’s would become an authorised dealer for the brand. The two companies will also enter into a joint venture to operate authorised service centres for the brand in Singapore.

Shares of the counter closed the trading day 1.9 per cent or S$0.005 down at S$0.26 before the update.