Vin’s Holdings secures settlement, partial repayment of S$44,300 from ex-employee

[SINGAPORE] Automotive group Vin’s Holdings announced on Wednesday (May 6) that it has secured a S$44,300 settlement from an unnamed former employee, after a probe over irregular payments.

The recovery comes after the Catalist-listed group disclosed in April that four “irregular transactions” amounting to S$44,300 were funnelled into an entity controlled by a former key executive.

The transactions were made between Oct 13, 2025, and Mar 27, 2026, with invoices issued to its subsidiaries Vin’s Credit and Vin’s Automotive Group.

The company previously confirmed to the Singapore Exchange that the irregular payments took place entirely under the tenure of its former group financial controller Koit Ven Jee, also known as Jamie.

Koit abruptly resigned on Apr 15 with immediate effect, citing “personal family commitments”.

However, the group stopped short of explicitly naming the former employee on Wednesday, under the terms of its settlement agreement.

As per the agreement, the former employee agreed to pay an initial sum of S$26,300 by Apr 30 – which the company acknowledged that it has received.

In addition, the former employee will pay the balance S$18,000 through six monthly instalments of S$3,000 each, with the first instalment payable on May 29.

Moreover, the former employee must reimburse all professional fees incurred by the company during the investigation across 12 monthly instalments, beginning on Nov 29.

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The company added that it retains the right to recover any additional sums from the former employee, together with any professional fees incurred, if there are any additional irregular transactions relating to the entity or the former employee.

Vin’s Holdings will provide further updates, should there be any material developments as appropriate, it noted.

Shares of Vin’s Holdings closed flat at S$0.275 on Wednesday, before the announcement was made.