Food Innovators suspects worker embezzled S$359,000 from unit and clients

[SINGAPORE] Catalist-listed Food Innovators reported on Monday (Nov 9) that an employee might have misappropriated S$35,000 from a wholly owned subsidiary and S$324,000 from two clients.

In a bourse filing, the group said it has been alerted about a potential embezzlement of funds belonging to its unit F Innovators Singapore and two unidentified companies that this subsidiary provides services to.

Food Innovators did not provide the name or position of the employee.

As at Nov 9, a total of S$359,000 was suspected to have been misappropriated based on preliminary investigations.

However, this is not expected to have a material impact on the group’s financial position or results for FY2026 ended Feb 28, 2026 or FY2027, Food Innovators said.

This initial assessment may be revised depending on the progress and outcome of the investigations, said the group, which operates real estate subleasing and restaurant businesses.

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Meanwhile, the company is appointing advisers and evaluating its legal options.

Food Innovators shares closed unchanged at S$0.175 on Friday. The market was closed on Monday due to the Deepavali public holiday.