Trek 2000: Allegations against former CEO likely won’t impact financial statements

Singapore two-dollar bills

Trek 2000 International said Thursday the charges by the Commercial Affairs Department of the Singapore Police Force against its former CEO Henn Tan and three former officers — Poo Teng Pin, Gurcharan Singh and Foo Kok Wah — would likely have no further impact on the company’s financial statements.

“The financial impact of all matters that are subject to the charges has been publicly disclosed” in 2017 and 2018 statements, Trek 2000 said in an exchange filing in response to queries from SGX. “To the best of our knowledge, we do not expect any further financial adjustments in
our financial statements this year.”

The statement from the company followed a Straits Times report that the four former company officers faced allegations of cheating and falsification of accounts, including efforts to deceive external auditors Ernst & Young.

Trek 2000 said the legal action was being brought against its former management was in their personal capacity and was not against the company.

“There were no financial misappropriation and embezzlement or any other matters of such nature arising out of the investigations,” Trek 2000 said. “The company would also like to reiterate that operations at Trek 2000 remain robust and the business continues to perform well despite recent news in the media.”

The company noted it has had a new management team since early last year, while former management is no longer involved in the business.

Singh was previously the company’s chief financial officer, Poo was previously an executive director and Foo was a division president, the Straits Times report said.

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