SG brief: Singapore Kitchen Equipment

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Singapore Kitchen Equipment completed its fact-finding review of the audit of its 2020 financial statements.

The investigation into eight payments totaling S$1.40 million made by Singapore Kitchen Equipment’s majority shareholder QKE Holdings (QKEH) on behalf of the company’s main operating subsidiary Q’son Kitchen Equipment (QKE) in 2018 and 2019 found the transactions were legitimate, according to a filing to SGX.

However, the transactions resulted in QKE’s financial statements being inaccurate, and some documents were altered by certain employees to “simplify” the auditing process, the investigation found.