FINWIRES · TerminalLIVE
FINWIRES

Vin's Holdings Concludes Special Investigation Audit Tied to Ex Senior Employee; Shares Slide 7%

By

Vin's Holdings (SGX:VIN) has concluded its special investigation audit over irregular transactions linked to a former senior employee and confirmed fraud risk indicators, according to a Tuesday filing with the Singapore Exchange.

Shares of the integrated automotive solutions provider were down over 7% in Wednesday trading.

The audit confirmed potential conflicts of interest and gaps in HR onboarding controls, with the former senior employee bypassing established controls on the basis of his seniority.

However, the company's external auditor confirmed that the irregular transactions carried no material impact on the financials.

Following the review, the company has implemented a set of controls, which include in-depth pre-hiring background checks.

Related Articles

Asia

ValueMax Group Issues Shares on Exercise of Warrants

ValueMax Group (SGX:T6I) allotted and issued 8,000 shares on Wednesday pursuant to the exercise of the same number of warrants at SG$0.36 each, according to a same-day filing with the Singapore Exchange.Following the exercise, the company's share capital has increased to about 964.9 million shares, the filing said.

$SGX:T6I
Asia

US Seeks Comments on China Trade Board

The U.S. Trade Representative (USTR) launched a public comment period to gather input on establishing a new bilateral governance framework, referred to as the U.S.-China Board of Trade.The framework is designed to manage trade relations between the two countries on an ongoing basis, according to a Tuesday press release.The USTR is seeking public feedback on specific categories of non-sensitive products that could benefit from tariff adjustments on both sides, with the goal of achieving a more balanced and reciprocal trade relationship.The deadline for comment submission is July 10. Responses to those comments are due July 27.

$^SSEC$^SZSE
Asia

Matrix Composites & Engineering Calls Shareholder Meeting to Vote on Advanced Innergy Deal

Matrix Composites & Engineering (ASX:MCE) said Australia's Federal Court ordered the company to convene a shareholder meeting to vote on Advanced Innergy Holdings' (ASX:AIH) proposed acquisition of Matrix, according to a Wednesday filing with the Australian bourse.The court also approved Matrix distributing an explanatory statement with details on the scheme of arrangement. The booklet will be released on June 4.Matrix has scheduled the shareholders' meeting for July 6. The company's board continues to unanimously recommend that shareholders approve the deal.

$ASX:AIH$ASX:MCE