The employee alleged to have stolen US$2.1 million from a subsidiary of Trendlines Group was the unit’s chief executive officer and director, Anton Wibowo, the startup incubator based in Singapore and Israel said on Wednesday (Mar 19) evening.
Trendlines : 42T -2.78% said it has terminated Wibowo’s employment and is considering legal recourse in relation to the misappropriations.
This will include any steps deemed feasible for asset recovery, the Catalist-listed company said, adding that it will update shareholders separately if successful.
The group said that the misappropriations took place at the Trendlines Agrifood Innovation Centre (AFIC) – where Wibowo was CEO and director – Trendlines Agrifood Fund, and a portfolio company.
Wibowo was also the director of Agrifood Fund, which is managed by AFIC.
Trendlines said Wibowo deposited the majority of the misappropriated amounts into his personal bank account and various digital wallets that belonged to him.
Based on the company’s annual report issued on Mar 13, nearly US$1.3 million was misappropriated in 2024. The rest of the amount was taken the year before.
These findings were the result of an independent investigation by an external audit firm.
Trendlines’ audit committee also engaged its internal auditor to carry out a review of the payment procedures and internal controls of the group.
