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

MT Newswires06-03

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.

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