Trek 2000

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#21
Trading of Trek 2000 shares halted; evidence of round-tripping, phantom sales and altered invoices by founder Henn Tan uncovered

By: PC Lee
24/04/18, 10:49 am

SINGAPORE (Apr 24): RSM Corporate Advisory, the forensic accountants at Trek 2000 International, have uncovered evidence founder CEO and chairman Henn Tan, former CFO Gurcharan Singh were among the parties involved in suspicious transactions including round-tripping, phantom sales and digitally altered invoices and credit notes.

Trek is holding its AGM at 10am this morning. Trading of the stock has been halted after the audit announcement.

To recap, Trek's audit board had appointed RSM in June 2016 to help conduct an independent review into certain IPTs as well as review any suspicious transactions which were the subject of Commercial Affairs Department (CAD) investigations.

More details in https://www.theedgesingapore.com/trading...es-founder



Forensic Accountants Report : http://infopub.sgx.com/FileOpen/Trek%20-...eID=500510
Specuvestor: Asset - Business - Structure.
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#21
Trading of Trek 2000 shares halted; evidence of round-tripping, phantom sales and altered invoices by founder Henn Tan uncovered

By: PC Lee
24/04/18, 10:49 am

SINGAPORE (Apr 24): RSM Corporate Advisory, the forensic accountants at Trek 2000 International, have uncovered evidence founder CEO and chairman Henn Tan, former CFO Gurcharan Singh were among the parties involved in suspicious transactions including round-tripping, phantom sales and digitally altered invoices and credit notes.

Trek is holding its AGM at 10am this morning. Trading of the stock has been halted after the audit announcement.

To recap, Trek's audit board had appointed RSM in June 2016 to help conduct an independent review into certain IPTs as well as review any suspicious transactions which were the subject of Commercial Affairs Department (CAD) investigations.

More details in https://www.theedgesingapore.com/trading...es-founder



Forensic Accountants Report : http://infopub.sgx.com/FileOpen/Trek%20-...eID=500510
Specuvestor: Asset - Business - Structure.
Reply
#22
OMG!Thought this guy was innocent when the suspension was lifted. Well, another counter goes down the drain for me.
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#22
OMG!Thought this guy was innocent when the suspension was lifted. Well, another counter goes down the drain for me.
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#23
Daddy stepped down as Chairman/CEO to comply to SGX's notice of compliance, only to be employed back as consultant for next 3 years. In addition, 30yr old son is selected to become the new chief..

In such founder-dominated companies, a stake for the OPMI is really simply a bet on the capability/integrity of the Founder, and little much else i suppose.


http://infopub.sgx.com/Apps?A=COW_CorpAn...3e6e0549db

http://infopub.sgx.com/Apps?A=COW_CorpAn...21d5a20eee
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#23
Daddy stepped down as Chairman/CEO to comply to SGX's notice of compliance, only to be employed back as consultant for next 3 years. In addition, 30yr old son is selected to become the new chief..

In such founder-dominated companies, a stake for the OPMI is really simply a bet on the capability/integrity of the Founder, and little much else i suppose.


http://infopub.sgx.com/Apps?A=COW_CorpAn...3e6e0549db

http://infopub.sgx.com/Apps?A=COW_CorpAn...21d5a20eee
Reply
#24
I am surprised our regulators have not acted on it. There are evidence linking that the former chairman has committed an offence under an act and yet Trek 2000 is allowed to hire as a consultant.
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#24
I am surprised our regulators have not acted on it. There are evidence linking that the former chairman has committed an offence under an act and yet Trek 2000 is allowed to hire as a consultant.
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#25
(26-05-2018, 02:03 PM)CY09 Wrote: I am surprised our regulators have not acted on it. There are evidence linking that the former chairman has committed an offence under an act and yet Trek 2000 is allowed to hire as a consultant.

This hiring can be construed as a business decision and i don't think it violates any companies act, listing act or SFA etc.
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#25
(26-05-2018, 02:03 PM)CY09 Wrote: I am surprised our regulators have not acted on it. There are evidence linking that the former chairman has committed an offence under an act and yet Trek 2000 is allowed to hire as a consultant.

This hiring can be construed as a business decision and i don't think it violates any companies act, listing act or SFA etc.
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#26
On 8 May 18, one of the independent director resigned becos he was "unable to perform duties due to difficulties in information verification". The company replaced him with a unqualified ID and sent him for lesson. No problem. Father cannot, replace with son. ID does not want to continue, replace with anyone willing. I think I see some sort of pattern.
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#26
On 8 May 18, one of the independent director resigned becos he was "unable to perform duties due to difficulties in information verification". The company replaced him with a unqualified ID and sent him for lesson. No problem. Father cannot, replace with son. ID does not want to continue, replace with anyone willing. I think I see some sort of pattern.
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#27
Looking back, I am blessed that I did not attend this meeting by Financial PR and NextInsight... otherwise, I will lose my pants.

https://nextinsight.net/index.php?option...2&Itemid=1

TREK 2000: Power presentation for NextInsight readers
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#27
Looking back, I am blessed that I did not attend this meeting by Financial PR and NextInsight... otherwise, I will lose my pants.

https://nextinsight.net/index.php?option...2&Itemid=1

TREK 2000: Power presentation for NextInsight readers
Reply
#28
The long arm of the law, finally caught up with Henn Tan and Co. Without its "visionary founder", i guess there isn't anything valuable left in this "tech firm"?

Trek 2000 founder and thumb drive inventor Henn Tan, 3 others charged with cheating, falsifying accounts

SINGAPORE - Trek 2000 International's chairman emeritus and thumb drive inventor Henn Tan and three former officers were on Wednesday (Sept 25) each slapped with three to 16 charges, including cheating and falsification of accounts.

Tan, who founded the company, stepped down in May 2018 as chief executive of the mainboard-listed information technology solutions provider. He faces a total of 15 charges that accuse him of committing offences as far back as 2006.

The 63-year-old was alleged to have committed seven counts of falsification of entries including those pertaining to revenue and net profit in Trek 2000's FY2015 financial statements as well as recording fictitious sales and purchases respectively in 2013 and 2014. This included a conspiracy with then chief financial officer Gurcharan Singh between 2006 and 2011 to create false entries pertaining to licensing income of the group in Trek 2000's financial statements for those years.

https://www.straitstimes.com/business/co...arged-with
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#28
The long arm of the law, finally caught up with Henn Tan and Co. Without its "visionary founder", i guess there isn't anything valuable left in this "tech firm"?

Trek 2000 founder and thumb drive inventor Henn Tan, 3 others charged with cheating, falsifying accounts

SINGAPORE - Trek 2000 International's chairman emeritus and thumb drive inventor Henn Tan and three former officers were on Wednesday (Sept 25) each slapped with three to 16 charges, including cheating and falsification of accounts.

Tan, who founded the company, stepped down in May 2018 as chief executive of the mainboard-listed information technology solutions provider. He faces a total of 15 charges that accuse him of committing offences as far back as 2006.

The 63-year-old was alleged to have committed seven counts of falsification of entries including those pertaining to revenue and net profit in Trek 2000's FY2015 financial statements as well as recording fictitious sales and purchases respectively in 2013 and 2014. This included a conspiracy with then chief financial officer Gurcharan Singh between 2006 and 2011 to create false entries pertaining to licensing income of the group in Trek 2000's financial statements for those years.

https://www.straitstimes.com/business/co...arged-with
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#29
In the last AGM, Henn Tan gave the impression that he would be vindicated.
When asked about the progress of the investigation, he raised his voice and claimed innocence.
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#29
In the last AGM, Henn Tan gave the impression that he would be vindicated.
When asked about the progress of the investigation, he raised his voice and claimed innocence.
Reply
#30
I remember when the Trek 2000 shares were riding high some few years back, the wife of Henn Tan strangely disposed of her shares in the open market and raked in a substantial amount. The public should have followed suit instead of jumping in. Looking back, she must be aware of the company's shares being grossly overvalued. I think there's a strong case of making profits from insider knowledge and the SGX should investigate her involvement as well.
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#30
I remember when the Trek 2000 shares were riding high some few years back, the wife of Henn Tan strangely disposed of her shares in the open market and raked in a substantial amount. The public should have followed suit instead of jumping in. Looking back, she must be aware of the company's shares being grossly overvalued. I think there's a strong case of making profits from insider knowledge and the SGX should investigate her involvement as well.
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