Vin’s Holdings settles $44,300 irregular transactions tied to ex-GFC tenure

The company settles irregular payments linked to former finance chief with instalment plan.

Vin’s Holdings Ltd has agreed a settlement with a former employee over irregular transactions amounting to $44,300, with payment to be made through an initial lump sum and subsequent instalments.

The company said in an SGX announcement that it received an initial payment of $26,300 by 30 April 2026, with the remaining $18,000 to be paid in six monthly instalments of $3,000 starting 29 May 2026.

The former employee will also pay professional fees linked to the irregular transactions through 12 monthly instalments beginning 29 November 2026.

Under the settlement terms, any default on instalments will make the outstanding balances immediately payable.

It also retains the right to recover additional sums and professional fees if further irregular transactions are identified involving the entity or the former employee.

The board said the irregular transactions involved four payments to an entity controlled by a former key executive officer between 13 October 2025 and 27 March 2026.

The company confirmed that the transactions took place during the tenure of the former Group Financial Controller (GFC), Koit Ven Jee, who held the role from 19 May 2025 to 15 April 2026.

In response to queries from the Singapore Exchange Securities Trading Limited, the company said the finance and accounting functions now sit under a finance team leader reporting directly to the CEO following the cessation of the former GFC.

The company has introduced interim controls requiring executive chairman or CEO approval for new vendor onboarding and first-time payments, regardless of amount.

It has also implemented monthly transaction reviews and reviews of the master vendor list.

The board said suspicious transactions or vendors will be escalated to the CEO and reviewed by the finance team and audit committee.

Vin’s Holdings has also appointed an internal auditor to conduct a special investigation audit.

Management is working with the audit committee and internal auditors on preliminary findings and drafting responses with remediation measures, timelines, and assigned responsibilities.

The company said it targets completion of the audit report by 15 May 2026 and aims to complete remediation measures by 1 June 2026.

It also said recruitment for a permanent GFC is ongoing, with an appointment expected within three to six months.

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