Trendlines Group probes Singapore subsidiary for misappropriation of funds

The misappropriations were carried out by the subsidiary’s CEO.

The Trendlines Group has probed its Singapore subsidiary, Trendlines Agrifood Innovation Centre (AFIC) for misappropriation of funds.

The company engaged an external audit firm to assist in conducting an independent investigation which found that the employee involved in the misappropriations was Anton Wibowo, CEO of AFIC and director of Trendlines Agrifood Fund.

The misappropriations occurred at AFIC, Agrifood Fund, and a portfolio company (Targeted Entities)  involving an aggregate amount of approximately $1.6m (US$1.2m).

The misappropriations were carried out by Anton and the majority of the amounts were appropriated from the Targeted Entities to Wibowo’s personal bank account and various digital wallets that belonged to him.

Consequently, the company has terminated the employment of Wibowo and will search for a suitable replacement as CEO of AFIC whilst Stephen Rhodes, the group’s founder and chair emeritus, will be the interim CEO.