World · Singapore Bureau
Food Innovators probes suspected employee embezzlement of $359,000
The Catalist-listed food technology group has uncovered suspected embezzlement involving a staff member, with losses totalling $359,000 affecting both the company and its clients. The company has not disclosed the employee's identity or role.
LSN Singapore ·
Food Innovators has initiated an investigation into alleged embezzlement by a worker, with preliminary findings pointing to misappropriated funds totalling $359,000, according to a statement from the Catalist-listed group.
The suspected misconduct has affected both the company and its clients, though Food Innovators did not publicly identify the employee in question or specify their position within the organisation. The group stated it is working to recover the funds and has taken appropriate measures in response to the discovery.
Food Innovators, which operates in the food technology sector, said it is cooperating with relevant authorities and conducting a comprehensive review of internal controls and procedures. The company indicated it would provide further updates as the investigation progresses.
The incident highlights concerns around corporate governance and financial oversight, particularly for smaller-cap listed companies on the Catalist board, which features growth companies with less stringent regulatory requirements than the mainboard.