Trendlines Fires Subsidiary's CEO for Allegedly Misappropriating $2.8 Million

The employee alleged to have stolen US$2.1 million (S$2.8 million) from a subsidiary of Trendlines Group was the unit's chief executive and director, Mr Anton Wibowo, the start-up incubator based in Singapore and Israel said late on March 19.

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Trendlines said it has terminated Mr Wibowo's employment and is considering legal recourse in relation to the misappropriations.

This will include any steps deemed feasible for asset recovery, the Catalist-listed company said, adding that it will update shareholders separately if successful.

The group said the misappropriations took place at the Trendlines Agrifood Innovation Centre (AFIC) - where Mr Wibowo was CEO and director — Trendlines Agrifood Fund, and a portfolio company.

Mr Wibowo was also the director of Agrifood Fund, which is managed by AFIC.