Electric van leasing firm EVCo to shut after arrest of key execs

EVCO, the joint venture company set up by the business arm of SMRT and a Chinese electric vehicle firm, is being wound up, several months after its two key executives were arrested in connection with a police investigation.

- Lee Nian Tjoe

In a March 1 post on EVCo's LinkedIn page, chairwoman Judy Lee announced the company - owned by Strides Holdings and Dishangtie Green Technology (Hong Kong) - would go into liquidation.

The "difficult decision" was made after "careful consideration, deliberation and thorough evaluation" of the company's financial situation, she said.

"We understand that this news would be disappointing to our staff, customers, shareholders and partners. All staff have been informed, and we are committed to supporting them during this transition," she added.

EVCO's former chief executive officer Fuji Foo and former chief financial officer Janice Low were arrested late in 2023 in connection with a police probe after irregularities were detected, and an internal audit was started.