Trek 2000 Intl
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Trek 2000--- the next multi bagger 2014/2015
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Trek 2000 founder Henn Tan pleads guilty to Securities and Futures Act violations
TREK 2000 International&rsquo s founder Henn Tan on Monday pleaded guilty to two counts of negligently failing to make immediate announcements on interested person transactions.
As the then-chief executive officer (CEO) of the mainboard-listed technology firm, Tan in 2010 and 2013 negligently failed to make the required immediate announcements on 24 interested person transactions relating to sales between the group and related companies S-Com Solutions (Hong Kong) and T-Data Systems.
Tan has another four similar charges, which were taken into consideration at sentencing. The 63-year-old was fined S$80,000.
Apart from these violations of the Securities and Futures Act, the one-time poster boy for Singapore technology innovation also faces multiple offences involving falsification of accounts, cheating external auditors and forgery. These would be dealt with on a later date.
Tan stepped down in May 2018 as CEO of Trek 2000, and has also stepped down as chairman emeritus of the company. His son, Wayne Tan Joon Yong, is the group president and executive director.
Trek 2000 is known for its revolutionary thumbdrive, which was invented in 2000 and upended the floppy disk.
Trek 2000 board guides for Q1 net loss
THUMB drive manufacturer Trek 2000 International will likely post a first-quarter net loss for the three months to March 31, the board disclosed on Monday.
Based on a preliminary review of its unaudited results, the board blamed lower fair value of the group&rsquo s investments for the expected quarterly loss, as it fingered &ldquo the negative impact to the investment and equity market&rdquo from the deadly coronavirus pandemic.
Trek 2000 to revise FY2019 profit after tax to loss
THU, APR 30, 2020 - 11:49 PM
EMBATTLED Trek 2000 International will be revising its profit after tax for FY2019 to a loss after tax due to material audit adjustments, the company said in a bourse filing on Thursday.
It had announced on Feb 28 a net profit of US$54,000 for FY2019 ended December, on the back of US$25 million in revenue.
The audit adjustments include further tax provision for a certain tax concession under consideration, fair-value adjustments on unquoted investments and other smaller adjustments. These are in line with the conservative accounting approach the company is adopting, Trek 2000 said.
In September last year, TREK 2000&rsquo s founder Henn Tan and three former officers each faced charges, including those for falsification and cheating independent auditors into believing that the company' s financial statements had been properly drawn up.
Further detail of the variances between Trek 2000&rsquo s preliminary unaudited full-year results announcement and audited financial results will be disclosed once the audit is completed.
https://www.businesstimes.com.sg/companies-markets/trek-2000-to-revise-fy2019-profit-after-tax-to-loss
So many scam stocks uncovered. SGX is truly a Circus filled with Clowns..................
Trek 2000 posts 80% fall in 1Q earnings with CAD probe ongoing
08/05/19, 07:47 am
SINGAPORE (May 8): Trek 2000 International, which is being investigated by the authorities for alleged fraudulent transactions and listing breaches, reported 1Q earnings fell 79.7% to US$112,000 ($153,000) from a year ago.
The fall in earnings was in tandem with a 48.9% fall in revenue to US$4.29 million.
Trek 2000 is assisting the Commercial Affairs Department (CAD) in its ongoing investigations related to the existence of &ldquo round-tripping&rdquo interested party transactions (IPTs) involving the group and its subsidiaries, which started in 2016.
Trek 2000 has said that it may have to make changes to financial statements for FY2015 and FY2016, depending on the outcomes of the investigations, as the suspicious deals could have caused group sales in those fiscal years to be overstated.
In its outlook, Trek 2000 says the industry to remain challenging in the next 12 months and will use its net cash and investment positions to fund business expansion and higher returns in the short and long term, while also looking at strategic partnerships and tackling consumer wearable, medical and cloud technologies markets.
https://www.theedgesingapore.com/trek-2000-posts-80-fall-1q-earnings-cad-probe-ongoing
This thread title is hilarious..............................
" Trek 2000--- the next multi bagger 2014/2015"
On paper balance sheet looks ok.
P& L loss. CAD investigation pending. Watchlist also.
But company has been doing share-backs.
Trading below cash and NAV.
TREK 2000 INTERNATIONAL LTD Company No. 199905744N (Incorporated in the Republic of Singapore)
NOTIFICATION OF INCLUSION ON THE WATCH-LIST DUE TO THE MINIMUM TRADING PRICE (&ldquo MTP&rdquo ) ENTRY CRITERION WITH EFFECT FROM 5 DECEMBER 2018
The Board of Directors (the &ldquo Board&rdquo ) of Trek 2000 International Ltd would like to inform shareholders of the Company that the Singapore Exchange Securities Trading Limited (the &ldquo Exchange&rdquo ) has notified the Company on 4 December 2018 that it would be placed on the Watch-list due to the Minimum Trading Price (&ldquo MTP&rdquo ) Entry Criterion with effect from 5 December 2018.
The Company will have to meet the requirements of Rule 1314(2) of the Listing Manual within 36 months from 5 December 2018, failing which the Exchange would delist the Company or suspend trading in the Company&rsquo s shares with a view to delisting the Company. In this regard, Listing Rule 1314(2) states that the issuer will be assessed by the Exchange for removal from the Watch-list if it records volumeweighted average price of at least S$0.20 and an average daily market capitalisation of S$40 milion or more over the last 6 months. Following the Company&rsquo s inclusion in the Watch-list, the Company is required to provide a quarterly update on its efforts and the progress made in meeting the exit criteria of the Watch-list.
Shareholders and investors are advised to exercise caution when dealing in the shares of the Company. Persons who are in doubt as to the action they should take should consult their stockbroker, bank manager, solicitor, accountant or other professional advisers.
By Order of the Board
Khor Peng Soon Non-Executive Chairman
another one bits the dust.
jail for sure if guilty.
waters ( Date: 28-Apr-2018 17:14) Posted:
| https://www.theedgesingapore.com/forensic-auditors-uncover-round-tripping-sales-phantom-products-lax-bookkeeping-and-altered-invoices?utm_source=Singapore+Market+Report& utm_campaign=8cbc4b3da3-EMAIL_CAMPAIGN_2018_04_23& utm_medium=email& utm_term=0_46b7beec93-8cbc4b3da3-90701389 |
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https://www.theedgesingapore.com/forensic-auditors-uncover-round-tripping-sales-phantom-products-lax-bookkeeping-and-altered-invoices?utm_source=Singapore+Market+Report& utm_campaign=8cbc4b3da3-EMAIL_CAMPAIGN_2018_04_23& utm_medium=email& utm_term=0_46b7beec93-8cbc4b3da3-90701389
https://www.theedgesingapore.com/issues-trek-2000-notice-compliance-stripping-tan-and-foo-appointments?utm_source=Singapore+Market+Report& utm_campaign=df37a4d7ae-EMAIL_CAMPAIGN_2018_04_27& utm_medium=email& utm_term=0_46b7beec93-df37a4d7ae-90565217
Good detailed summary from RSM:
http://infopub.sgx.com/FileOpen/Trek%20-%20Forensic%20Accountants%20Report%2020180423.ashx?App=Announcement& FileID=500510
RSM did a good job uncovering all the fictitious transactions. I am now assured that companies audited by RSM will be of good and sound quality even though it is a mid tier firm as compred to big four
How much need is there for such a scheme in the first place? Just wonder how many more monkeys are still out there personally enjoying the fruits (including more with false claims?) in the name of productivity. At the end of the day who pays? GST going up soon .....
peanut ( Date: 26-Apr-2018 14:01) Posted:
Funny such a big company also can any how claim PIC, thought only small biz get caught.
Sgvale ( Date: 25-Apr-2018 16:27) Posted:
| This one fraud, fund misapropriate, forgery. Any how claim PIC credit . All roll in one..........Or somemore coming? |
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Funny such a big company also can any how claim PIC, thought only small biz get caught.
Sgvale ( Date: 25-Apr-2018 16:27) Posted:
| This one fraud, fund misapropriate, forgery. Any how claim PIC credit . All roll in one..........Or somemore coming? |
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This one fraud, fund misapropriate, forgery. Any how claim PIC credit . All roll in one..........Or somemore coming?
just 1 report drop so much
bernardc ( Date: 25-Apr-2018 09:34) Posted:
this one can also sing..cry me to the moon..............
rockman88 ( Date: 25-Apr-2018 09:25) Posted:
| This one cook books still got $ to give dividend ah? |
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this one can also sing..cry me to the moon..............
rockman88 ( Date: 25-Apr-2018 09:25) Posted:
| This one cook books still got $ to give dividend ah? |
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This one cook books still got $ to give dividend ah?
alot of ppl panic sell.
going to catch shortist
Not Only S Chip.........
