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Ron Sim and Osim send legal letter of demand to Trek 2000 International&rsquo s current and former chairmen
Ron Sim alleges fraudulent misrepresentations before he acquired shares of Trek 2000 in 2015
MASSAGE chair and appliance manufacturer Osim International and its founder Ron Sim have named the current and former chairmen of mainboard-listed technology company Trek 2000 International : 5AB -1.37% (Trek) in a legal letter of demand.
In a bourse filing on Wednesday (Dec 11), Trek said the executives named are Wayne Tan, the executive chairman, executive director and group president of Trek, and Henn Tan, the founder and ex-chairman, who stepped down in 2018. Henn Tan is the father of Wayne Tan. The letter alleges that Henn Tan made fraudulent misrepresentations which Ron Sim and Osim relied on to purchase shares of Trek in 2015, and that Sim had been treated &ldquo unfairly and contrary to his legitimate expectations as a minority shareholder&rdquo .
Ron Sim is the founder of massage chair manufacturer Osim International. In August 2015, Osim announced the acquisition of 24 million ordinary shares and four million treasury shares of Trek.
Legal battle looming
Wayne Tan has engaged a legal counsel and &ldquo intends to take all appropriate steps to vigorously contest the legal matter&rdquo .
Trek said its board is of the view that the allegations have no basis and this legal matter is of no relevance to Wayne Tan during the period of share purchase. It added that the Nominating Committee of the board (excluding Wayne Tan) has assessed that he is suitable to continue in his present role.
In 2022, Henn Tan was sentenced to one year and four months&rsquo jail for accounting fraud that covered up the company&rsquo s dismal financial performance.
Trek has been on the SGX Watchlist since June 2023.
This one quietly doing shares buy-backs and inching up slowly .......
Trek 2000 subsidiary to acquire 20% stake in China Chips Star Semiconductors for US$1.6 mil
Trek 2000 International says its wholly-owned subsidiary, Trek Technology (Singapore), has entered into a share subscription agreement with China Chips Star Semiconductors (CCSS), according to an Oct 9 release.
Under the agreement, Trek Technology is set to acquire a 20% stake or 2,750,000 ordinary shares in CCSS at a consideration of US$1.6 million ($2.1 million).
Upon completion of the proposed acquisition, the group may nominate its representatives to be appointed as director representing no more than one third of the board of directors at CCSS.
CCSS, which focuses on providing a range of high-end industrial storage solutions and enterprise-grade solutions, has &ldquo done well financially&rdquo , reads the release.
For FY2023 ended Dec 31, 2023, CCSS reported a sales revenue of US$5.6 million, operating profit of US$736,000 and net assets of US$2 million.
According to Trek 2000, the proposed acquisition will &ldquo allow the group to have a greater presence in the lucrative China market&rdquo , and will enable both groups to collaborate on research and development.
The acquisition is expected to be funded by the group&rsquo s internal resources.
On a pro forma basis, had the acquisition been completed on Dec 31, 2023, the group&rsquo s net tangible asset (NTA) for FY2023 would have been up at US$28.6 million from US$28.4 million originally. NTA per share would stand at 9.13 US cents from 9.08 cents originally.
Had the acquisition been completed on Jan 1, 2023, Trek 2000&rsquo s earnings would have stood at US$2.8 million from US$2.7 million originally. Earnings per share would have been up at 0.91 US cents from 0.86 US cents originally.
another small float penny soon be the star? 
22.64% rise to $0.065 on 06Oct2023.
Only possible to move up by a profitable financial report.
There are short-sellers around.
Not too long ago, I purchased more of this stock effectively pushing up the price hitting $0.6xx ( not that I wanted to pay so much but there wasn' t a lot of sellers and I have not kept up with this stock I purchased them I believe around 20 years ago ) only to be pushed down to below $0.05 the same day by at least one seller who dumped lots of shares. Needless to say, some existing shareholders who saw the good deal snatched them up within a short while.
There are short-sellers around.
Not too long ago, I purchased more of this stock effectively pushing up the price hitting $0.6xx ( not that I wanted to pay so much but there wasn' t a lot of sellers and I have not kept up with this stock I purchased them I believe around 20 years ago ) only to be pushed down to below $0.05 the same day by at least one seller who dumped lots of shares. Needless to say, some existing shareholders who saw the good deal snatched them up within a short while.
mattohoh ( Date: 17-May-2023 13:41) Posted:
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Thanks bro for your advice. Let?s see whether can hit 0.07 or 0.075 always DYODD
ahberngh ( Date: 17-May-2023 13:27) Posted:
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Did a quick check.
Not trying to be a wet blanket, but these are the issues:
Losses increasing, last year loss 5.7c per share, highly illiquid,
market capitalization only $18M.
Any going concern issue??
Looking at these, I would not touch.
Just my opinion, please dyodd.
Not trying to be a wet blanket, but these are the issues:
Losses increasing, last year loss 5.7c per share, highly illiquid,
market capitalization only $18M.
Any going concern issue??
Looking at these, I would not touch.
Just my opinion, please dyodd.
multi bagger?
tofudidi ( Date: 17-May-2023 13:10) Posted:
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2023 already, multi bagger got chance ?
Listen to you I bought some try try. DYODD
SmallSmall ( Date: 17-May-2023 11:21) Posted:
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$0.065 cleared and become support will see $0.07s later
This illiquid counter will ben the star play for today as all shorts will be buried alive.
Trek 2000&rsquo s ex-CFO jailed, fined for falsifying accounts, forgery, other offences
TREK 2000 International&rsquo s former chief financial officer Gurcharan Singh has been sentenced to 11 months&rsquo jail and fined S$20,000 for falsifying accounts, forgery and not disclosing interested party transactions.
Singh was convicted of eight charges on Monday (Dec 5), with nine other similar charges taken into account in sentencing him.
This comes after Trek 2000&rsquo s : 5AB 0% founder Henn Tan and fomer executive director Poo Teng Pin were convicted of charges in related conspiracies. Tan was sentenced to 16 months&rsquo jail in October, while Poo received nine months.
Investigations by the Commercial Affairs Department revealed that in 2011, mainboard-listed Trek 2000 &ndash known for inventing the thumb drive &ndash had entered into seven transactions valued at approximately US$2.79 million with T-Data Systems. The sole shareholder of T-Data is the wife of Trek 2000&rsquo s Poo, which makes T-Data an interested party in relation to Trek 2000.
However, Trek 2000 &ldquo recklessly failed to make the necessary disclosures&rdquo , and this failure was attributable to Singh&rsquo s neglect, among other things, the Singapore police said in a statement on Monday. &ldquo Singh knew that T-Data was an interested person but did not take any steps to get Trek 2000 to make the necessary disclosures,&rdquo the police said.
Singh also conspired with Tan and Poo to manipulate the company&rsquo s books for the financial year ended Dec 31, 2015, by recording a fictitious sale worth US$3.2 million to Unimicron Technology.
Singh, Tan, Poo and another employee then deceived the company&rsquo s auditors from Ernst & Young into believing the sale was genuine, the police said. The employee is likely then-president of regional sales Foo Kok Wah, who is also facing charges.
Singh instigated an employee to forge two bank advices to support the fictitious Unimicron sale. He and his co-conspirators created a document setting out a false chronology of events relating to the bogus sale.
Earlier in 2011, Tan instructed Singh to record fictitious licensing income in the group&rsquo s accounts, purportedly payable by Toshiba Electronics Asia, to boost the group&rsquo s reputation in the industry, the police said.
Sometime between 2012 and 2013, Singh also conspired with Poo to falsify documents to record the fictitious income. Between February and October 2015, Singh instructed Poo to instruct another employee to fake seven invoices to record a total of US$1.74 million in fictitious licensing income supposedly earned from Toshiba.
Since sometime from June 2015, the group continued to record fictitious licensing income earned from Toshiba and forged invoices to reduce prices for Toshiba&rsquo s IC memory chips, in order to inflate its gross profits. To offset the false increase in gross profits, Singh instructed the forgery of 15 Toshiba invoices and two credit notes to record fictitious operating expenses.
Trek 2000 founder sentenced to 16 months&rsquo jail for offences including cooking the books
TREK 2000 International : 5AB -12.35%&rsquo s founder Henn Tan was sentenced to 16 months&rsquo imprisonment on Tuesday (Oct 11) for engaging in conspiracies to falsify accounts, forge documents and deceive external auditors of the firm that developed the ubiquitous thumb drive.
The 66-year-old former chief executive of mainboard-listed Trek 2000 has been in remand since June, and this period will count towards his jail term.
Asking the court to sentence the accused to at least one year and seven months&rsquo jail, the prosecution said his crimes &ldquo made a mockery of corporate governance in Singapore&rdquo . Offences that affect the integrity of the financial markets therefore warrant a generally deterrent sentence, argued the prosecution.
In response, Tan&rsquo s lawyer Cavinder Bull sought a jail term of 10 months and the Senior Counsel pointed out that the accused had pleaded guilty and thus there was no need for the case to go to trial.
The Singaporean, who shot to prominence as inventor of the revolutionary thumb drive that made the floppy disk obsolete, had earlier pleaded guilty to five charges of engaging in conspiracies to falsify accounts, forging documents to cover his tracks as well as cheating the external auditors, with four other similar charges considered by the court when deliberating on his sentence.
From as far back as between 2006 and 2011, Tan had conspired with then chief financial officer Gurcharan Singh to make false entries in the firm&rsquo s financial statements over some licensing income.
Then, when he realised it would be a dismal fiscal year 2015 for Trek, he conspired with a few senior officers to inflate revenue and pre-tax operating profit by plucking a US$3.2 million sale from thin air, using false documents to support this.
When auditor Ernst & Young confronted Tan and his co-accused about the financial statements, they were deceived and told the sale was genuine and the financial statements had been drawn up properly.
Trek&rsquo s then-president of regional sales Foo Kok Wah and former executive director Poo Teng Pin, as well as Singh have been charged for their roles in these offences. Singh and Foo&rsquo s cases are pending while Poo has been sentenced to nine months&rsquo jail.
Separately, for his negligence in not getting Trek to make immediate announcements required on a total of 24 interested person transactions in 2010 and 2013, Tan was fined S$80,000 in 2020.
He stepped down as CEO after objections were raised by Singapore Exchange in 2018, but he remained as chairman emeritus until 2020. Trek&rsquo s present deputy chairman Wayne Tan is his son.
Trek 2000 says financial position is &lsquo healthy&rsquo , unaffected by founder&rsquo s transgressions
TECHNOLOGY provider Trek 2000 maintains that it is uninvolved in legal charges against the company&rsquo s founder as well as former chairman emeritus and chief executive Henn Tan, as the matter is &ldquo in his personal capacity&rdquo .
Responding to an Aug 15 article from The Business Times, the group said there was no financial impact to the company from these charges - and that the financial position of the company &ldquo continues to be healthy&rdquo .
Based on Trek&rsquo s financial statements for the first half of the fiscal year ended June 2022, the group sank into a net loss of US$6.4 million from its earnings of US$504,000 the previous year.
Revenue fell 64.2 per cent to US$7.4 million from US$20.7 million in H2 FY2021, which the group attributed mainly to the Covid-19 lockdown in China - its main market - along with volatility in foreign exchange rates.
Gross profit margin for the half year decreased to 4 per cent from 7.5 per cent, due to lower sales demand faced in the global market.
In a bourse filing on Tuesday (Aug 23), Trek said it remains unaware of any financial misappropriation from the charges faced by Tan, who earlier this month pleaded guilty to 5 charges of engaging in conspiracies to falsify accounts, forge documents to cover his tracks as well as cheat the external auditors.
The company highlighted that its board has &ldquo taken decisive steps to identify the lapses in internal controls and governance systems&rdquo since the charges first came to light in 2016.
&ldquo After thorough reviews by independent CPA (certified public accounting) firms were concluded up to 2019, the board of directors and the company&rsquo s new executives worked diligently to implement all the recommendations made and strengthen the internal control and governance systems of the company,&rdquo it said.
Adding that a new management team has been in place since early 2018, Trek emphasised that its former management staff who were charged are no longer involved in the day-to-day operations of the company.
Tan stepped down from his role as chief executive following objections by the Singapore Exchange in 2018, but remained as chairman emeritus until 2020.
Trek&rsquo s management team is now helmed by his son and the group&rsquo s deputy chairman, Wayne, who is said by the company to have &ldquo worked diligently to ensure continuity to business operations&rdquo .
Trek ontrack to turnaround, good H1 results:
(+) Rev YoY up 103%
(+) Profit turning around from US$1m loss last year to now profit of US$0.5m.
(+) Net assets continue at 12.6 US cents or 17 SG cents per share with very strong cash position.
Some observations on their strategy shift: Management seems to be steering their business in the right direction.
(+) They started analyzing their biz as solution business (44% customized solution and 56% interactive consumer solution) which is the right direction into the future.
(+) They are starting a new business unit on Renewable Energy sector. R& D investment increased YoY. This is interesting to monitor for progress.
Hope Trek would restart their share purchasing after the earning announcement to support their loyal shareholders.
https://links.sgx.com/1.0.0/corporate-announcements/1KMOVWOSG4GIKD9R/8744081ba3ab5acbd6d664192c80fad890e5c46e6f9427a5e813980507fcb162
(+) Rev YoY up 103%
(+) Profit turning around from US$1m loss last year to now profit of US$0.5m.
(+) Net assets continue at 12.6 US cents or 17 SG cents per share with very strong cash position.
Some observations on their strategy shift: Management seems to be steering their business in the right direction.
(+) They started analyzing their biz as solution business (44% customized solution and 56% interactive consumer solution) which is the right direction into the future.
(+) They are starting a new business unit on Renewable Energy sector. R& D investment increased YoY. This is interesting to monitor for progress.
Hope Trek would restart their share purchasing after the earning announcement to support their loyal shareholders.
https://links.sgx.com/1.0.0/corporate-announcements/1KMOVWOSG4GIKD9R/8744081ba3ab5acbd6d664192c80fad890e5c46e6f9427a5e813980507fcb162
Agree. Waiting for their quarterly earnings announcement. Some time in Aug?
superstartup ( Date: 05-Jul-2021 15:47) Posted:
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This counter just wait for a while more.
Will run soon I think. . . .
Will run soon I think. . . .
looking at its history, most shareholders will be happy if it return the cash and sell the company through a RTO
The Regulator' s reprimand of its directors - is time to move on, return the cash and sell the co throguh a RTO
The Regulator' s reprimand of its directors - is time to move on, return the cash and sell the co throguh a RTO
stanip ( Date: 05-Jul-2021 14:10) Posted:
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