Trendlines Group probes Singapore subsidiary for misappropriation of funds

The misappropriations were carried out by the subsidiary’s CEO.

The Trendlines Group has probed its Singapore subsidiary, Trendlines Agrifood Innovation Centre (AFIC) for misappropriation of funds.

The company engaged an external audit firm to assist in conducting an independent investigation which found that the employee involved in the misappropriations was Anton Wibowo, CEO of AFIC and director of Trendlines Agrifood Fund.

The misappropriations occurred at AFIC, Agrifood Fund, and a portfolio company (Targeted Entities) involving an aggregate amount of approximately $1.6m (US$1.2m).

The misappropriations were carried out by Anton and the majority of the amounts were appropriated from the Targeted Entities to Wibowo’s personal bank account and various digital wallets that belonged to him.

Consequently, the company has terminated the employment of Wibowo and will search for a suitable replacement as CEO of AFIC whilst Stephen Rhodes, the group’s founder and chair emeritus, will be the interim CEO.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia