CEO fired for stealing $2.8 million from Trendlines subsidiary

In Singapore, Trendlines Group, a start-up incubator with connections to Israel, announced the termination of Anton Wibowo, the CEO and director of its subsidiary, the Trendlines Agrifood Innovation Centre (AFIC), on March 19, 2025. The decision came after an independent investigation revealed that Mr. Wibowo had misappropriated a total of US$2.1 million (approximately S$2.8 million) from the company. The company stated that the funds were primarily deposited into Wibowo's personal bank account and various digital wallets. The investigation also uncovered that nearly US$1.3 million was misappropriated in 2024, while the remainder was taken the previous year. Meanwhile, Trendlines is exploring legal recourse for asset recovery associated with these misappropriations. The investigation was prompted by concerns related to payment procedures and internal control shortcomings within the organization. As part of their response, Trendlines has engaged both internal and external auditors to review the company's practices. Recommendations have been made to reinforce payment approval processes and ensure segregation of duties in bookkeeping. The internal auditor highlighted the need for enhanced oversight on subsidiaries. To further strengthen compliance, Trendlines will conduct refresher training on whistle-blowing procedures, although the company's annual report indicated no whistle-blower reports had been received concerning these financial irregularities. In the interim, group founder Stephen Rhodes has assumed Wibowo's responsibilities while the company searches for a new CEO for AFIC and a permanent chief financial officer to implement the proposed changes. Following the news of these events, shares of Trendlines closed at 3.8 cents, reflecting a decline of 2.56% on March 20.