ValueMax Group has discovered a probable case of criminal breach of trust by an employee at one of its outlets after an internal review.
The pawnbroker, which also sells and trades second-hand jewellery, gold and watches, says it has filed a police report on Oct 24 but did not not reveal the location of the outlet.
ValueMax, which has 22 stores according to its website, believes this is an isolated case where none of the pledges at the outlet were affected and the amount involved is anticipated to be less than 0.3% of the group’s net tangible assets.
As such, the case is not expected to have a material impact on the financials of the group for the year ending Dec 31.
“The company will monitor the progress of the police investigation and make further announcements when necessary,” it adds in the SGX filing.
ValueMax closed 1.9% lower at 26 cents on Friday.
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The pawnbroker, which also sells and trades second-hand jewellery, gold and watches, says it has filed a police report on Oct 24 but did not not reveal the location of the outlet.
ValueMax, which has 22 stores according to its website, believes this is an isolated case where none of the pledges at the outlet were affected and the amount involved is anticipated to be less than 0.3% of the group’s net tangible assets.
As such, the case is not expected to have a material impact on the financials of the group for the year ending Dec 31.
“The company will monitor the progress of the police investigation and make further announcements when necessary,” it adds in the SGX filing.
ValueMax closed 1.9% lower at 26 cents on Friday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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