Osim founder sends legal demand to Trek 2000 executives over fraud allegations
SINGAPORE, Dec 12 — Osim founder Ron Sim has issued a legal demand to Trek 2000’s current and former chairmen, alleging fraudulent misrepresentation during his 2015 share purchase.
Channel News Asia (CNA) reported that the demand targets Wayne Tan, Trek 2000’s executive chairman, and Henn Tan, the firm’s founder and former chairman.
In a statement filed with the Singapore Exchange yesterday, Trek 2000 — the company known for inventing the thumbdrive — disclosed the legal move.
The demand claims Sim, a minority shareholder with 9.06 per cent of the company, was treated unfairly and misled into buying Trek 2000 shares in 2015.
Sim’s investment, made through lifestyle company Osim, involved acquiring 24 million ordinary shares and one million treasury shares at S$0.43 each.
The accusations stem from events in late 2015 when Henn Tan and other executives falsified company statements.
Henn Tan was convicted in 2022 and sentenced to jail, along with other Trek 2000 executives, for offences related to these actions.
Trek 2000’s board dismissed the allegations as baseless, stating they have no relevance to Wayne Tan, who was not chairman during the share purchase.
The board further affirmed that Wayne Tan would remain in his current roles, including executive chairman and group president, while engaging legal counsel to contest the case.
The nomination committee, excluding Wayne Tan, found no reason to question his ability to fulfil his duties, noting his role will be unaffected by the legal proceedings.
Trek 2000 added it will monitor the legal developments closely.
The case highlights the ongoing fallout from the company’s financial misconduct in 2015, which has already led to leadership changes and legal penalties.
Trek 2000’s stock ended trading at S$0.072 yesterday.
