Surrey Hills Holdings has terminated the employment of its founder and Chief Executive Officer, Pang Gek Teng after she admitted to committing fraud against the company.
The firm, which manages the local grocery chain Surrey Hills Grocer, issued a statement on 28 March 2025 confirming the termination.
“Ms Pang has admitted to certain wrongdoings and fraud committed against the company,” the statement read.
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The company terminated her employment on 26 March 2025, according to information shared on social media platforms.
Surrey Hills Holdings will carry out further investigations to determine the full extent of her wrongdoings and the losses suffered by the company.
Board director Koh Chew Chee will assume Pang’s former responsibilities as CEO in the interim.
The company assured that its business operations will continue without disruption.
Pang’s Response
In response to media queries, Pang expressed disappointment with the current situation but remained proud of her achievements with the company.
She added that she needs time to process what has happened but remains committed to the industry.
In a statement to The Straits Times, Pang said that she was grateful for the support from customers, partners, and employees who believed in the venture.
Company Background
Surrey Hills Grocer, an Australian-inspired grocer and café, was founded by Pang in early 2022 after she left her banking job to become an entrepreneur.
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The chain imports ingredients directly from farms in Australia and currently operates five outlets across Singapore, located in Ion Orchard, Woodleigh Mall, Raffles City, One Holland Village, and VivoCity.
Prior to establishing Surrey Hills Grocer, Pang had experienced five business failures, including ventures in a tour agency, real estate rental, watch business, grain bowl business, and home-cooked food delivery.
In 2021, Pang returned to Singapore with just A$362 (approximately S$320) to her name.
Her breakthrough came when family friend Alvin Lau invested S$400,000 into her business, becoming the founding shareholder of Surrey Hills Grocer.
Financial Performance
Under Pang’s leadership, Surrey Hills Grocer had shown remarkable growth. The company reportedly achieved break-even status within six months of opening its first outlet.
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Its Ion Orchard location, which launched in November 2022, recovered the S$700,000 investment within two months and generated over S$450,000 in monthly revenue.
The company was on track to surpass its 2023 revenue of S$11 million and had been averaging S$1.4 million in monthly sales this year, according to unaudited statements provided before the termination.
Pang had also expanded the business to include a line of pet products called Furry Hills and was working on opening several restaurant concepts.
Despite her termination, it remains unclear whether Pang still holds shares in the company, as being removed from her position doesn’t necessarily mean she has forfeited her ownership stake.
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