SINGAPORE (Mar 5): Terence Tea, executive chairman of Accrelist and its subsidiary Jubilee Industries, along with two other Jubilee senior management, have been requested on Feb 25 by the Corrupt Practices Investigation Bureau (CPIB) to assist with a probe, according to a Mar 3 announcement.
However, the group today seems to have avoided most of the queries from the Singapore Exchange (SGX), citing that it is “still taking time to deliberate on the response, while taking legal advice”.
The investigations relate to certain expenses incurred and a payment made by Honfoong Plastic Industries (HFPL) during the Lunar New Year period. Jubilee holds a 70% stake in HFPL.
As of Mar 3, Accrelist said such expenses and payment are not material to its financial position.
Meanwhile, Tea and one of the management personnel have posted bail in relation to this offence and claims to be providing full assistance to CPIB’s investigation.
SGX queried about the two other senior management personnel assisting in the CPIB investigation; more details on the investigation; the expense and payment made; how the expenses are not material to Jubilee’s financial position; and if Tea’s and the other senior management who posted bail had any documents or devices seized.
The group did not provide details to any of those queries.
It did, however, explain some queries on HFPL’s shareholders and their relation to the management or Jubilee. Accrelist said that HFPL has a share capital of 2 million shares and Wong Liang Tong, Wong Liang Yeo and Koh Cheng Poh owns 450,000 shares, 90,000 shares and 60,000 shares respectively, making up the 30% shareholding that Jubilee does not own.
These three individuals have no relationship with the management, board and Jubilee.
In regards to SGX’s query on the HFPL’s background, based on Jubilee’s understanding, the three individuals started off as apprentices for a company in the business of injection moulding. They subsequently set up HFPL, which was incorporated about 40 years ago.
Jubilee completed its acquisition of HFPL in July 2018. HFPL is principally engaged in plastic injection moulding at its main production plant in Batam, Indonesia. HFPL’s preacquisition management team continues to be involved in the management of the business.
The Edge Singapore has reached out to Accrelist for comments.