SINGAPORE (Mar 9): Accrelist has on Mar 6 responded to queries from Singapore Exchange (SGX), after the group avoided most of the questions on Mar 5.
See: Accrelist declines to spill the tea on alleged corruption offence
To recap, Accrelist’s executive chairman Terence Tea along with two other Jubilee senior management, have been requested on Feb 25 by the Corrupt Practices Investigation Bureau (CPIB) to assist with a corruption probe.
The investigations relate to certain expenses incurred and a payment made by Honfoong Plastic Industries (HFPL) during the Lunar New Year period. Jubilee, a subsidiary of Accrelist, holds a 70% stake in HFPL.
Last Friday, Accrelist revealed that the other two individuals who were requested by the CPIB to assist in the investigation are senior vice president for the mechanical business unit of Jubilee, Serene Tea Lay Sin and business development and project management for the Mechanical Business Unit of Jubilee, Natasha Nadia Teh.
The questions posed by CPIB were focused on an annual red packet worth $5,000 given by HFPL to a customer. Jubilee said that this has been Honfoong’s practice for several years.
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And even after Jubilee’s acquisition of HFPL on Oct 1, 2018, the group decided to “keep up with the Chinese New Year tradition” and gave the customer the $5,000 red packet at the dinner.
CPIB also questioned about the Chinese New Year dinner and the drinks expenses that were incurred during the gathering where the customer was present. Terence, Serene and Natasha have denied any wrongdoing and provided explanations to the CPIB.
The group also said that the red packet and “minor expenses” spent on dinner and drinks are not material to Jubilee’s financial position.
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Terence, along with Serene have both posted bail and initially surrendered their passports, but CPIB later released them, following the paper bail sum being increased from $10,000 to $20,000.
CPIB also withheld Terence’s and Serene’s mobile phones, Serene’s laptop and some financial records in relation to the subject matter of the investigation.
