THE board of Catalist-listed Accrelist announced on Tuesday (Jan 11) that its managing director and executive chairman Terence Tea had been discharged by the Corrupt Practices Investigation Bureau (CPIB).

Tea is also executive chairman and chief executive officer of Accrelist's subsidiary Jubilee Industries Holdings. 

The investigations relate to a S$5,000 hongbao that Honfoong Plastic Industries, a Jubilee subsidiary, gave a customer at a dinner. The hongbao is part of a Chinese New Year tradition, and Jubilee understood that this gift of money had been Honfoong Plastic's practice for several years.

Honfoong Plastic is 70 per cent owned by Jubilee, which is in turn wholly owned by Accrelist.

The CPIB also raised questions on a Chinese New Year dinner and drinks expense incurred during the gathering where the customer was present.

The boards of Accrelist and Jubilee Industries thanked shareholders of the company for their continued support as Tea continues to "lead the company forward".

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Formerly known as WE Holdings, Accrelist changed its name on Nov 11, 2016 to reflect its new focus on "corporate accretion services".

Catalist-listed Jubilee's main business is the distribution of electronics components, plastic injection moulding, mould design and fabrication services.

Accrelist shares closed down S$0.002 or 3.5 per cent at S$0.055 on Tuesday; Jubilee Industries shares ended at S$0.057, up S$0.005 or 9.6 per cent.

READ MORE:

• Accrelist: CPIB probing S$5,000 annual hongbao to unit's customer

• Accrelist chairman assisting with CPIB probe