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

A S$5,000 hongbao (red packet) to a customer was one of the focal points in a recent Corrupt Practices Investigation Bureau (CPIB) probe involving the executive chairman of Accrelist and its subsidiary Jubilee Industries Holdings, Terence Tea, and two Jubilee senior management staff. 

One of the two Jubilee senior staff is Serene Tea Lay Sin, who is Mr Tea's sister and senior vice-president for the company's mechanical business unit.

The other staff is Natasha Teh, who handles business development and project management for Jubilee's mechanical business unit, both companies shared in separate announcements on Friday night.

The companies said the questions posed by CPIB were focused on an annual S$5,000 hongbao Honfoong Plastic Industries - a Jubilee subsidiary - gave to a customer during a dinner.

The hongbao is part of a Chinese New Year tradition, which Jubilee understands has been Honfoong Plastic's practice for several years, it said.

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

Honfoong Plastic is 70 per cent owned by Jubilee - which is in turn wholly owned by Catalist-listed Accrelist.

Mr Tea, Ms Tea and Ms Teh have denied any wrongdoing and provided explanations to the CPIB, the statements added.

Ms Tea was also revealed to be the other senior management staff who posted bail with Mr Tea. Their passports were initially surrendered to the CPIB, but were later released after the paper bail sum was raised to S$20,000 from S$10,000.

The CPIB had withheld Mr Tea's and Ms Tea's mobile phones, Ms Tea's laptop and some financial records relating to the matter during the course of its probe.

Mr Tea holds the position of managing director at Accrelist and chief executive at Jubilee, on top of his executive chairman remit at both companies.

Accrelist shares dived 32.4 per cent or 1.2 Singapore cents to 2.5 cents as at 11.01am on Monday. Catalist-listed Jubilee's shares last traded at S$0.05 on March 4.