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Accrelist, Jubilee executive chairman assisting with CPIB investigations

THE executive chairman of Accrelist Ltd and Jubilee Industries Holdings, along with two Jubilee senior management staff, were requested on Feb 25 to assist with Corrupt Practices Investigation Bureau (CPIB) investigations.

Both companies said they were only able to consult their legal advisers on Feb 28 due to the Covid-19 situation, according to separate regulatory updates on Tuesday.

The investigations relate to certain expenses incurred and a payment made by Honfoong Plastic Industries - a 70 per cent owned Jubilee subsidiary - during the Chinese New Year period.

Jubilee is a subsidiary of Catalist-listed Accrelist.

As at Tuesday, Accrelist and Jubilee said the expenses and payment are not material to their financial position, based on information available which includes the nature and scope of investigations.  

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Terence Tea, the executive chairman of both Accrelist and Jubilee, also holds the position of managing director at Accrelist and chief executive at Jubilee.

Mr Tea and one of the Jubilee senior management staff have posted bail in relation to alleged offences and are providing full assistance to the CPIB with respect to the investigations.

The alleged offences fall under Section 6(b) of the Prevention of Corruption Act (Chapter 241), both statements added.

The boards of both companies have accepted their respective nominating committees' recommendation that Mr Tea and both management personnel should continue their responsibilities and duties to ensure business continuity.

The nominating committees had assessed the situation and are of the view that Mr Tea's roles and responsibilities should continue as normal since investigations are ongoing and no formal charges have been made against any person. His ability in overseeing and managing the companies has not been compromised as well, the companies said. 

Mr Tea has recused himself from the nominating committees' assessments on the matter. 

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

Accrelist shares last traded at 4.6 Singapore cents on Feb 28, while Jubilee shares last traded at five Singapore cents on Feb 27.

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