Jubilee Industries CEO Terence Tea 'discharged from bail'

JUBILEE Industries executive chairman and chief executive Terence Tea has been "discharged from bail", the company announced as a clarification to queries from the Singapore Exchange on Tuesday (Jan 18).

Catalist-listed Accrelist, which owns Jubilee, had announced on Jan 11 that Tea had been discharged by the Corrupt Practices Investigation Bureau (CPIB). Tea was also managing director and executive chairman of Accrelist.

The CPIB investigation related to a S$5,000 hongbao that Honfoong Plastic Industries, which is 70 per cent owned by Jubilee, gave to a customer at a dinner. Jubilee had said that it understood that this gift of money had been Honfoong Plastic's practice for several years.

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