The investigations relate to certain expenses incurred and a payment made by Honfoong Plastic Industries (HFPL) during the Lunar New Year period. Jubilee holds a 70% stake in HFPL.
SINGAPORE (Mar 5): Terence Tea, executive chairman of Accrelist and its subsidiary Jubilee Industries, along with two other Jubilee senior management, have been requested on Feb 25 by the Corrupt Practices Investigation Bureau (CPIB) to assist with a probe, according to a Mar 3 announcement.
However, the group today seems to have avoided most of the queries from the Singapore Exchange (SGX), citing that it is “still taking time to deliberate on the response, while taking legal advice”.
