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CPIB investigation into Exec Chairman
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BlueKnight
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09-Mar-2020 12:36
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Implicated because of $5k DnD ang pow money ... haha ...
https://www.businesstimes.com.sg/companies-markets/accrelist-cpib-probing-s5000-annual-hongbao-to-units-customer |
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BlueKnight
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03-Mar-2020 12:48
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TUE, MAR 03, 2020 - 9:31 AM (Singapore Press Holding) 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. 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. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxSGX ANNOUCEMENTxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx The Board of Directors (" Board" ) of Accrelist Ltd. (" Company" ) and its subsidiaries, (collectively, the " Group" ) wish to announce that it has been informed by the Company' s Executive Chairman and Managing Director, Mr. Terence Tea Yeok Kian (" Terence" ) that he, together with two other senior management personnel of Jubilee Industries Holdings Ltd. (&ldquo Jubilee&rdquo ) (&ldquo Management Personnel&rdquo ), were requested on 25 February 2020 by the Corrupt Practices Investigation Bureau (" CPIB" ) to assist in investigations (&ldquo Investigations&rdquo ). Due to the COVID-19 situation and scheduling, the Company was only able to arrange for consultation with its legal advisers on 28 February 2020. The Investigations relate to certain expenses incurred and a payment made by Honfoong Plastic Industries Pte. Ltd., (&ldquo HF&rdquo ) during the Lunar New Year period. Jubilee, a subsidiary of the Company, holds a 70% shareholding interest in HF. As at the date of this announcement, the Company understands that based on the information available, including the nature and scope of Investigations, such expenses and payment are not material to the Company&rsquo s financial position. The Company has also been informed that Terence and one of the Management Personnel have posted bail in relation to alleged offences under the Section 6(b) of the Prevention of Corruption Act (Chapter 241) and that they are providing full assistance to the CPIB in respect of its Investigations. The Nominating Committee (&ldquo NC&rdquo ) (with Terence recusing himself) has assessed the present situation and is of the view that as the Investigations are still ongoing and no formal charges have been made against any person, Terence&rsquo s roles and responsibilities as Executive Chairman and Managing Director of the Company should continue as normal his ability to oversee and manage the Company has not been compromised. The Board has accepted the NC&rsquo s recommendation and is of the view that Terence and both of the Management Personnel should continue to discharge their responsibilities and duties in the operation of the Group' s businesses to ensure business continuity. The Board will reassess its position where appropriate in due course. The Company will keep shareholders updated as and when there are any material developments on this matter. Shareholders are advised to exercise caution in trading their shares in the Company. The Company will make the necessary announcements as and when there are further developments. Shareholders should consult their stock brokers, bank managers, solicitors or other professional advisers if they have any doubt about the actions that they should take. BY ORDER OF THE BOARD Lee Wei Hsiung Company Secretary 3 March 2020 |
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