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News - Detailed News Story

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

11 Mar 2020 09:00

By Vivienne Tay

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

One of the two Jubilee senior staff members is Serene Tea Lay Sin, Mr Tea's sister and senior vice-president for the company's mechanical business unit. The other is Natasha Teh, who handles business development and project management for Jubilee's mechanical business unit.

To queries from the Singapore Exchange, Jubilee and Accrelist revealed late on Friday night that CPIB's investigations were focused on a S$5,000 hongbao that Honfoong Plastic Industries - a Jubilee subsidiary - gave a customer at a dinner.

The hongbao is part of a Chinese New Year tradition, and Jubilee understands this gift of money has been Honfoong Plastic's practice for several years.


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Source: Business Times
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