Crystal Jade holding companies placed under receivership; restaurants remain open

SINGAPORE: Crystal Jade restaurants will continue operating and serving diners even as the restaurant group's holding companies in Singapore and Hong Kong have been placed under receivership.

Financial and risk advisory firm Kroll said in a news release on Wednesday (Sep 30) that its representatives have been appointed as receivers over Crystal Jade Culinary Concepts Holding Pte Ltd and Crystal Jade Culinary Concepts Holding (Great China) Limited.

The two companies are the holding companies for Crystal Jade's restaurant operations in Singapore and Hong Kong respectively.

Receivership generally involves an appointed receiver taking control of certain assets of a company, typically to protect or recover their value.

The Crystal Jade group has shuttered five outlets in Singapore this year, with the latest being the Crystal Jade Hong Kong Kitchen outlets at The Clementi Mall and Jurong Point.

Crystal Jade's website now lists 13 restaurants in Singapore across its six brands.

REVIEW OF CRYSTAL JADE BUSINESS UNDERWAY

Kroll said that its representatives are reviewing the group's financial and operational affairs, including assessing strategic options for its portfolio of brands, restaurants and businesses.

The review aims to stabilise the business and preserve its value.

It also said that stakeholders will be engaged regarding potential restructuring "as and when appropriate".

In the meantime, Crystal Jade restaurants will remain open, with "key members" of the management team continuing to oversee restaurant operations, it added.

The statement did not give details on the circumstances leading to the receivers' appointments, Crystal Jade's financial position, or whether any outlets or jobs could be affected by the review.

Crystal Jade has served diners for more than 30 years, with brands in Singapore that include Crystal Jade Palace, Crystal Jade La Mian Xiao Long Bao and Crystal Jade Hong Kong Kitchen.

Kroll's representatives said that maintaining operational continuity and preserving the value of the business were in the best interests of stakeholders.

Further updates will be provided when appropriate, it added.