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