SINGAPORE – The holding companies of restaurant group Crystal Jade’s operations in Singapore and Hong Kong have been placed under receivership, with advisory firm Kroll reviewing the group’s financial and operational affairs.
Receivership generally involves an independent party being appointed to take control of some or all of a company’s assets, typically when it is unable to meet its financial obligations.
Kroll said on Sept 30 that its representatives have been appointed as receivers over Singapore-incorporated Crystal Jade Culinary Concepts Holding and Hong Kong-incorporated Crystal Jade Culinary Concepts Holding (Great China).
“The representatives are undertaking a review of the group’s financial and operational affairs, including assessing strategic options available for its portfolio of brands, restaurants and businesses with a view to stabilise the business and preserve value,” said Kroll.
“Stakeholders will be engaged regarding potential restructuring as and when appropriate.”
In Singapore, the group recently closed its outlets at The Clementi Mall, Jurong Point and Great World, bringing the home-grown Chinese restaurant group’s total number of shuttered outlets in 2026 to five.
The group has about 13 outlets in operation here, as listed on its website.
Kroll added that key members of Crystal Jade’s management team will continue to oversee the Group’s restaurant operations.
“Customers can continue to enjoy the dining experience at Crystal Jade restaurants,” it said.
