[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 Wednesday (Sep 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.”
Crystal Jade’s current shareholders include entities by Affirma Capital and L Capital Asia, which is the Asian private equity arm backed by luxury conglomerate LVMH.
The Straits Times understands that the receivership is part of a process to facilitate L Capital Asia’s eventual exit from Crystal Jade, though it is unclear why receivership was chosen as part of the exit process.
In Singapore, the group recently closed its outlets at The Clementi Mall, Jurong Point and Great World, bringing the homegrown Chinese restaurant group’s total number of shuttered outlets in 2026 to five.
The group has 13 outlets in operation here, as listed on its website.
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One of its entities, Crystal Jade Fine Dining, was recently charged for failing to submit its complete income tax return on time without a reasonable excuse, which is an offence under the Income Tax Act.
Kroll added that key members of Crystal Jade’s management team will continue to oversee the group’s restaurant operations.
In response to queries from The Straits Times, the Kroll representatives confirmed that “it is not a closure of the business, and Crystal Jade is not exiting the food and beverage market”.
Similarly, a Crystal Jade spokesperson told The Straits Times that “customers can continue to enjoy the same quality, service and dining experience at Crystal Jade restaurants”.
“Throughout this period, the group remains committed to ensuring smooth continuity of service to its customers, while preserving Crystal Jade’s brand and its value,” he added.
When The Straits Times visited Crystal Jade’s Takashimaya outlet just after 2 pm on Wednesday, diners were seen having lunch as usual.
Staff at the outlet said it was expected to remain open, but did not provide further details.
One diner, who declined to be named, said she was there for the restaurant’s 35 per cent off “tea-time special” and had not visited in some time.
She said the news of the receivership did not affect her view of the restaurant, adding that she would return if the promotion continued. THE STRAITS TIMES
