Sushi purveyor Sakae files police report over fishy sugar deal

Sakae Sushi outlet in Singapore In Paya Lebar Square mall; taken September 2018.Sakae Sushi outlet in Singapore In Paya Lebar Square mall; taken September 2018.

Sushi restaurateur Sakae Holdings said on Friday that it filed a police report over a soured commodity sugar deal after the representative, buyer and US$4.3 million worth of the sweet stuff went missing.

That was after Sakae received a report from an internal audit firm on a review of the sugar trading involving subsidiary Sakae Capital, or SCPL, it said in a filing to SGX after the market close on Friday.

Sakae has previously said the 12,800 metric tonne sugar transaction was brought to the company by a representative, which Sakae didn’t name, in July-August 2017 and it was purportedly sold to two customers, which Sakae didn’t name, but labeled A and B.

“The report shows no indication of criminal misconduct on the part of the company, the group and/or its officers,” the filing on Friday said.
“However, the report finds the sales transaction with customer B to be highly questionable. Furthermore, the representative as well as the shareholders and directors of customer B remain uncontactable.”

The report had recommended filing the police report, it said.

Sakae said on Friday that its application to the Accounting and Corporate Regulatory Authority (ACRA) for an extension of time before holding its annual general meeting was approved on 18 September. It added that it would convene the AGM for the financial year ended 30 June no later than 30 October.

Sakae has previously said that customer A took delivery of 3,457 metric tonnes of sugar and paid SCPL US$1.6 million in October 2017.  Customer B took delivery of 9,343 metric tonnes of sugar with a sale value of US$4.3 million, but did not pay, Sakae has said previously, adding it made a full provision of doubtful debts in its unaudited financial statements released in late August.

Shenton Wire is unable to contact the representative and either customer. An emailed request, which was sent outside of office hours, to the Singapore Police Force for a copy of the complaint was not immediately returned.

 

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