SINGAPORE - Former Crystal Jade boss Ip Yiu Tung has used part of the windfall he reaped from selling the restaurant chain to give bonuses of up to $40,000 to current and former employees.
Mr Ip, who sold his share of the company in May last year as part of an estimated US$100 million (S$140 million) buyout, is in Singapore this week visiting various Crystal Jade restaurants to hand out cheques to the employees.
Madam Ong Ah Kwee was one of those asked to gather at Crystal Jade Kitchen in VivoCity on Wednesday afternoon to collect her payout. "I was very reluctant to go as it was very far from my house," said the 61-year-old part-time waitress at Crystal Jade Kitchen in Tampines Mall.
"My friends told me that they had read reports in Hong Kong that Mr Ip will share the profits of the sale with the employees, but I didn't quite believe them. I never thought it would really happen," said Madam Ong in Mandarin.
An employee since 1996, Madam Ong has mostly been a part-timer, working four hours a day. She was pleasantly surprised to get a sum roughly three times her pay, directly from Mr Ip.
Former employees have also not been forgotten.
Madam Annie Chiew, 49, had been a cashier at Crystal Jade for 15 years until her resignation last month. She received about two months' worth of her last-drawn salary for her past contributions.
"I'm very thankful to Mr Ip. Though I didn't have a chance to talk to him, he was all smiles when he handed me the cheque and even reminded me to check if everything was correct," she said.
About 90 per cent of the Crystal Jade Group was bought by L Capital Asia, the private equity arm of Paris-based luxury group LVMH Moet Hennessy Louis Vuitton, for an estimated US$100 million.
Mr Ip, a 66-year-old Hong Konger who is a Singapore permanent resident, stayed on as chief executive for a year and now remains an adviser and brand ambassador for the company, which comprises 120 restaurants worldwide, including 47 here, and about 4,500 full- time staff.