On Oct 4, 2022, JFE was investigated by the MOM under the Employment of Foreign Manpower Act 1990 of Singapore. The Act covers regulations of work passes and enforcement for offences and infringements.
The investigations were related to past hiring and payroll practices in JFE which had ceased by that time. JFE had also been suspended from applying for new work passes and renewing existing work passes during MOM’s investigations.
At this point in time, the ruling by MOM is not expected to have any material financial impact on Japan Foods.
Shares in Japan Foods closed 1.5 cents higher or 3.66% up at 42.5 cents on June 22.
