SEPTEMBER 6, 2016 — Another former executive of Singapore shipyard ST Marine is headed for a jail cell for his part in a scheme in which, according to prosecutors, money that had been paid out as bribes was then reclaimed from the company under the guise of "entertainment" expenses.
ST Marine today issued a statement saying:
"We wish to announce that on 6 April 2017, Tan Mong Seng (Tan), the former President (Commercial Business) of ST Marine from January 2000 before leaving in June 2002 as Chief Operating Officer/President (Commercial Business) of ST Marine, was sentenced to 16 weeks' imprisonment for one hundred and one (101) charges under section 477A of the Penal Code.
"ST Engineering is committed to maintaining high standards of corporate governance and recognizes that fraud is detrimental to the reputation of the ST Engineering Group. ST Engineering does not condone fraud, including corruption and bribery, and is fully committed to proactively mitigating the risk of its occurrence."
According to the Straits Times, the 101 charges were related to abetting the making of false entries in the company's petty cash vouchers. The illicit payments in the 101 charges amounted to Singapore $419,994.
Read the Straits Times story HERE