DECEMBER 30, 2014 — A fourth former executive of shipbuilder Singapore Technologies (ST) Marine was charged with corruption today.
ST Marine is a subsidiary of Singapore Technologies Engineering Ltd and is the parent of VT Halter Marine in the U.S.
See Leong Teck, 64, who was President of ST Marine from December 1997 to February 2008, faces seven charges. He is alleged to have conspired with four others to pay bribe to agents of customers in return for ship repair contracts. The bribes are said to have been paid between May 2004 and December 2007 as part of conspiracies allegedly taking place between 2004 and 2010.
The charges against Mr. See follow charges earlier this month against former ST Marine President Chang Cheow Teck, former senior vice president Mok Kim Whang and former group financial controller and senior vice-president (finance) Ong Tek Liam.
More details in the Straits Times
ST Engineering today issued the following statement:
On 12 September 2011, Singapore Technologies Engineering Ltd ("ST Engineering") announced that the Corrupt Practices Investigation Bureau ("CPIB") was investigating certain transactions involving former and current employees of Singapore Technologies Marine Ltd ("ST Marine"). ST Marine has been extending its fullest cooperation to the CPIB in its investigation since 2011.
We also refer to our announcement on 11 December 2014 in relation to the criminal prosecution of three former employees of ST Marine.
We wish to announce that on 30 December 2014, See Leong Teck ("See"), the former President of ST Marine from December 1997 to February 2008, was charged in the State Courts of Singapore with a total of seven (7) charges under section 6(b) read with section 29(a) of the Prevention of Corruption Act.
The charges against See are not expected to have any material impact on the consolidated net tangible assets or consolidated earnings per share of the ST Engineering Group for the financial year ending 31 December 2014.
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.
ST Engineering will make timely further announcements, if necessary.