Three former executives at ST Marine charged in Singapore court
SINGAPORE - Three former executives of a subsidiary of major local company Singapore Technologies Engineering have been charged under the Prevention of Corruption Act and the Penal Code, the company said today.
In September 2011, ST Engineering announced that the Corrupt Practices Investigation Bureau (CPIB) was investigating certain transactions involving former and current employees of its subsidiary Singapore Technologies Marine ("ST Marine").
In a statement to the Singapore Exchange today, ST Engineering said that ST Marine has been extending its fullest cooperation to the CPIB in its investigation since 2011.
"We wish to announce that (today), three former employees of ST Marine were charged in the State Courts of Singapore under the provisions of the Prevention of Corruption Act (PCA) and the Penal Code. They are Chang Cheow Teck,Mok Kim Whang and Ong Tek Liam."
Chang was the president of ST Marine from March 2008 to April 2010, and was the president of Singapore Technologies Aerospace from May 2010 to June 2014. He has been charged with a total of three charges under the PCA.
Mok was the senior vice president (Tuas Yard) of ST Marine from June, 2000 to July, 2004. He has been charged with one charge under the PCA.
Ong was the group financial controller and senior vice president (finance) of ST Marine from April 2007 to December 2012. She has been charged with a total of 118 charges under section 477A of the Penal Code.
ST Engineering said the charges were 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 Dec 31, last year.
"ST Engineering is committed to maintaining high standards of corporate governance and recognises 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."
The company said it would make timely further announcements, if necessary.
http://www.straitstimes.com/news/bu...es-st-marine-charged-singapore-court-20141211
SINGAPORE - Three former executives of a subsidiary of major local company Singapore Technologies Engineering have been charged under the Prevention of Corruption Act and the Penal Code, the company said today.
In September 2011, ST Engineering announced that the Corrupt Practices Investigation Bureau (CPIB) was investigating certain transactions involving former and current employees of its subsidiary Singapore Technologies Marine ("ST Marine").
In a statement to the Singapore Exchange today, ST Engineering said that ST Marine has been extending its fullest cooperation to the CPIB in its investigation since 2011.
"We wish to announce that (today), three former employees of ST Marine were charged in the State Courts of Singapore under the provisions of the Prevention of Corruption Act (PCA) and the Penal Code. They are Chang Cheow Teck,Mok Kim Whang and Ong Tek Liam."
Chang was the president of ST Marine from March 2008 to April 2010, and was the president of Singapore Technologies Aerospace from May 2010 to June 2014. He has been charged with a total of three charges under the PCA.
Mok was the senior vice president (Tuas Yard) of ST Marine from June, 2000 to July, 2004. He has been charged with one charge under the PCA.
Ong was the group financial controller and senior vice president (finance) of ST Marine from April 2007 to December 2012. She has been charged with a total of 118 charges under section 477A of the Penal Code.
ST Engineering said the charges were 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 Dec 31, last year.
"ST Engineering is committed to maintaining high standards of corporate governance and recognises 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."
The company said it would make timely further announcements, if necessary.
http://www.straitstimes.com/news/bu...es-st-marine-charged-singapore-court-20141211
