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Former ST Marine Exec Faces Corruption Charges

Maritime Activity Reports, Inc.

June 11, 2015

 

On 12 September 2011, Singapore Technologies Engineering Ltd 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.

Following their earlier announcements on 11 December 2014 and 30 December 2014 in relation to the criminal prosecution of four former employees of ST Marine, the company states that on 10 June 2015, Patrick Lee (“Lee”), the former Group Financial Controller of ST Marine from 15 January 2001 to 31 March 2007, was charged in the State Courts of Singapore with a total of 38 charges under section 477A of the Penal Code.  Lee retired in October 2012.

The charges against Lee are not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial 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.
 

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