Swiber Directors Freed on Bail Following CAD Probe
Singapore-listed EPCI contractor Swiber informed that several of its acting and former directors have been released on bail after being brought in for questioning by the Commercial Affairs Department (CAD).
The directors, including the company’s executive chairman Raymond Kim Goh, were interviewed in relation to alleged infringements under Section 199 of the Securities and Futures Act (“making false or misleading statements”).
As Swiber understands, CAD’s investigations are still ongoing and no formal charges have been brought against the interviewed persons.
Other directors under investigation include executive director Jean Pers; lead independent director Yeo Jeu Nam; independent director Chia Fook Eng; independent director Oon Thian Seng; ex-vice-chairman and ex-executive director Francis Wong Chin Sing; group chief financial officer and ex-executive director Leonard Tay Gim Sin; and ex-executive director Nitish Gupta.
Swiber’s ex-CEO and executive direcor, Yeo Chee Neng, was also interviewed by the CAD in the course of the investigations. However, he was not placed on bail.
“The Company is presently assisting CAD in its investigations and will cooperate fully with the CAD in this matter. Further announcements will be made as and when there are further significant developments with regard to this matter,” Swiber said in a press release.
Source: Subsea World News
