Tuesday, Jan 27, 2015Tuesday, Jan 27, 2015

Corruption probe into Magnus Energy unit expanded

Published on Mar 13, 2013 8:33 PM

The white collar police have widened their probe into a unit of Singapore-listed Magnus Energy Group.

In a statement on Wednesday, Magnus said it had been notified that the Corrupt Practices Investigation Bureau (CPIB) had expanded its investigation into "plausible inappropriate gratification" at the unit.

In May last year, Magnus said a former employee of the subsidiary, in which it owns a 27.18 per cent stake, had misappropriated inventory worth about US$202,800.

The firm had been paid an order by a customer in 2007, and on the customer's instruction, the goods were delivered to a third party warehouse.

If you are not a subscriber, you can get instant, unlimited access here