Pacific Radiance executive director under CPIB probe

Pacific Radiance owns and operates offshore vessels and provides sub-sea services to the oil and gas industry.
Pacific Radiance owns and operates offshore vessels and provides sub-sea services to the oil and gas industry.PHOTO: PACIFIC RADIANCE

An executive director of mainboard-listed Pacific Radiance is being investigated by Singapore's anti-corruption agency.

The offshore services firm said yesterday that Mr Mok Weng Vai was arrested by the Corrupt Practices Investigation Bureau (CPIB) on Dec 2, "on suspicion of an offence under Section 6(c) of the Prevention of Corruption Act".

Mr Mok has not been charged and was released on police bail on the same day, the firm told the Singapore Exchange in a filing before markets opened.

"The board is, however, unable to provide further details at this time as... the CPIB's investigation is ongoing," added the company.

"The board will make timely announcements as necessary to keep shareholders informed of any material developments relating to the investigations as they arise."

Section 6 (c) of the Act relates to a person intending to mislead another party with receipts, accounts or other documents that contain false or erroneous information. The offence carries a fine of up to $100,000 or a jail term of up to five years, or both.

Mr Mok Weng Vai was arrested by CPIB on Dec 2, 'on suspicion of an offence under Section 6(c) of the Prevention of Corruption Act'. Mr Mok has not been charged and was released on police bail on the same day.

Pacific Radiance shares sank 0.9 cent or 5.8 per cent to close at 14.6 cents yesterday, after the announcement.

The Pacific Radiance website shows Mr Mok was appointed executive director in July 2006, and heads the offshore support services division which represents the group's core business.

He co-founded Pacific Radiance through the incorporation of Strato Maritime Services in 2002.

Pacific Radiance, which owns and operates offshore vessels and provides sub-sea services to the oil and gas industry, is among companies in the troubled sector that have been hit by the persistent weakness in oil prices.

The group said in August that it had "doubtful receivables" on its balance sheet due to exposure to offshore marine company Swiber Holdings, which is now under judicial management.

It racked up red ink of US$57.7 million (S$81 million) for the three months to June 30, a significant reversal from its US$2.2 million profit in the same period a year earlier.

A version of this article appeared in the print edition of The Straits Times on December 07, 2016, with the headline 'Pacific Radiance executive director under CPIB probe'. Print Edition | Subscribe