Exec director of Singapore energy firm arrested by Corrupt Practices Investigation Bureau

Pacific Radiance owns and operates offshore vessels and provides subsea services to the energy industry.
Pacific Radiance owns and operates offshore vessels and provides subsea services to the energy industry. PHOTO: PACIFIC RADIANCE

SINGAPORE - An energy company listed on the Singapore Exchange (SGX) has issued a statement to say that one of its executive directors has been arrested by the Corrupt Practices Investigation Bureau.

The company, Pacific Radiance, said Mr Mok Weng Vai was arrested by the CPIB on Dec 2 "on suspicion of an offence under Section 6(c) of the Prevention of Corruption Act".

" Mr Mok Weng Vai has not been charged in Court, and was released on police bail on the same day," the company added in its statement to the SGX.

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

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

In August Pacific Radiance said had "doubtful receivables" on its balance sheet due to exposure to embattled offshore marine company Swiber. At the time it was announcing a large loss in the second quarter.

It racked up red ink of US$57.7 million (S$77.5 million) for the three months to June 30, a significant reversal from its US$2.2 million profit for the same period a year earlier.

Pacific Radiance, which owns and operates offshore vessels and provides subsea services to the energy industry.

Section 6 (c) of the Act states: "If any person knowingly gives to an agent, or if an agent knowingly uses with intent to deceive his principal, any receipt, account or other document in respect of which the principal is interested, and which contains any statement which is false or erroneous or defective in any material particular, and which to his knowledge is intended to mislead the principal, he shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding five years or to both."