Swiber execs questioned by CAD released on bail

Swiber told the Singapore Exchange that eight people related to the company were interviewed by the white-collar crime-fighting unit and released on bail between Nov 30 and Dec 2.
Swiber told the Singapore Exchange that eight people related to the company were interviewed by the white-collar crime-fighting unit and released on bail between Nov 30 and Dec 2.PHOTO: ST FILE

Troubled offshore and gas contractor Swiber Holdings is under investigation by the Commercial Affairs Department (CAD) for possible breach of the Securities and Futures Act.

Swiber told the Singapore Exchange (SGX) yesterday that eight people related to the company were interviewed by the white-collar crime-fighting unit and released on bail between Nov 30 and Dec 2.

The eight include current and former directors such as executive chairman Raymond Kim Goh; executive director Jean Pers; lead independent non-executive director Yeo Jeu Nam; former vice-chairman and former executive director Francis Wong; group chief financial officer and former executive director Leonard Tay Gim Sim; and former executive director Nitish Gupta.

Non-executive directors Chia Fook Eng and Oon Thian Seng were interviewed and released on bail.

Swiber said it understands from the CAD that investigations are ongoing and no formal charges have been brought against the eight people.

 

The company added that Mr Yeo Chee Neng, the former group chief executive and former executive director, was also interviewed but not placed on bail.

The Singapore-listed company said on Nov 16 that it had received notice from the CAD that it was being investigated under the Securities and Futures Act. The Act governs activities and institutions involved in the capital markets.

It is unclear what the possible offence is but the SGX reprimanded the company on Oct 31 for misleading investors about a US$710 million (S$1 billion) project awarded in West Africa that Swiber announced in December 2014.

Swiber had a market value of $51 million when it collapsed at the end of July, owing DBS $721 million and bond holders a further $551.8 million.

It sought judicial management in July and was placed under judicial management on Oct 6.

Last Friday, the High Court granted an extension for Swiber's judicial managers to send to creditors a statement of proposals and to summon a creditors' meeting. It has until March 23 to do so.

The company's judicial managers will be making arrangements to convene an informal creditors' meeting next month, it said in a statement last week.

A version of this article appeared in the print edition of The Straits Times on December 07, 2016, with the headline 'Swiber execs questioned by CAD released on bail'. Print Edition | Subscribe