Swiber says current and former executives questioned by CAD

Swiber is assisting CAD in its investigations and will cooperate fully with the agency.
Swiber is assisting CAD in its investigations and will cooperate fully with the agency. PHOTO: ST FILE

SINGAPORE - Swiber Holdings announced Tuesday that the Commercial Affairs Department has interviewed a number of its current and former executives as part of investigations into the company's collapse .

Chairman Raymond Kim Goh and other group directors were released on bail by CAD later, the company said in a release. Former chief executive officer Yeo Chee Neng was interviewed but was not placed on bail.

The individuals were being investigated for alleged infringements of Section 199 of the Securities and Futures Act, which relates to the dissemination of "false or misleading statements".

The company said it is assisting CAD in its investigations and will cooperate fully with the agency.

Swiber has reneged on S$460 million of notes amid a slump in oil and shipping markets, among S$1.2 billion of defaults by six companies in the local-currency bond market over the past 13 months, according to Bloomberg data.

 

The white collar crime department started probing into an offence under the local securities laws last month by requesting for access to information related to the company and three other units in the group dating from January 2012, according to a Nov. 15 exchange filing.

Other directors who were investigated then released on bail include executive director Jean Pers, independent non-executive directors Yeo Jeu Nam, Chia Fook Eng and Oon Thian Seng, former vice chairman Francis Wong Chin Sing, group Chief Financial Officer Tay Gim Sin Leonard, and former executive director Nitish Gupta.