Trading in Seatrium shares was suspended following this news. The company’s shares are down 33 percent this 12 months, underperforming the benchmark stock index, which is comparatively flat, in response to LSEG data.
Former CEO Wong Weng Sun and former manager Lee Fook Kang were charged with five counts of conspiring to supply incentives to an intermediary to assist Sembcorp Marine’s Brazilian subsidiaries, in response to a city government statement.
‘It’s subjective’: Is Singapore really the happiest country in Asia?
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The total amount of crimes committed between 2009 and 2014 was roughly $44 million, the Attorney General’s Chambers and the Singapore Corrupt Practices Investigation Bureau added in a press release.
In an emailed statement, Wong said: “I actually have at all times acted in one of the best interests of firms and would never harm them by engaging in corrupt activities” during his 35 years at Sembcorp Marine and one among its units.
“The allegations concern the businesses’ activities in Brazil and I intend to display my innocence,” he added in a press release sent to Reuters by his lawyers, Wong Partnership.
Lee’s lawyers said they couldn’t comment because they were just handling the case.
‘Serious crime’: Singapore jails man for threatening PM Lee on Facebook
‘Serious crime’: Singapore jails man for threatening PM Lee on Facebook
Wong also faces obstruction of justice charges after he allegedly ordered two Sembcorp employees in 2014 to delete an email sent by an intermediary containing evidence of bribery.
The statement added that Singapore prosecutors were in talks with Seatrium regarding a deferred prosecution agreement to pay a $110 million tremendous.
On Thursday, Seatrium told the stock exchange that the attorney general’s office had agreed to enter right into a deferred prosecution agreement.
It stated that it was committed to the very best compliance standards, including zero tolerance for bribery and corruption.
