The State Courts of Singapore charged See Leong Teck, the former president of shipbuilder Singapore Technologies Marine (ST Marine), with seven counts of corruption under the Prevention of Corruption Act.
On September 12, 2011, Singapore Technologies Engineering Ltd announced that the Corrupt Practices Investigation Bureau (CPIB) was investigating certain transactions involving former and current employees of ST Marine.
Apart from See, another three former high-ranking ST Marine’s employees are currently under CPIB’s investigation for suspected fraudulent transactions.
ST Marine does not expect the charges to have any material impact on the consolidated net tangible assets or consolidated earnings per share of the ST Engineering Group for the financial year ending December 31, 2014.