Singapore, 1 July 2015 - On 12 September 2011, Singapore Technologies Engineering Ltd (“ST Engineering”) announced that the Corrupt Practices Investigation Bureau (“CPIB”) was investigating certain transactions involving former and current employees of Singapore Technologies Marine Ltd (“ST Marine”). ST Marine has been extending its fullest cooperation to the CPIB in its investigation since 2011.
We also refer to our announcements on 11 December 2014, 30 December 2014, 10 June 2015 and our earlier announcement on 1 July 2015.
We wish to announce that on 1 July 2015, Patrick Lee (“Lee”), the former Group Financial Controller of ST Marine from 15 January 2001 to 31 March 2007, pleaded guilty to a total of seven (7) charges under section 477A of the Penal Code. Lee was fined a total of $210,000, in default 21 weeks’ imprisonment.
ST Engineering is committed to maintaining high standards of corporate governance and recognises that fraud is detrimental to the reputation of the ST Engineering Group. ST Engineering does not condone fraud, including corruption and bribery, and is fully committed to proactively mitigating the risk of its occurrence.
ST Engineering will make timely further announcements, if necessary.
ST Engineering (Singapore Technologies Engineering Ltd) is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the Group reported revenue of $6.54b in FY2014 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore and other indices. ST Engineering has about 23,000 employees worldwide, and over 100 subsidiaries and associated companies in 46 cities across 24 countries. Please visit www.stengg.com for more information.
SVP, Corporate Communications
Tel: (65) 6722 1883