Three former executives of Singapore Technologies Engineering Ltd. (ST Engineering) were charged in court on Thursday under the provisions of the Prevention of Corruption Act and the Penal Code, the large listed firm said.
“ST Engineering does not condone fraud, including corruption and bribery, and is fully committed to proactively mitigating the risk of its occurrence,” the company said in a disclosure to the Singapore Exchange (SGX).
ST Engineering said charges were made in the State Courts against Chang Chewo Teck, Mok Kim Whang and Ong Tek Liam.
Chang was president of Singapore Technologies Marine Ltd. (ST Marine) from March 2008 to April 2010 and was the president of Singapore Technologies Aerospace from May 2010 to June 2014. He faces three charges of corruption under section 6(b) read with section 29(a) of the PCA.
Mok, who was the senior vice president of ST Marine from 1 June 2000 to 31 July 2004, faces one charge for the same offence.
Ong, who was the group financial controller and senior vice president for finance of ST Marine from April 2007 to December 2012, has been charged with a total of 118 charges under the section 477A of the Penal Code, referring to the falsification of accounts.
“The charges against the abovementioned former employees of ST Marine are not expected 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 31 December 2014,” it said.
As a group, ST Engineering reported revenue of S$6.6 billion for fiscal year 2013, and it is among the largest firms listed on SGX.
Back in September 2011, the company said the Corrupt Practices Investigation Bureau was investigating certain transactions involving former and current employees of ST Marine.