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Eight Swiber senior executives released on bail after probe by CAD

Eight Swiber senior executives released on bail after probe by CAD
Eight senior executives of Swiber Holdings have been probed by the Commercial Affairs Department (CAD) of Singapore and released on bail in relation to alleged violation of the Securities and Futures Act.

Offshore services firm Swiber, currently under judicial management, said in a filing to the Singapore Exchange (SGX) that the eight senior executives had been interviewed by the CAD and were all released on bail. The probe was in relation to alleged infringements under Section 199 of the Securities and Futures Act (Chapter 289 of Singapore). The infringements involved making statements or disseminating information that are false or misleading.

Swiber listed the eight people as executive chairman Raymong Kim Goh, executive director Jean Pers, independent non-executive director Chia Fook Eng, independent non-executive director Oon Thian Seng, ex-vice chairman and ex-executive director Francis Wong Chin Sing, group cfo and ex-executive director Tay Gim Sin Leonard, ex-executive director Nitish Gupta, and lead independent non-executive director Yeo Jeu Nam.

“Separately, the company understands from the CAD that Yeo Chee Neng, the ex-group ceo and an ex-executive director of the company, was also interviewed by the CAD in the course of the investigations. However, he was not placed on bail,” Swiber stated.

Yeo Jeu Nam and Yeo Chee Neng are also non-executive/independent director and non-executive vice chairman, respectively, of Vallianz Holdings, another Singapore-based offshore services firm.

Swiber is the largest shareholder of Vallianz with a 25.2% stake. Vallianz affirmed that the investigations are not related to the company and the business and operations of the group are not affected.

Swiber stated: “The company understands from the CAD that its investigations are still ongoing and that no formal charges have been brought against the above-mentioned persons."

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