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Swiber probed by Singapore crime investigation agency

Swiber probed by Singapore crime investigation agency
Swiber Holdings, currently under judicial management, has come under the spotlight of Singapore’s crime investigation agency, Commercial Affairs Department (CAD), on possible corporate infractions.

Singapore-listed Swiber told the stock exchange that it has received a notice dated 15 November from CAD, which is investigating an offence under the Securities and Futures Act (Chapter 289) pursuant to the provisions of the Criminal Procedure Code.

“The CAD has not disclosed to the company any further details on its investigations,” Swiber stated, adding that the CAD however has requested access to information concerning the company, Swiber Offshore Construction, PAPE Engineering and Swiber Corporate from 1 January 2012 to date.

Swiber was earlier reprimanded by Singapore Exchange (SGX) for failing to be transparent over its announcements of a $710m bumper deal in West Africa. The deal involved Swiber Offshore Construction which signed a Letter of Intent with the client.

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