Keppel pays record S$570 million fine to end biggest GLC corruption probe

Money talks and the Keppel O and M corruption probe has concluded with the payment of a record S$567 million dollar fine. Bloomberg

About a quarter of the fine will be paid to the Singapore government and “These payments were part of the total criminal fine“.  The CNA report was referring to US$53 million fine which will be paid within 90 days and a further US$53 million within 3 years by Keppel O and M.  CNA

So, the PAP government stands to gain from the criminal acts of senior GLC executives?

The 5 senior management executives of Keppel involved:
1. Choo Chiau Beng, former Keppel Corp CEO and also former Keppel O and M CEO
2. Chow Yew Yuen, former Keppel Offshore & Marine CEO
3. Tay Kim Hock, former CEO of Keppel Fels Brasil
4. Kwok Kai Choong, current CEO at Keppel Fels Brasil
5.  Tong Chong Heong, former senior executive at Keppel Corp
Additional info @ The Independent

According to court testimony by Mr Skornicki, Keppel’s agent, “he was given enough autonomy to sign contracts with Petrobras on behalf of Keppel“.  He also used “the same accounts where Keppel paid him his formal fee to then bribe officials“.

Keppel senior management had full knowledge and condoned his corrupt acts.

However, it appears that no further action will be taken against the 5 Keppel executives as they have already been issued a “conditional warning” by AGC.

(According to High Court Justice Woo Bih Li, a “warning” by the AGC is “no more than an expression of the opinion of the relevant authority that the recipient has committed an offence”.  Link)

Although Keppel’s corruption case is a complete disgrace for our GLCs, chairman Lee Boon Yang was only “deeply disappointed”.

According to Keppel, Chairman Lee was not paid peanuts – S$675,000 in 2016 – because of “the greater responsibility carried by that office“.

 With monkey business going on from 2009 to 2014 under his watch from , Lee clearly did not act responsibly.  He, together with some board members, should have done the honorable thing.

But as Singaporeans should know by now, there exists a standard for PAP elites and a different one for peasants.

The 5 GLC top executives will not be prosecuted for corruptly securing contracts for Keppel; not even for 13 years.  S$570 million does work wonders.