KOM scandal likely tip of GLC corruption iceberg

The PAP government has tried to portray itself as whiter than white for decades.

But things are about to change with the revelation of Keppel Offshore and Marine senior management – including one former Colombo Plan scholar – being involved in the 13-year bribery scandal.
keppel10It doesn’t help PAP’s image when former minister Lee Boon Yang was chairman and former PAP MP Alvin Yeo was director while the US$55 million bribery scandal was going on under their noses.

Both were appointed since 2009 and are still directors.  The corruption took place from 2001 to 2014.

Good corporate governance appears to be another PAP joke.

Academics have now been roped in to help deflect the issue with one Lawrence Loh from NUS making WTF statements such as the US$55 million used to bribe Brazilian officials being not “particularly shocking”.

Shockingly, what we hear is a deafening silence from MPs on the issue of accountability.

Where there’s ‘big money’, rest assured corruption is never far away.  PAP should cease denying reality.

Singaporeans should be very concerned because GLCs have been pouring increasing billions into Chinese investments.  This is because corruption has always been the Chinese way of life since centuries ago and is almost impossible to change.

In his first speech after being elected CCP general secretary, President Xi Jinping raised his concern about “corruption”, one of four tricky issues he had to deal .

In 2014, China’s corruption worsened and its ranking fell to a record low of 100.

According to one economist’s estimate, “corruption costs China some 10 percent of its gross domestic product (GDP)“.

Corruption is big business in Panda Land.

As in Brazil whose corruption ranking is no better than China’s, bribing Chinese company/public officials to secure lucrative contracts is unavoidable.

China’s corruption is a deep-seated cultural issue and businesses – including GLCs – have at one time or another engaged in corrupt acts.

Not only are GLCs doing business in corrupt Panda Land but PAP has also been investing increasing billions in India.

Ranked by Forbes as the most corrupt country in Asia, why do our ‘squeaky clean’ CEO scholars prefer to invest in India instead of other less corrupt countries?

Just as KOM had to play by Brazilian ‘cultural’ rules to secure lucrative contracts, GLCs would have to play by China’s and India’s corrupt rules.  When in Rome, do as the Romans do.

Is the KOM bribery scandal the tip of GLC corruption iceberg?  You can bet on it. 😉

 

 

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