A number of Temasek-linked companies have been badly-managed for decades.
One of them is Seatrium, formerly Sembcorp Marine which merged with Keppel O&M. The chart below speaks for itself.
The consolidation exercise which took place to boost Seatrium’s share price – on top of a $100 mil share buyback program – has not materialised. Instead, the reverse has happened.
Besides taking on high risks, senior management executives of Sembcorp Marine and Keppel O & M were found to have been involved in corrupt acts/have been charged and their companies had to pay hundreds of millions in fines.
Corrupt acts had occurred up to more than a decade for KOM (between 2001 and 2014) and between 2009 and 2014 (SBM). And Temasek was blissfully unaware?
The merger of 2 companies with senior management involved in corrupt acts would not have happened in the private sector. By offering bribes, both companies were then able to secure lucrative contracts, which in turn enriched those who had engaged in corrupt acts.
The six Keppel executives listed in US DoJ’s plea agreement for involvement in bribery scheme in Brazil to secure contracts – The Online Citizen
Singapore charges two ex-employees of Sembcorp Marine in Brazil graft case | Reuters
Keppel corruption case: Lack of sufficient evidence to prosecute 6 ex-employees, says Indranee Rajah – CNA (channelnewsasia.com)
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