Boustead reaches settlement with Petronas Carigali, others - Business News

KUALA LUMPUR: Boustead Holdings Bhd has reached settlement agreements with Petronas Carigali Sdn Bhd and several other parties over the early termination of its subsidiary's contract to supply five helicopters.Boustead annnounced on Monday aside from Petronas Carigali, the other parties which it had reached the settlements were the joint operators -- ExxonMobil Exploration and Production Malaysia Inc (ExxonMobil), EnQuest Petroleum Production Malaysia Ltd, as well as Sapura Exploration and Production (PM) Inc.“This follows the commencement of arbitration proceedings by the group’s subsidiary, MHS Aviation Berhad (MHS) against Petronas Carigali and the subsequent early termination of MHS’ contract to provide five EC225 helicopters for the joint operators’ use.“In view of this mutual decision by all parties involved, MHS will withdraw its arbitration proceedings against Petronas Carigali, upon full payment of the settlement,” it said.Boustead Holdings deputy chairman/group managing director Tan Sri Lodin Wok Kamaruddin said: “We are glad that this matter has come to a satisfactory conclusion. The constructive negotiations with Petronas and others have resulted in a fair settlement for MHS.”Lodin pointed out that since these negotiations have been satisfactorily resolved: “Our focus will now turn towards leveraging new opportunities, both within and beyond the oil and gas sector”.He said MHS remained one of Malaysia’s helicopter charter services providers with an excellent track record in safety standards.“We are confident that this places us in a strong position for new growth,” he added.

Source:The Star

March 19, 2018 11:37 UTC

StanChart fined in Singapore for money laundering breaches - Business News

HONG KONG: Standard Chartered Plc units were fined S$6.4mil (US$4.9mil) for failing to meet Singapore’s anti-money laundering requirements, less than two years after it was punished for a similar breach in the city-state.The lender’s Singapore branch was ordered to pay S$5.2mil and its local trust unit was fined S$1.2mil by the Monetary Authority of Singapore. The breaches occurred when certain trust accounts were transferred from Guernsey to Singapore from December 2015 to January 2016, the MAS said in a statement on Monday.The regulator found that risk management and controls in relation to the transfers were “unsatisfactory.” The timing raised questions over whether the clients were attempting to avoid their reporting obligations, the MAS said.Regulators in Europe and Asia have been investigating the role that Standard Chartered staff may have played in transferring US$1.4bil of private bank client assets from Guernsey to Singapore before new tax transparency rules were introduced, Bloomberg reported in October.‘Fell short’“We regret that we fell short of our own standards in adequately mitigating the risks involving some clients who might have attempted to avoid reporting obligations under the Common Reporting Standard by transferring their trusteeships,” Standard Chartered said in an emailed statement.Chief Executive Officer Bill Winters has been struggling to resolve misconduct issues during his three-year tenure at the Asia-focused lender, some of which predate his appointment.Standard Chartered received a similar penalty in Singapore in December 2016, when it was fined S$5.2mil for anti-money laundering lapses relating to 1Malaysia Development Bhd.“We self-identified this issue,” Winters said when asked about the Guernsey matter at a news briefing in Hong Kong, speaking before the MAS announced the penalties.“The important thing, apart from the fact that we recognized our own shortcomings, is that we’ve made the investment necessary to make sure that we don’t have to repeat this sort of event.” - Bloomberg

Source:The Star

March 19, 2018 10:18 UTC

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