SINGAPORE (Dec 2): Singapore Technologies Engineering on Friday announced that See Leong Teck, the former president of its subsidiary Singapore Technologies Marine, has been sentenced to a 10 months’ imprisonment and fined S$100,000 for corruption. In a press statement on Friday, ST Engineering said it is “committed to maintaining high standards of corporate governance and recognises that fraud is detrimental to the reputation of the ST Engineering Group”. “ST Engineering does not condone fraud, including corruption and bribery, and is fully committed to proactively mitigating the risk of its occurrence,” it said. The company added that since 2011, ST Marine has been extending its fullest cooperation to the Corrupt Practices Investigation Bureau in its investigation of certain transactions involving former and current employees. Shares of ST Engineering closed 1 cent higher at S$3.35 on Friday.

Source: The Edge Markets December 02, 2016 11:53 UTC