Keppel Corp pays S$570m to resolve bribery probes

[Fitvip]

15 minutes ago, Volvobrick said:

同人不同命....

True that there is only One Set Of Laws, unfortunately, there are different interpretations and applications!

[inlinesix]

1 hour ago, Fitvip said:

https://www.straitstimes.com/singapore/courts-crime/forklift-operator-jailed-for-collecting-bribes-of-between-10-cents-and-1-from

10 cents also jailed.

 

1 hour ago, Volvobrick said:

55m bribe and could not find enough evidence vs 1 buck... hmmm. 

The bribe money came from the 6's own Swiss bank accounts or from their company leh?

Many questions unanswered. 

 

52 minutes ago, Fitvip said:

True that there is only One Set Of Laws, unfortunately, there are different interpretations and applications!

KPKB on it is also no use.

Both of you will never understand National Interest

😜

[13177]

1 hour ago, Fitvip said:

https://www.straitstimes.com/singapore/courts-crime/forklift-operator-jailed-for-collecting-bribes-of-between-10-cents-and-1-from

10 cents also jailed.

So morale of the story, want to commit bribes, go for big big amount, even though the end result still same. Lol.

[inlinesix]

1 minute ago, 13177 said:

So morale of the story, want to commit bribes, go for big big amount, even though the end result still same. Lol.

You give big big also tio charge 1.

 

[Jellandross]

After not meaningful, latest is I don't know (at the end)

 

 

[inlinesix]

17 minutes ago, Jellandross said:

After not meaningful, latest is I don't know (at the end)

 

 

It is beyond her grade.

[Volvobrick]

4 hours ago, 13177 said:

So morale of the story, want to commit bribes, go for big big amount, even though the end result still same. Lol.

Refering to Jib kor? 

[Fitvip]

3 hours ago, Jellandross said:

After not meaningful, latest is I don't know (at the end)

 

 

Hate this face!

 

[inlinesix]

2 hours ago, Volvobrick said:

Refering to Jib kor? 

You mean his holiday in Kajang?

😂

[Fitvip]

Singapore and Corruption

Lee Hsien Yang

February 8, 2023

7:48 am

A company closely linked to the Singapore government has been involved repeatedly in corruption scandals in Singapore and overseas over many years. The largest scandal involved the payment of $55 million in bribes. Nonetheless, Singapore has decided not to prosecute or hold those involved to account.

Singapore’s Keppel Offshore & Marine Limited (KOM), a wholly owned subsidiary of Keppel Corp (Keppel), paid $55 million (S$73 million) in bribes in Brazil from 2001 to 2014 to secure contracts with Brazilian oil giant Petrobras, which earned KOM and related entities $351.8 million.

Keppel is a Temasek-linked company. Temasek is Singapore’s sovereign wealth fund, with the wife of the prime minister of Singapore as its chief executive from 2004 to 2021. The Chairman of Keppel was a former senior Singapore cabinet minister. Keppel entered into a deferred prosecution agreement with the U.S. Justice Department, admitting to the corrupt acts and agreeing to pay $422 million in penalties. In Singapore, Keppel was let off with a conditional warning. 

In connection with one of the largest corruption scandals involving a Singapore state-controlled company, no prosecutions have been brought by the Singapore authorities. 

Corrupt acts by companies need actions and decisions of individuals at the company. Six very senior and well-connected individuals at Keppel, including Singapore’s former ambassador to Brazil, have been named in the international media. Singapore’s Corrupt Practices Investigation Bureau (CPIB), a government agency that reports to Prime Minister Lee Hsien Loong, has let these senior executives at Keppel off with a “stern warning” without naming them. The CPIB cited evidential difficulties as the basis for not pursuing a corruption prosecution. It is impossible to fathom this decision in the context of an open admission of the bribery and the extensive evidence already publicly available over one of the largest corruption scandals in Singapore’s history. 

What is also very troubling is the continued attempts by Singapore government ministers to defend the failure to prosecute in the face of huge public outcry. The stance that continues to be reiterated, including in Parliament, is insufficiency of evidence, notwithstanding that extensive and comprehensive public admissions were already made to U.S. authorities that the company and persons are in Singapore, and the authorities in Singapore have access to wide-ranging powers and sophisticated digital forensic tools. 

In 1997, Keppel had a prior corruption case which involved S$8.5 million of bribes, which was settled with a S$300,000 fine. Some of the individuals involved continued to work at Keppel and were implicated again in the Brazil corruption. Since news of the Petrobras case broke, three other cases involving Keppel have been reported. This is not a few rogue individuals. It is a deep-seated systemic problem.

Singapore has long espoused zero tolerance for corruption. It has prosecuted and jailed individuals for derisory amounts, including a forklift operator, for bribes of S$1 ($0.74). Singapore’s corruption laws extend internationally, and Singapore has also prosecuted Singapore parties involved in overseas corruption. 

This failure to prosecute, when the facts are admitted and glaring, calls into question Singapore’s commitment to its avowed zero tolerance to corruption. Speculation as to reasons for not naming and prosecuting any individuals and what other undisclosed considerations might have been involved is inevitable. That Cabinet Ministers have spoken up to defend the decision not to disclose or prosecute is deeply troubling. 

The failure to prosecute does more damage to Singapore and its reputation than the corrupt acts perpetrated by a Singapore government-linked company.

Lee Hsien Yang

Lee Hsien Yang was CEO of Singapore Telecoms from 1995 to 2007. His father, Lee Kuan Yew, was the founding Prime Minister of Singapore. He has served as an independent director on ANZ Bank in Australia and Rolls Royce Holdings PLC. He has written on various issues that matter to Singapore and Singaporeans. A selection of his videos and articles can be found at LeeHsienYang.NET

Post Tags: Corrupt Practices Investigation Bureau, Keppel, Lee Hsien Loong, Singapore, Temasek

[inlinesix]

LOL

Younger bro stir shit and you are happy with it

🤦🏻‍♀️

[Voodooman]

3 hours ago, inlinesix said:

LOL

Younger bro stir shit and you are happy with it

🤦🏻‍♀️

I understand that bribery is rampant in this industry.  If you don't pay, you have no contracts  in certain lucrative markets. It is obvious that Keppel and its management are aware and had authorized such transfers. They paid big fines in the US. 

But if you persecute one, you will probably implicate many others and noone in this dirty business will want to facilitate such "practice" going forward and Keppel will go down. 

If price is right, will someone do it still?

Keppel really needs to refine its bribe giving skills and not get caught a third time. Be a professional bribe giver, if not, be prepared to be thrown under the bus so as not to tarnish our zero tolerance for corruption banner.  That reputation is certainly worth something globally (can't imagine people now saying Singapore govt condones bribe giving outside of Singapore).

Not sure how much jobs, profit and economic benefits Keppel is deriving from this corrupt business. Keppel O&M profit is around $200m a year, during good times, IIRC, give it a 15x multipliers, $3 billion? 

So the argument here between the 2 camps is just a matter of numbers? 

Edited February 10, 2023 by Voodooman

[Wt_know]

walao ... this kind of kecit monyet kind of small travel money also cannot ownself pay ownself meh? 

totally not worth it la ... the sum not even enough to buy a lolex ... 

in the good old days nong nong time ago ... probably getting a full gold lolex gift in KTV session liao ... lol

Edited February 18, 2023 by Wt_know

[Sosaria]

46 minutes ago, Wt_know said:

walao ... this kind of kecit monyet kind of small travel money also cannot ownself pay ownself meh? 

totally not worth it la ... the sum not even enough to buy a lolex ... 

in the good old days nong nong time ago ... probably getting a full gold lolex gift in KTV session liao ... lol

It's not the amount, but just for contrast in fates ...

https://www.straitstimes.com/singapore/courts-crime/forklift-operator-jailed-for-collecting-bribes-of-between-10-cents-and-1-from

Edited February 18, 2023 by Sosaria

[Sosaria]

46 minutes ago, Wt_know said:

walao ... this kind of kecit monyet kind of small travel money also cannot ownself pay ownself meh? 

totally not worth it la ... the sum not even enough to buy a lolex ... 

in the good old days nong nong time ago ... probably getting a full gold lolex gift in KTV session liao ... lol

It's not the amount, but just for contrast in fates ...

https://www.straitstimes.com/singapore/courts-crime/forklift-operator-jailed-for-collecting-bribes-of-between-10-cents-and-1-from

And some food delivery can actually complain about receiving such small amount $1-2 for tips!

[Windwaver]

 

[KingsleyHart]

so many business owners in marine industry was so macho and arrogant in the past boasting about who they know in keppel. when everyone was so down and worried about the slow down. i remember this company owner son from km kinley marketing boasting to the rest of the guys saying he knows the senior executive of keppel thats why they will get all the orders to supply for the rigs. this guy so hao lian telling everyone he change new bmw x6 and brother bought new mercedes when even the market looks so bad.

 

cannot imagine that these companies like this km kinley marketing guys who made cronies business and benefitted theirselves are still on govt tender bidding vendor list. government must invetigate and make them pay back for nationa building oso maybe coe price will be lower

[Kyrios]

Just completed an online anti-bribery course mandated by my HR as part of the yearly company requirements....in this e-learning the course stated clearly that even if the local culture encourages under the table transactions, we are prohibited from doing so...but when i check back with reality today..seems like all these are thrown out of the window..these e-learning are all for wayang only.