Oral Answer by Senior Minister of State for Law, Ms Indranee Rajah S.C., to Parliamentary Question on Investigation of Keppel Offshore and Marine Ltd (KOM)
19 Feb 2018 Posted in Parliamentary speeches and responses
Mr Dennis Tan Lip Fong (NCMP)
To ask the Minister for Law whether the CPIB will conduct a thorough investigation of the business affairs of Keppel Offshore and Marine Ltd (KOM) to ascertain whether, besides the arrangements KOM had entered into with Zwi Skornicki for the provision of bribes to secure contracts in Brazil, KOM had also, during the same period, entered into any arrangements with any company or agent to provide bribes to secure its other contracts elsewhere in the world.
Mr Speaker, the Government does not as a general rule comment on the existence or non-existence of investigations by our investigative agencies, including CPIB. This is to ensure that the investigative work of these agencies are not jeopardized, and that affected individuals or entities are not prejudiced if, at the end of investigations, no offence is disclosed. If there is good reason to do so, or a basis for investigation, the authorities will investigate.
I should add that Keppel Corporation is a publicly listed company and is accountable to its shareholders. The boards and management of Keppel Corporation and its subsidiaries, including Keppel Offshore and Marine Ltd (KOM), are responsible for the proper conduct of their businesses. It is incumbent upon them to run their businesses honestly and competently. This would include detecting, reporting and preventing corrupt behaviour. Under the US Deferred Prosecution Agreement, KOM is also under a legal obligation to implement rigorous compliance and internal controls to “prevent and detect” corrupt practices.
Keppel’s public statements since the Brazilian case has come to light indicate that they understand the seriousness of the matter. The current management has asserted zero tolerance for corruption, the need to win back the trust of stakeholders and their “determination to hold [themselves] to the highest ethical standards everywhere [they] operate”. The shareholders of Keppel Corporation, including Temasek, expect these statements to be fully observed, and will hold them to account should they fail to do so.
Last updated on 19 Feb 2018