Swiber Holdings

[Shiyi]

SGX reprimands Swiber Holdings Limited

Singapore Exchange reprimands Swiber Holdings Limited ("Swiber") for its breach of Listing Rule 703, read with Paragraph 25© of Appendix 7.1, by failing to provide a balanced and fair announcement in relation to a US$710 million project award. The relevant listing rule requires a company’s announcement to be  balanced and fair, and to avoid, among other things, presentation of favourable possibilities as certain, or as more probable than is actually the case.

For background of events leading to public reprimand and basis for the reprimands : http://infopub.sgx.com/FileOpen/20161031...eID=427051

A cool 7 years since investigation to get charged. Probably another 2-3years to complete the judicial due process. The long (time) arm of the law.

Eight ex-directors of insolvent Swiber charged with offences under Securities and Futures Act

In December 2014, Swiber announced that it had secured a US$710 million project to provide engineering, procurement, construction, installation and commissioning services for an offshore field development project.

But the group’s wholly-owned subsidiary, Swiber Offshore Construction, had authorised an expenditure of only up to US$2 million on this project, making the company’s statement materially untrue.

Five directors have now been charged with consenting to Swiber’s making of a false statement. They each also face an additional charge “for conniving in Swiber’s reckless non-disclosure”, said a statement by the police.

The “reckless non-disclosure” was related to Swiber’s alleged failure to disclose that Brunei Shell Petroleum had in October 2014 served Swiber Offshore Construction a notice of termination for the Champion Waterflood Project.

https://www.businesstimes.com.sg/compani...nd-futures

Any remedy for the victims of the fraud, i.e. the minority shareholders, other than justice is served?

[weijian]

SGX reprimands Swiber Holdings Limited

Singapore Exchange reprimands Swiber Holdings Limited ("Swiber") for its breach of Listing Rule 703, read with Paragraph 25© of Appendix 7.1, by failing to provide a balanced and fair announcement in relation to a US$710 million project award. The relevant listing rule requires a company’s announcement to be  balanced and fair, and to avoid, among other things, presentation of favourable possibilities as certain, or as more probable than is actually the case.

For background of events leading to public reprimand and basis for the reprimands : http://infopub.sgx.com/FileOpen/20161031...eID=427051

A cool 7 years since investigation to get charged. Probably another 2-3years to complete the judicial due process. The long (time) arm of the law.

Eight ex-directors of insolvent Swiber charged with offences under Securities and Futures Act

In December 2014, Swiber announced that it had secured a US$710 million project to provide engineering, procurement, construction, installation and commissioning services for an offshore field development project.

But the group’s wholly-owned subsidiary, Swiber Offshore Construction, had authorised an expenditure of only up to US$2 million on this project, making the company’s statement materially untrue.

Five directors have now been charged with consenting to Swiber’s making of a false statement. They each also face an additional charge “for conniving in Swiber’s reckless non-disclosure”, said a statement by the police.

The “reckless non-disclosure” was related to Swiber’s alleged failure to disclose that Brunei Shell Petroleum had in October 2014 served Swiber Offshore Construction a notice of termination for the Champion Waterflood Project.

https://www.businesstimes.com.sg/compani...nd-futures

Finally, justice is served. But white collar treatment for white collar crimes I suppose.

Oct2023:
Three charges of insider trading have been brought against former Swiber CEO Yeo, each of which also carries a jail term of up to seven years plus a fine of up to S$250,000.

Former Swiber director fined S$310,000 for false project announcement, insider trading

Yeo Chee Neng, who was later made Swiber’s chief executive, is also disqualified from being a director of any company for five years

https://www.businesstimes.com.sg/compani...er-trading