Swiber directors out on bail as CAD probes alleged breach of disclosure law

A NUMBER of current and former directors of Swiber Holdings are released on bail after having been taken for questioning by the Commercial Affairs Department (CAD), Singapore's white collar-crime investigations unit.

The directors are Swiber executive chairman Raymond Kim Goh; executive director Jean Pers; lead independent director Yeo Jeu Nam; independent director Chia Fook Eng; independent director Oon Thian Seng; ex-vice-chairman and ex-executive director Francis Wong Chin Sing; group chief financial officer and ex-executive director Leonard Tay Gim Sin; and ex-executive director Nitish Gupta.

Those individuals were interviewed by the CAD between Nov 30 and Dec 2 and released on bail in relation to alleged infringements under Section 199 of the Securities and Futures Act. Section 199 covers the making of false and misleading disclosures.

Investigations are ongoing and no formal charges have been brought against those individuals, Swiber said.

Former group chief executive director and ex-executive director Yeo Chee Neng was also interviewed by the CAD, but was not placed on bail, Swiber said.

The company said that it is assisting the CAD in its investigations and will fully cooperate with the CAD on this matter.

Swiber is under the judicial management of KPMG's Bob Yap, Tay Puay Cheng and Ong Pang Thye.