Business

Pacific Radiance director arrested by CPIB

An energy company listed on the Singapore Exchange (SGX) has issued a statement saying that one of its executive directors has been arrested by the Corrupt Practices Investigation Bureau (CPIB).

The firm, Pacific Radiance, said Mr Mok Weng Vai was arrested by CPIB on Dec 2 "on suspicion of an offence under Section 6(c) of the Prevention of Corruption Act".

He was not charged in court and was released on police bail on the same day, the company said.

It added: "The board is however unable to provide further details at this time as the board understands that the investigation is ongoing.

"The board will make timely announcements as necessary to keep shareholders informed of any material developments relating to the investigations as they arise."

In August, Pacific Radiance had "doubtful receivables" on its balance sheet due to exposure to embattled offshore marine firm Swiber.

At the time, it racked up a loss of US$57.7 million (S$77.5m) for the three months to June 30, a significant reversal from its US$2.2m profit for the same period last year.

Pacific Radiance owns and operates offshore vessels and provides subsea services to the energy industry.

Section 6 (c) of the Act states: "If any person knowingly gives to an agent, or if an agent knowingly uses with intent to deceive his principal, any receipt, account or other document in respect of which the principal is interested, and which contains any statement which is false or erroneous or defective in any material particular, and which to his knowledge is intended to mislead the principal, he shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding five years or to both." - THE STRAITS TIMES

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