Eight Swiber Management Employees Granted Bail

Tuesday / December 6, 2016


A host of current and former senior management at struggling Swiber Holdings have been interviewed by authorities in Singapore with eight people released on bail as investigators look at whether or not the oilfield services company fell foul of the republic’s Securities and Futures Act. Among those out on bail is Raymond Goh, the executive chairman of the company.

Swiber Holdings caused uproar this July when it first sought to liquidate then chose to seek judicial management. Swiber has since been reprimanded by the Singapore Exchange for failing to provide a “balanced and fair” announcement in relation to a $710m 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,” SGX explained in a release last month.

Singapore’s Commercial Affairs Department launched its investigation into Swiber last month requesting access to a series of company files, including all corporate secretarial documents, all stock exchange announcements and all accounting records.

Source: Splash 24/7

SNM Events News Service
Contact Editor: editor@snmevents.com

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