Singapore anti-corruption bureau arrests Pacific Radiance executive director

Pacific Radiance reported losses in Q2 and said in August it noticed "doubtful receivables" on balance sheet.

Singapore shares drop
A Singapore Exchange (SGX) sign sits outside its premises at the central business district in Singapore, January 18, 2016 Reuters

Energy company Pacific Radiance said on Tuesday that Singapore's anti-corruption watchdog has arrested one of its executive directors.

SGX-listed Pacific Radiance, which operates offshore vessels and gives subsea services to the energy companies, said in a statement director Mok Weng Vai was arrested by the Corrupt Practices Investigation Bureau last week "on suspicion of an offence under Section 6(c) of the Prevention of Corruption Act".

"Mr Mok Weng Vai has not been charged in Court, and was released on police bail on the same day," the statement added.

Pacific Radiance reported huge losses in the second quarter and said in August it had noticed "doubtful receivables" on its balance sheet. The company, which suffered from exposure to struggling offshore marine company Swiber, reported loss of US$57.7 million for the quarter ended June 30. This was in stark contrast to the US$2.2 million profit for the same period a year earlier, the Straits Times reported.

Pacific Radiance, which provides shipyard services, marine equipment as well as project logistics, sad it will keep the shareholders informed about further developments following Mok's arrest.

"The board is however unable to provide further details at this time as the board understands that the CPIB's 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," it said.

Pacific Radiance, which is listed on the Singapore Exchange, was established in 2002 and owns and operates a fleet of 130 modern offshore vessels.

Singapore shares drop
A Singapore Exchange (SGX) sign sits outside its premises at the central business district in Singapore, January 18, 2016 Reuters

Energy company Pacific Radiance said on Tuesday that Singapore's anti-corruption watchdog has arrested one of its executive directors.

SGX-listed Pacific Radiance, which operates offshore vessels and gives subsea services to the energy companies, said in a statement director Mok Weng Vai was arrested by the Corrupt Practices Investigation Bureau last week "on suspicion of an offence under Section 6(c) of the Prevention of Corruption Act".

"Mr Mok Weng Vai has not been charged in Court, and was released on police bail on the same day," the statement added.

Pacific Radiance reported huge losses in the second quarter and said in August it had noticed "doubtful receivables" on its balance sheet. The company, which suffered from exposure to struggling offshore marine company Swiber, reported loss of US$57.7 million for the quarter ended June 30. This was in stark contrast to the US$2.2 million profit for the same period a year earlier, the Straits Times reported.

Pacific Radiance, which provides shipyard services, marine equipment as well as project logistics, sad it will keep the shareholders informed about further developments following Mok's arrest.

"The board is however unable to provide further details at this time as the board understands that the CPIB's 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," it said.

Pacific Radiance, which is listed on the Singapore Exchange, was established in 2002 and owns and operates a fleet of 130 modern offshore vessels.

READ MORE