Note: Someone asked me about other articles I have written on bribery and corruption. I have posted another one below that I have found in my collection which was published more than 7 years ago, about bribery and corruption...
Read MoreWhen things go badly wrong, such as in the recent Keppel Offshore and Marine (KOM) scandal, which has resulted in a US$422 million penalty being imposed, a common response of the board of directors is: “We did not know”.
Read MoreWhy was the board in such a hurry that it took just five days to almost completely re-constitute the board (without the involvement of any of the former independent directors) and complete the acquisition? Was there a pre-Christmas sale that the board needed to take advantage of? Did it come with free gift-wrapping?
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Such stakeholders can exploit their control at the expense of the company and other minority shareholders without being caught by interested person transaction and other rules.
Read MoreNote: Over the years, I have written many times on the subject of bribery and corruption risks for Singapore companies doing business overseas. In light of the recent US$422 million fine imposed on Keppel O&M, I have decided...
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