Current and former executives of Swiber Holdings have been released on bail after answering questions from the Commercial Affairs Department (CAD).
Swiber said eight people were interviewed by CAD between 30 November and 2 December in respect of alleged infringements under the Securities and Futures Act.
These included Swiber’s executive chairman Raymond Kim Goh, chief financial officer Tay Gim Sin Leonard and executive director Jean Pers.
Some independent non-executive directors of the company were released on bail as well.
Swiber said: “The company understands from the CAD that its investigations are still ongoing and that no formal charges have been brought against the above mentioned persons.”
It is also understood that ex-chief executive Yeo Chee Neng was interviewed by the CAD in the course of the investigations but he was not placed on bail.
CAD launched its investigation in mid-November and although it did not disclose many details, it has requested information about Swiber Offshore Construction, PAPE Engineering and Swiber Corporate from 2012 to date.
Corporate secretarial documents, e-mails and accounting records will be scrutinised by inspectors.
Swiber said it is presently assisting CAD in its investigations and will fully cooperate.
