Temasek Holdings on the brink of Corruption?

In light of the Keppel Offshore & Marine corruption case uncovered on Dec 2017, Temasek who owns more than 20 percent stake in the company is now in the spotlight.

The senior management of companies in the group will have a roundtable meeting focusing on questions of governance and ethics, Mr Lim Boon Heng announced on Monday, 5 Mar 2018.

Singapore had been consecutively rated one of the least corrupted countries in the world for years now. The past conducts and business records of the nation are the main contributing factors for this global recognition.

“We all have a continuing responsibility to uphold this reputation.” said Mr Lim, “In markets where practices are questionable and compromising integrity is required to win business or contracts, we have to be very clear – there is a bright red line our companies should not cross.”

“What happened recently was a shock, not just to the company concerned, but it really dents the reputation of Singapore and all the other Temasek companies.” he added, without naming the company Keppel Offshore & Marine.

A roundtable meeting was announced in his speech, expects it “in the next few months”.

He told all the chairpersons from the group to bring together their board members, to “align ourselves and set expectations on how we should operate and conduct business, ethically and with proper guidance”.

Corruption takes on many guises,” he said. “In many jurisdictions, the penalties for price fixing and collusion are no different to bribery, and the offense no less serious.

“It takes courage to walk away from business opportunities, but it is more important to maintain and protect the reputation of your company and our nation.”

Directors of the companies are “entrusted with the responsibility of being the owners and guardians of the company’s reputation”, he added. “We must always live up to that trust.”

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