Read? Understanding Stock Market Risks - Financial Fraud Risk is real! (2)
Createwealth8888: Another one and definitely it will not be the last one! Just for this reason alone we should be wise not heavily weighted in any one counter in our portfolio.
Singapore, 12 September 2011 – Singapore Technologies Engineering Ltd (ST Engineering) wishes to announce that on 8 September 2011, Patrick Lee Swee Ching, currently Chief Financial Officer of Vision Technologies Systems, Inc. (VT Systems), was arrested by the Corrupt Practices Investigation Bureau (CPIB), for an offence under Section 477A of the Penal Code, Chapter 224.1
He has not been charged in Court. Patrick Lee was released on bail and has been granted permission by the CPIB to leave Singapore. He returned to the US on 10 September 2011 to resume his responsibilities as the Chief Financial Officer of VT Systems. VT Systems is the holding company for ST Engineering's aerospace, electronics, land systems and marine interests in the US.
Patrick Lee was previously the Group Financial Controller for Singapore Technologies Marine Ltd (ST Marine). It is believed that the CPIB is investigating certain transactions involving former and current employees of ST Marine. We are aware that two current and one former employee of ST Marine have also been arrested by the CPIB and released on bail. These employees do not hold key management appointments in the ST Engineering Group.
We are unable to provide further details at this time as we understand that the CPIB’s investigation is ongoing. An internal inquiry has also been commissioned with respect to this matter. We will take appropriate action as necessary after the inquiry has been completed and we have reviewed the findings. ST Engineering will make timely announcements as necessary. The ST Engineering Group has been extending and will continue to extend its fullest cooperation to the CPIB in its investigation.