Neo Kian Siong, a former senior procurement officer of Keppel Shipyard, was brought to court on Tuesday (26 September) for 395 charges involving corruption and money laundering.
Neo stands accused of 78 counts of corruptly accepting money from several company directors and a sales engineer, as a reward for advancing their companies' business interests with Keppel Shipyard. The alleged sum amounted to $293,000.
He is also said to have converted around $933,600 to numerous forms of assets, in 270 counts of offences.
Read the full original article at http://www.straitstimes.com/singapore/former-keppel-shipyard-senior-procurement-officer-charged-with-corruption-money-laundering
The ASEAN CSR Network (ACN) participated at the Singapore Institute of Directors (SID) Conference 2017 "The Sustainability Imperative" on 12 September 2017. Speaking at the event, ACN CEO, Mr. Thomas Thomas, talked about the good governance as a tool to push for sustainable development, while emphasizing the importance of integrity-related disclosures of businesses.
The International Monetary Fund (IMF) has estimated that the annual cost of bribery — just one sub-set of corruption — to be between $1.5 and $2trillion.
This, the Fund estimated to be about two per cent of global Gross Domestic Product (GDP).
It argued that the costs represent the tip of the iceberg, saying the long-term impacts are much deeper.
Read the full orginal article at https://www.thisdaylive.com/index.php/2017/09/20/imf-puts-global-cost-of-bribery-at-2tn-annually/
As businesses navigate their way through the collision with the Digital Age and cyclical downturns amid more demanding shareholders, the real board challenge is to look inwards and out to reinvent themselves. The discussion moderated by the Business Times provides some insights that can be gleaned on the areas that boards should devost most time on such as corporate integrity, ethics and accountability.
Krungthai Asset Management (KTAM) yesterday launched its corporate governance (CG) mutual fund to capture opportunities from CG companies and the Thai bourse's upward trend.
Investor can subsript for the fund between Sept 20-26, with a required minimum investment of 1,000 baht. The fund will invest up to 80% of net assets under management in companies that have good CG scores. The companies are rated by the Thai Institute of Directors (IoD), which comprises 123 companies.
Read the full original article at http://www.bangkokpost.com/business/news/1326795/ktam-launches-cg-fund