Pacific Radiance Ltd, a publicly listed company, made an announcement that on 2 December 2016, an executive director of the Company was arrested by the Corrupt Practices Investigation Bureau (“CPIB”). The executive director, Mr Mok Weng Vai, was picked up by the police on suspicion of an offence under Section 6(c) of the Prevention of Corruption Act (Cap. 241) of Singapore.
Mr Mok has not been charged in Court, and was released on police bail on the same day. The Company said that it is unable to provide further details as CPIB’s investigation is ongoing.
Pacific Radiance Ltd operates offshore vessels and gives subsea services to the energy companies. The Straits Times reported that in stark contrast to the US$2.2 million profit the Company reported last year, it reported loss of US$57.7 million for the quarter ended June 30. The company, suffered from exposure to Swiber and said in August it had noticed “doubtful receivables” on its balance sheet.