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Singapore should hit errant corporates harder

The Edge Singapore
The Edge Singapore1/15/2018 08:00 AM GMT+08  • 5 min read
Singapore should hit errant corporates harder
SINGAPORE (Jan 15): The corruption scandal that Keppel Corp is embroiled in has raised questions in Parliament this past week about whether the company and its executives have been sufficiently punished.
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SINGAPORE (Jan 15): The corruption scandal that Keppel Corp is embroiled in has raised questions in Parliament this past week about whether the company and its executives have been sufficiently punished.

Given that the case has damaged the country’s reputation and also involved large sums of money, opposition Member of Parliament Sylvia Lim said there are perceptions on the ground that the penalty that has been imposed in a global resolution with authorities in the US, Brazil and Singapore is a mere “slap on the wrist”.

In response, Senior Minister of State for Finance and Law Indranee Rajah said “any penalty or claim that [Keppel] might be subject to under Singapore law would be far less than what [Keppel] is now liable for under the coordinated resolution”, and that the penalties under the Singapore Act alone “wouldn’t get us anywhere near the penalty under the global resolution”.

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