Keppel’s Board Chairman Lee Boon Yang should resign

The current boards of directors of Keppel Corporation and its unit Keppel Offshore & Marine (KOM) have denied knowledge of the bribes that were paid in Brazil.

If this is the case, then the entire board should resign for dereliction of duty because overseeing a company’s executives and their activities is precisely what board directors are supposed to do.

It beggars belief that a corrupt practice conducted by top executives of KOM on such a scale, in such magnitude and over such a long period would go undetected by Keppel’s boards.

The bribery, one of the biggest in the US history in terms of penalties imposed under the country’s Foreign Corrupt Practices Act and certainly the biggest in Singapore’s history, had even implicated Brazil’s former president Lula da Silva and brought down Dilma Rousseff’s presidency, leading the country to political chaos.

Even more significantly, the illegal payments went on for 14 years!

How all this happened with Keppel’s boards of directors saying that they had no idea of what was happening can only point to one thing: incompetence.

Keppel Corporation’s core values include: “Integrity: Act with ethics and honesty” and “Accountability: Responsible to all stakeholders”.

How can Keppel act responsibly and with accountability when it doesn’t even know that a massive bribery scandal was taking place within its ranks for over a decade?

The ludicrousness of the situation calls for stern measures to be taken with the boards’ members, starting with the resignation of the group’s chairman and former PAP minister, Mr Lee Boon Yang.

As chairman, Mr Lee’s responsibilities include “set[ting] guidelines on and monitor[ing] the flow of information from management to the Board to ensure that all material information is provided in a timely manner to the Board for the Board to make good decisions.”

In addition, he “takes a leading role in the Company’s drive to achieve and maintain a high standard of corporate governance…”

It is clear that Mr Lee has failed on both counts. If the chairman of a company can remain so ignorant of such a major development, then what good is he to the company?

As he accepted accolades for Keppel receiving the “best-managed board” in the Singapore Corporate Awards in 2015, saying: “We are encouraged by the recognition accorded to Keppel companies. In particular, we especially value the gold award for the best-managed board”, so must Mr Lee now plainly and fully accept the responsibility of the scandal.

He cannot take credit for praise (even when they are misplaced), and palm off criticism.

Similarly, the CEO of Temasek, Ms Ho Ching, must answer for the debacle. Keppel is one of the main entities in Temasek’s stable of government-linked companies. As such, her role in the debacle should not be overlooked.

The SDP calls on Mr Lee and Keppel’s Board of Directors to give a full accounting of the entire episode instead of only making a terse response to media queries. Keppel Corporation’s website is conspicuously silent on the matter.

At the minimum, the CPIB must launch an immediate and full investigation into the corruption scandal and bring those responsible to justice.

 


Singapore Democrats

 

 

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32 Responses to “Keppel’s Board Chairman Lee Boon Yang should resign”

  • No shame:

    He closed one eye…or maybe closed both?
    Play safe ? He is just as guilty if he didnt speak up or dissuade his officers from such practices.
    or …did some higher up tham them gave the OK?
    Now all playing “hear no evil, see no evil, and speak no evil!
    Guilty hypocrites!

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  • 鸟龙的人:

    哎约!不行的咧!
    白衣雜种把$当爸爸
    就讓这群雜种为所欲为吧!

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  • Bapak:

    At most he will be ‘resigned’ and transfered (promoted) to TH or one of the other GLC companies. The citizens end up loser.

    PAP knows how to keep their key people (elites) happy in exchange for their loyalty. That’s why there are so many PLPs supporting them. If Oppos not united, we end up a bigger loser.

    Simply put, PAP of todays has no integrity and respects for its citizens.

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  • bgkl:

    In primary school, one of the most beguiling out-of-textbook lessons I learned is when a teacher screamed at me, saying, “‘I don’t know’ is not an excuse!”

    So may I ask, should all the Keppel directors, chairman and the chao papayas repeat primary school?

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  • MarBowling:

    The late Lee Kayu had given his pearls fo wisdom with regard to performance at TH by his DIL HoLee Jinx: she is tasked to handle $billions and $billions of our SWF. You win some, you also loss some. Shut up and sit down. Let’s move on!

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  • 衣冠禽兽:

    Never judge a white by their looks.

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  • Just TAX the peasants more!:

    Dr Chee , what did that Grace Fuk said about you?

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  • opposition dude:

    Nothing is going to happen to Keppel’s board lah, we all know that already.

    At most one or two jokers will be asked to go into early retirement or transferred out. No jail terms necessary when you control everything mah.

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  • pap selected INDIAN president:

    How all this happened with Keppel’s boards of directors saying that they had no idea of what was happening …

    Keppel’s board of directors have no idea what was happening? BUT they know how to collect directors’ fees or they have no idea how to collect directors’ fees?

    THESE pap Ljs and pap CBs all liars.

    pap clown selected INDIAN as malay president. INDIAN ic says INDIAN or INDIAN ic says malay? if ic says INDIAN but pap says malay then is ic correct or is pap correct?

    SEE. every pap Lj and every pap CB has lied. ONLY know how to pay each other S$m but never know what accountability is. EVEN own flesh and blood can state in public ABUSE OF POWER. BUT because every pap Lj and every pap CB are in cahoots, can wayang in parleement to say everything is good lets move on. WONDER when parleement is called to say KOM is good lets move on?

    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++
    even in kachang puteh business there is such thing as when know how to collect money then also know what is happening. pap Ljs and pap CBs all know how to collect S$m but all can say, without shame, don’t know what is happening. like that also can? WTF.
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++

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  • BuyMeBakKutTeh:

    Please blame the 69.9%!
    They are responsible because their votes put these pple there.

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  • 陈大婶:

    鸟龙的人:
    哎约!不行的咧!
    白衣雜种把$当爸爸
    就讓这群雜种为所欲为吧!

    可怜的弟妹

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  • 陈大婶:

    亏钱了!不丢脸吗。

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  • N.Jungne:

    A world class Humpty Loongty and Little Miss Muffet, sitting on the Tuffet licking their curds and honey. Surround themselves by all the CLEAN & HONEST of the land. These Yes-men and women will abandon them when curds and honey runs dry

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  • Minions:

    Not only resign but he should go to jail as leader of a corrupted organisation and for acting blurr as if he “don’t know” same like that khaw and paper general for smrt but then again its the pap so corruption wins.

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  • rewarded for life:

    Keppel’s Board Chairman Lee Boon Yang should resign

    Once you’ve been inside the PAP inner circle, you will be rewarded for life, courtesy of the tax payers.

    You will be soft-landed to another easy well paid job with no competitive pressure either in the Civil Service or a GLC (including Temasek controlled companies).

    Lee Boon Yang, Lim Boon Heng, Wong Kan Seng, etc.

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  • Why LBY is Chairman:

    Now we know why LBY was made Keppel Chairman. He is a veterinary. PAP knew Keppel has “gone to the dogs” – started paying bribes to get business. (My apolgieis to the dog.) BTW, he was recruited PAP because as a vet he knows how to take care of pigs (in white).

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  • LBY to resign, fat hope:

    Calling LBY to resign to hold himself accountable for KOM saga? Fat hope lah, just look at Desmond Kuek and Tai chi master KBW, they will not resign, no matter what ! This is the special type of meritocracy in SG, promotions for no apparent achievemnets but when involved in serious lapses or found to be grossly incompetent jus copy KBW’s tactic to escape trouble , just defect away all blame to others, made some unsubstantiated statistics like train service improve 3 times under his charge, rail reliability improved, lost sleep over the train breakdowns look older than his 65 yr old, blah blah blah, he makes his millions of dollars so easy to make! While CEOs of private companies will be sacked , removed or resign on his own for incompetence, he simply can cling on, his boss is not going to sack him , who cares just wayang around, laughing his way to the bank every month, neitizens can KPKB, he doesn’t care !
    The KOM and ST Marine corruption cases are just a tip of the iceberg, there must be more SG companies involved in corrupted countries as the saying goes don’t stir shit, the smell will spread far and wide!

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  • Apologise in Parliament?:

    Keppel to apologise in Parliament too?

    What a joke!

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  • Money Not Enough:

    What can this good for nothing animal doctor do outside?
    He has leeched the system for years, taking easy billions by now.
    He will fight to stay on for more riches.

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  • pap selected INDIAN president:

    LBY to resign, fat hope:
    Calling LBY to resign to hold himself accountable for KOM saga? Fat hope lah, just look at Desmond Kuek and Tai chi master KBW, they will not resign, no matter what ! This is the special type of meritocracy in SG, promotions for no apparent achievemnets but when involved in serious lapses or found to be grossly incompetent jus copy KBW’s tactic to escape trouble , just defect away all blame to others, …

    The KOM and ST Marine corruption cases are just a tip of the iceberg, there must be more SG companies involved in corrupted countries as the saying goes don’t stir shit, the smell will spread far and wide!

    very well said, bro. cow can even say hara-kiri. BUT like every pap Lj pap Cb, they only say about others. they never say about themselves.

    if analyzed deeply, fairly, objectively, the root cause is pap clown. this one is so hopeless he can only muster the worst kind to surround him. UNDER such a ffffing useless regime how not to rot?

    moreover, if analyzed deeply, fairly, objectively, pap clown is actually a despicable coward. he slapped dhana but needed wooden goh to say in public no such slapping. he was in cheng san grc polling station when pap law says cannot even be within 200m yet he no balls to own up but instead have the law micky moused by redefining INSIDE is not within 200m. with top LIKE this how not to rot?

    FROM another angle, if analyzed deeply, fairly, objectively, pap clown is actually a despicable liar. INDIAN ic says INDIAN yet to prevent a better Singaporean from being president to ask the inconvenient questions the INDIAN is declared malay and selected as malay president. ffff. if ic says INDIAN and pap says malay, who is right? one must be wrong as it cannot be both are right. since we had ic system isn’t ic information sacrosanct? we are old folks and our ic even has our blood type listed. IF information on ic cannot be trusted (listing INDIAN but can be malay) then why have ic system? WHY not have something else?

    IN CONCLUSION, the corruption the rot the lying all became worse under pap clown. the root of all current evil in pap and the root of all current rot in once 1st world Singapore now going from 3rd world to nowhere.

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  • They know the secrets:

    How come Nathan given such a cushy job?

    If condoned, more will be condoned.

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  • common sense:

    PAP gagmt is full of corruption, even a small dustbin centre the consultation fee $800,000 ,is really beyond doubts ..hanky panky going on.
    FOR WRONGDOINGS dug out BY AG AUDITS, YET YRS AFTER..for yrs…..NO CORRECTIONS OR AND INVESTIGATION AND CHARGED.
    Cronies benefitted from PAP gagmts.
    WHAT SHOCK THE PEOPLE THERE IS NO CORRUOTION PROBE AND INVESTIGATION AND CHARGED…JUST LIKE THE ANG MO KIO TOWN COUNCIL GM ,NO CHARGE OR ANY NEWS….
    OWNSELF CHECK OWNSELF….
    .DONT EVER BELIEVE THE PAP MEDIA AND ITS PROPAGANDAS …OUT TO BRAINWASH U DAILY.
    DONT THINK THE NEWS PAPER GIVEN FREELY AT MRT ,IS REALLY FREE…IT IS NOT FREE IN THE SENSE IT IS OUT TO BRAINWASH U TO SIDE WITH PAP, AND BEING WHITEWASH BY PAP MEDIA, ALL THE WRONG DOINGS ARE SWEEP UNDER THE CARPET BUT SIDETRACK U WITH OTHER NEWS.
    IF U DONT VOTE FOR OPPOSITON TO INCREASE THEIR SEATS IN PARLIAMENT, WE ALL WILL SUFFER UNDER PAP AUTOCRAT REGIME AND POOR WILL HAVE TO BE PUNISH HARSHLY FOR SMALL CRIMES,M AND WHILE RICH AND POWERFUL GET A SLAP ON THE HANDS AS MANY CAN SEE IT..WHEN READING THE NEWS.AND SUFFER IMMENSELY AS THINGS ANDF FOODS SKYROCKET BEHIND THEIR SURVIVAL.
    MANY WILL HAVE TO EAT 1 OR 2 MEALS DAILY…AND MEDICALS BEYOND THEIR REACH AND DRIVE TAXIS ONLY TO SURVIVE, OR DO ODD JOBS .
    A VERY CLEAR CASE OF MASSIVE CORRUPTION IN KEPPEL SUBSIDIARY ,YET REFUSE TO CHARGED BY CPIB IN KEPPEL CASE REALLY TELL HOW DEEP CORRUPTION HAVE BEEN GOING ON FOR YRS IN SINGAPORE…
    SEE PAP REFUSE STUBBORNLY TO CHARGE THEIR OWN PEOPLES….IN A CASE REPORTED WORLD WIDE…SHOW THE DEPTH OF ROTTENNESS IN PAP GAGMT.

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  • Bullshit:

    Thanks again to our 69.9% brethens who adores the pappies!

    Who are still in mourning! Look at their cars …….Photo of mourning still there?

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  • high on something?:

    What the hell have these top clowns been doing in the 14 long years whilst all the corrupt transactions were carrying on right in front of their noses!!??

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  • pap selected INDIAN president:

    why resign only?

    corruption is a go to jail offence. just because ex pap minister means excused? did lky excuse teh cw the HDB minister for corruption? no. he got the poison pill and paid a fair price for the corruption.

    that is the right way. corrupt. pay for it with hara-kiri or poison pill.

    cannot just resign and behave like nothing has happened. US$422m corruption fine means offence is very serious, far more serious than the S$1m ex minister teh cw the HDB minister corrupted. that teh cw fair and square took the poison pill. good for him. this KOM chairman cannot just resign. must also either hara-kiri like cow said or poison pill like teh cw did.

    so why is standard need to be brought down so low now? just resign? NO. must 1st bow. then apologize. finally hara-kiri or poison pill. DON’T drop the high standard lky set for NO CORRUPTION. it is wrong to do so.

    in lky museum, it must be in BOLD letters. Singapore no corruption and if corruption and caught then hara-kiri by cow law or poison pill by teh cw example. THEN Singapore high standard. otherwise no different suharto no different gadafi. no different dark continent africa.

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  • Calling A Deer A Horse:

    Any surprise? A crooked beam at the very top has to be supported by crooked pillars. Maybe they can learn to taichi like the foreign talent Cow, the board and chairman volunteered for the job, and should be commended instead.

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  • HarderTruths:

    Resign? RESIGN?

    Who wants to bet his salary goes up and he gets a bigger bonus this year?

    Pappymen never lose. Their bosses protect them always – until the ship sinks.

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  • beggar belief,unthinking asses:

    Quote,

    ” That is another advantage the PAP has which you do not, i.e. having unthinking asses as voters ”

    link,
    Jaundiced Lenses: A Letter to Tony Blair
    http://jaundicedlenses.bxxxsxxt.sg/2005/04/letter-to-tony-blair.html

    Singapore Notes: A Lament For Education
    http://singaporedesk.bxxxsxxt.sg/2014/08/a-lament-for-education.html

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  • Kar Chng:

    Pure Oligarchy this what it is.

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  • Bystander:

    Singapore Democrats too naive. Lee a former Cabinet Minister to resign is as good as saying Khaw Transport Minister to resign.
    Dun they know the Natural Aristocrats are privileged to make mistakes
    are just slapped on the wrist, and left off.

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  • stanalone:

    This is I pat your back and you pat your back. Everyone at the top looking after each other.

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  • National Repute At Stake!:

    Sack the whole board!

    Don’t save a tree and ruin the whole forest!

    Prove to the World that we are deadly against corruption!

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