High Cost Of Making Shady Deals

It is illegal for employees to accept bribes as a reward for making deals that are not in their company’s best interests.

2. On 23 March 2018, Goh Chan Peng, a 63-year old former Chief Executive Officer of Beyonics Technology Limited (Beyonics), will be charged with:

i. 9 counts of corruptly accepting from Nedec Co. Ltd (Nedec) and Kodec Co. Ltd (Kodec) gratification amounting to approximately US$88,000, as a reward for agreeing to Beyonics’ collaboration with Nedec and Kodec which resulted in a portion of Beyonics’ business with Seagate Technology International being diverted to Nedec and Kodec. This constituted an offence under section 6(a) of the Prevention of Corruption Act (Chapter 241).

ii. One count of corruptly agreeing to receive from Nedec and Kodec gratification of US$200,000, as a reward for assisting Nedec and Kodec to procure a grant of US$2.5 million from Seagate Technology International, an offence under section 5(a)(i) of the Prevention of Corruption Act (Chapter 241).

iii. One count of transferring a sum of US$500,000, which in part directly represents benefits from criminal conduct, from a Hongkong and Shanghai Banking Corporation Limited (Hong Kong) bank account to a Bank Pictet & Cie bank account, an offence under section 47(1)(b) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Chapter 65A) and punishable under section 47(6)(a) of the same Act. Both bank accounts are held in the name of Wyser International Limited, an entity owned by Goh Chan Peng.

3. Singapore adopts a zero tolerance approach towards corruption. The Corrupt Practices Investigation Bureau takes a serious view of any corrupt practices and will not hesitate to take action against any party involved in such acts.

Corrupt Practices Investigation Bureau