Hot stock: Seatrium falls as much as 7.8% amid heavy trading

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SHARES of Seatrium fell as much as 7.8 per cent on Tuesday (Jun 18) morning after the group announced last week that it was involved in a joint investigation conducted by the Monetary Authority of Singapore and the Commercial Affairs Department.

The potential offences are related to a decade-old bribery case in Brazil, infamously dubbed “Operation Car Wash”.

The counter was down S$0.13 to S$1.54, with 43.3 million shares having changed hands as at 10.08 am. The last time it traded near this level was in May.

By 10.40 am, its shares had inched up slightly and were down 7.2 per cent or S$0.12 to S$1.55. No married deals were recorded in early trade, ShareInvestor data indicated.

On Saturday, the offshore and marine group, formerly known as Sembcorp Marine, said the potential offences are under the Securities and Futures Act and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.

On Mar 28, the Corrupt Practices Investigation Bureau and the Attorney-General’s Chambers jointly announced that two former Seatrium executives – Wong Weng Sun and Lee Fook Kang – had each been slapped with five charges of conspiring to corruptly give gratification worth millions of dollars to officials in Brazil from 2009 to 2014.

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Lee was the senior general manager of a unit within the group at the time of the offences.

Wong, who was CEO of the group at the time of the offences, was also charged with obstruction of justice for allegedly instructing two employees in 2014 to remove an e-mail containing evidence of the br...

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