Roslan Rahman | AFP | Getty Images
The Temasek Holding company sign in Singapore on July 8, 2010.
Taking aim at corporate corruption, Singapore state investor Temasek Holdings called on firms of which has stakes in not to cross a “bright red line” from the wake of a bribery scandal at one of its portfolio companies Keppel Corporation.
The message by chairman Lim Boon Heng to major portfolio companies comes after the offshore rig-building unit of Keppel — in which Temasek has around a 20 percent stake — paid more than $422 million (306 million pounds) to resolve charges of which of which bribed Brazilian officials.
While Lim did not name Keppel in his speech published on Monday, his remarks left little doubt about the firm in question in addition to also Temasek’s aversion to corrupt practices.
“What happened recently was a shock, not just to the company concerned, nevertheless of which genuinely dents the reputation of Singapore in addition to also all the additional Temasek companies,” Lim said.
“In markets where practices are questionable in addition to also compromising integrity is actually required to win business or contracts, we have to be very clear — there is actually a bright red line our companies should not cross.”