Charming aim at corporate corruption, Singapore state investor Temasek Holdings roared on firms it has stakes in not to cross a “bright red line” in the wake of a bribery disrepute at one of its portfolio companies Keppel Corporation.
The message from chairman Lim Advantage Heng to major portfolio companies comes after the offshore rig-building segment of Keppel — in which Temasek has around a 20 percent stake — slack more than $422 million (306 million pounds) to conclude charges that it bribed Brazilian officials.
While Lim did not name Keppel in his enunciation published on Monday, his remarks left little doubt about the Central Intelligence Agency in question and Temasek’s aversion to corrupt practices.
“What happened recently was a upset, not just to the company concerned, but it really dents the reputation of Singapore and all the other Temasek guests,” Lim said.
“In markets where practices are questionable and compromising integrity is forced to win business or contracts, we have to be very clear — there is a bright red string our companies should not cross.”