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Straits Times
2 days ago
- Business
- Straits Times
Jail for former Sats employee linked to corrupt arrangements involving over $18k
Leong Poh Keong was sentenced to one year, three months and three weeks' jail. PHOTO: ST FILE Jail for former Sats employee linked to corrupt arrangements involving over $18k SINGAPORE – A training, quality and projects executive at Sats Maintenance Centre was involved in corrupt arrangements worth more than $18,000 with multiple representatives of the company's vendors. Leong Poh Keong, who is no longer employed by Sats – a ground handler and in-flight caterer at Changi Airport – had disclosed confidential tender-related information to the representatives. This allowed Dominic Quek Chun Hua, Lim Ban Hock and Virgil Joy Angelus to access the pricing information of competitors, severely compromising the tender process. On June 26, Leong was sentenced to one year, three months and three weeks' jail. The 39-year-old Singaporean had pleaded guilty to two counts of graft involving more than $14,000, as well as one count each of cheating and obstructing the course of justice. Eight other charges, including graft-related ones linked to the remaining amount, were considered during his sentencing. The three vendor representatives were earlier dealt with in court. Although the case involved 'tainted contracts', Deputy Public Prosecutor Bryan Wong said there is no evidence that Sats suffered actual losses. Sats Maintenance Centre supported the company's ground support equipment section, which managed specialised vehicles on the airport tarmac. At the time of the offences, Leong's responsibilities included drafting bidding documents based on Sats' desired specifications for potential suppliers. He also acted as a liaison between potential bidders and the tender evaluation committee, which included members of the maintenance centre's management. Quek was then an operations manager at Tom's Tyre (TT), which had supplied tyres and rims to customers, including Sats. In January 2015, TT entered into a contract with Sats for the supply, delivery and fixing of new and existing tyres. In late 2019, Sats told TT, the incumbent supplier, and other firms that it was launching an open tender exercise for tyre-related services. The tender was for a contract period from Jan 1, 2020, to Dec 31, 2022, with an option for Sats to extend the contract by a further two years. Around mid-2020, Leong was engaged as the writer for the open tender, the court heard. In or around April that year, Leong approached Quek for a loan, citing 'health problems' of his child, who was living in Vietnam. Between April 2020 and January 2021, Quek handed Leong a total of $9,500 over three occasions. During this period, Leong told Quek that another tyre supplier had submitted a tender price that was about 20 per cent lower than TT's. Leong also said he was prepared to recommend TT for the award of the open tender, if the firm was willing to reduce its tender price by 20 per cent. However, investigations did not reveal if TT reduced its tender price. DPP Wong said that the open tender exercise was eventually closed in April 2021 after Sats discovered Leong's misconduct. The tender was not awarded to TT or any other prospective bidders. Meanwhile, Lim was a director at Env-Pro Tech Engineering and TK Engineering at the time of the offences. Env-Pro was involved in fabrication activities, while TK Engineering manufactured vehicle parts. On one occasion between 2019 and 2020, Leong asked Lim for a loan as his son had 'kidney failure and required dialysis treatment'. Leong later received a bribe of more than $4,000. In October 2020, Leong told Lim that Sats Maintenance Centre had an open tender exercise for repair services. He shared with Lim confidential information, including the price lists of the then incumbent contractor. TK Engineering clinched the job and signed a contract with Sats in January 2021. As for Virgil, he was involved in an unrelated case. At the time of the offences, he held directorships in businesses, including project management firm Elizabeth-Zion Aviation and Ports, and technological services company Elizabeth-Zion Technology. Between 2016 and 2017, Sats awarded Elizabeth-Zion Technology a project to build a driving simulator for employees. Between 2017 and 2018, Elizabeth-Zion Aviation and Ports was awarded a Sats contract to provide manpower for refuelling operations. Some time between 2019 and 2020, Leong approached Virgil for a corrupt loan of $1,000 , which the latter gave him. On or around Feb 19, 2021, Leong found out from a colleague that Sats wanted to terminate his employment contract, and that investigations by the Corrupt Practices Investigation Bureau into his case would follow soon after. Leong then contacted Quek, Lim and Virgil and advised them to delete any incriminating text messages they had exchanged with him. On June 26, Leong's bail was set at $30,000. He is expected to begin serving his sentence on July 10. Shaffiq Alkhatib is The Straits Times' court correspondent, covering mainly criminal cases heard at the State Courts. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
19-06-2025
- Business
- Business Times
Stocks to watch: DBS, UOB, Sats, Far East Orchard, GuocoLand, Elite UK Reit
THE following companies saw new developments that may affect trading of their securities on Thursday (Jun 19): DBS : The lender inked a memorandum of understanding with the the Australian Trade and Investment Commission on Wednesday to deepen investment links between Australia and South-east Asia. The two will collaborate to help Australian companies expand into markets in the region, including Singapore, Indonesia, Malaysia and Vietnam. The counter ended on Wednesday 0.5 per cent or S$0.23 lower at S$44.23. UOB : The bank and its wholly-owned subsidiary UOB China have become direct participants in China's Cross-border Interbank Payment System, a wholesale payment system authorised by the People's Bank of China that facilitates the settlement of trading and investments in renminbi. This will enable UOB to provide cross-border renminbi clearing, settlement and payment services to businesses and financial institutions within and outside China, the bank said. Its shares closed on Wednesday 0.3 per cent or S$0.12 lower at S$34.83. Sats : In-flight caterer and ground handler Sats on Wednesday priced US$100 million in fixed-rate notes due Jun 23, 2030 under its US$3 billion multicurrency debt issuance programme. The net proceeds will be used to refinance existing borrowings and the issuance will not result in an increase in the group's overall debt. The notes are expected to be issued on Jun 23 and the interest rate is fixed at 4.648 per cent each year, payable semi-annually in arrear. Sats shares closed flat at S$3.08 on Wednesday. Far East Orchard (FEO) : The group's first private student accommodation development fund secured £96 million (S$166 million) in total committed capital at its closing. The sum includes £70 million raised at the fund's first closing in August last year. The fund focuses on purpose-built student accommodation development opportunities in strong universities across the United Kingdom and has committed more than 35 per cent of the raised equity into two such developments to date. These are a 273-bed project in Glasgow, Scotland and a 239-bed one at Plymouth Grove in Manchester, England. Shares of Far East Orchard closed flat at S$1 on Wednesday, before the announcement. GuocoLand : Its subsidiary, GuocoLand Malaysia, said on Wednesday that its unit GLM Emerald Hills was directed to pay monies to a contractor it is embroiled in a dispute with in an arbitration matter. The current estimated net financial impact in relation to the arbitration is RM 5.5 million. GLM EHills is in consultation with solicitors on the next course of action, including to set aside the arbitration award, and will announce material development in due course. The counter ended on Wednesday 0.7 per cent or S$0.01 higher at S$1.46. Elite UK Reit : The manager on Thursday announced its issue of some 13.6 million new private placement units at an issue price of £0.295 (S$0.51) per unit, bringing the total number of units in issue to around 609.9 million. The new units will commence trading on the main board of the Singapore Exchange at 9 am on Thursday. Units of Elite UK Reit closed Wednesday flat at £0.325.
Business Times
18-06-2025
- Business
- Business Times
Sats prices US$100 million in fixed-rate notes at 4.648%
[SINGAPORE] In-flight caterer and ground handler Sats on Wednesday (Jun 18) priced US$100 million in fixed-rate notes due Jun 23, 2030, at 4.648 per cent. The Series 003 notes will be issued by Sats' US$3 billion multicurrency debt issuance programme established in November 2023 and updated last year. They are expected to be issued on Jun 23, the company said in a bourse filing. The interest rate is fixed at 4.648 per cent each year, payable semi-annually in arrear. The net proceeds will be used to refinance existing borrowings, Sats said, adding that the issuance will not result in an increase in the group's overall debt. MUFG Securities EMEA has been appointed as the sole coordinator in relation to the notes. Sats shares closed flat at S$3.08 on Wednesday.
Straits Times
12-06-2025
- Business
- Straits Times
Singapore shares rise as trade tensions between China and US ease; STI up 0.1%
Singapore shares rise as trade tensions between China and US ease; STI up 0.1% SINGAPORE – Signs of a truce in the tense tariff stand-off between the US and China gave local shares a welcome nudge north on June 12. While far from a ringing endorsement of an apparent trade deal, hopeful local investors still managed to push the benchmark Straits Times Index (STI) up 0.1 per cent or 3.15 points to 3,922.2 but losers pipped gainers 252 to 236 on trade of 1.3 billion securities worth $1.2 billion. Jardine Matheson was the STI's standout, rising 1.9 per cent to US$44.64, while inflight caterer Sats led the losers, down 1.3 per cent to finish at $3.11. The local banks ended lower: DBS dropped 0.4 per cent to $44.67; UOB fell 0.1 per cent to $35.09; and OCBC shed 0.1 per cent to $16.14. There wasn't much for share investors to shout about on Wall Street overnight, where most action was in the markets for oil and government bonds, which rallied after the latest US inflation numbers. Stocks had a lacklustre day with the S&P 500 down 0.3 per cent while and Dow Jones Industrials was unchanged and the tech-heavy Nasdaq declined 0.5 per cent. Major regional indexes had mixed sessions. South Korea's Kospi rose 0.5 per cent and Malaysian stocks gained 0.2 per cent but the Nikkei in Japan fell 0.7 per cent and Hong Kong's Hang Seng dropped 1.4 per cent. Buoyant energy shares couldn't prevent the ASX in Sydney from sliding 0.3 per cent. Mr Jose Torres, a senior economist at Interactive Brokers, said: 'Markets are soaring following a lighter-than-anticipated (US) consumer price index report that is quelling fears about tariff-related inflation and boosting enthusiasm that the (US Federal Reserve) will cut rates in the next two or three meetings.' He added that bulls are energised by a de-escalation in trade tensions between Beijing and Washington, with American President Donald Trump remarking on June 11 that the relationship between the two economies is 'excellent'. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
08-06-2025
- Business
- Business Times
Demand for AI-related talents increasing globally across sectors
[SINGAPORE] It has been an active market for global roles in the area of artificial intelligence (AI), with several top-level appointments being reported in recent months. Akshay Mendon, Singapore head for executive search firm EMA Partners, said: 'While tech-enabled businesses were first to the post, we are seeing a huge surge in demand (for AI-related jobs) from traditional companies in product manufacturing and energy and logistics.' Top-level AI-related appointments in the last couple of months include in-flight caterer Sats' appointment of Sandeep Sakharkar as chief digital officer in May. The position is a newly established one in Sats, which said in a statement: 'The role of the chief digital officer in Sats is to lead the development and execution of Sats' digital strategy.' The chief digital officer there is also expected to ensure a seamless integration of advanced data analytics, automation, AI and operational excellence into the company's global operations, said the company's spokesperson. Cheng Wan Hua, head of talent analytics for South-east Asia at professional service firm Aon, noted that the demand for AI-related services is more pronounced in financial services, professional services, logistics, and healthcare. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up She added: 'We are expecting a majority of Asia-Pacific organisations to now have roles requiring AI skills, departing from the traditional belief that these roles are primarily in the data science and engineering space.' These regional or global senior-level appointments come as no surprise. Globally, firms have been announcing senior hires in this area. Semiconductor giant Intel and cosmetics company Estee Lauder are among the latest to set up new leadership positions in AI and digital transformation; even the White House has ordered federal agencies to name chief AI officers. Another recent appointment in this area was made at Standard Chartered, which announced on Monday (Jun 2) the appointment of Yusuf Demiral as global head in the wealth and retail banking data, analytics and AI department. Demiral, in this newly created role, will lead the scaling up of the bank's AI capabilities in the wealth and retail banking arenas, said the spokesperson. In April, the bank announced the appointment of David Hardoon as global head of AI enablement, another newly created role. The bank has also adopted SC GPT, a generative AI tool to enhance operations and productivity, and to tailor sales and marketing efforts to boost the bank's revenue, said the spokesperson. These appointments involve a global or regional focus over AI and digital operations, observers noted. Apart from the hirings, efforts are underway to build up specialist expertise in AI. Mendon of EMA Partners said that at least half of the executive search firm's client base, based in traditional sectors, have already set up an AI Centre of Excellence in the city-state, or are taking steps to do so. Consulting firm Deloitte announced on Tuesday the launch of its Apac Agentic AI Centre of Excellence, which is to bring together more than 120 AI specialists from the Asia-Pacific and more than 6,000 practitioners from the region. Agentic AI enables AI agents to work independently, coordinate workflows and learn and adapt over time, said Deloitte. Deloitte is not the only consulting firm dipping its toes into agentic AI. On Wednesday, EY announced its agentic AI offering, EY Studio+. A spokesperson for the professional-services firm said the studio, which works with clients from industries ranging from tourism and hospitality to healthcare, combines its organically grown EY businesses with 37 companies it acquired, which bring specialised skills in design, sales, marketing and customer-experience technology to the table. Cheng from Aon predicted that agentic AI will be the trend in the foreseeable future. 'Agentic AI will augment human roles, requiring new job architectures and performance metrics,' she said. Despite the growth in demand for AI-related jobs across different industries, human-resource firms are wary of the risk of a bloated AI workforce. Mendon said: 'We have seen multiple examples of companies over-hiring based on uptrends.' His advice: Hire first based on a few critical business-related AI use cases at a country or regional level, and then prudently hire headcount only after that. Cheng concurred, saying: 'Take measured steps, avoiding the extremes of over-centralisation or fragmented experimentation. 'Decisions should be made on the basis of available data such as market benchmarks or past evidence.' She added that, AI-related experience aside, it is also important for job candidates to have relevant soft skills, such as being able to learn continually and handle changes. She singled out critical thinking as one of the most important soft skills to possess: 'There is a consequent necessity to evaluate the accuracy of AI-generated output and anticipate ethical implications.' Mendon believes that having strong learning agility is essential to staying relevant in the workforce: 'Professionals who can combine their AI knowledge with its application to enhance business cases, will be sought after in the coming years.'
