Former Swiber CEO fined $310,000 for false statements and insider trading

He is also banned from being a director or managing any company for five years.

Yeo Chee Neng, the former chief executive officer of Swiber Holdings, was convicted and fined a total of $310,000 for four offences under the Securities and Futures Act.

According to the Singapore Police Force, the fines included $100,000 for neglect in connection with a false statement about a US$710m project award, $200,000 for insider trading involving the sale of Swiber debentures by his wife, and $10,000 for two charges of failing to disclose changes in his interest in Swiber debentures.

Yeo is also banned from serving as a director or participating in the management of any company, directly or indirectly, for five years.

On 15 December 2014, Swiber falsely announced a US$710m project award for EPCIC services in West Africa. Investigations revealed that Swiber had only entered a Letter of Intent for preliminary engineering studies, with an estimated contract price subject to review.

This false statement overstated Swiber’s business prospects, potentially inducing others to purchase Swiber’s securities. Yeo, then a non-executive director, approved this announcement despite knowing its inaccuracy.

In 2016, Yeo, then Deputy Group CEO and later CEO, had access to non-public information about Swiber’s financial issues. He knew Swiber lacked the funds to redeem S$305m in debentures and instructed his wife to sell their debentures. She sold debentures valued at S$500,000 on 29 June 2016, liquidating half on 5 July 2016. 

Following Swiber’s winding-up application on 27 July 2016, Yeo avoided losses of S$629,762, which he later repaid to the State. Additionally, Yeo failed to disclose changes in his interest in Swiber debentures after sales on 28-29 June and 12 July 2016.

Between February and May 2024, seven former Swiber directors were convicted for their roles in the false announcement about the West African Project. They were fined between $10,000 and $100,000 and disqualified from directorships for five years. 

These directors include Raymond Kim Goh, Founder and Executive Chairman; Francis Wong Chin Sing, Executive Director and Group CEO; Leonard Tay Gim Sin, Executive Director and Group CFO; Nitish Gupta, Executive Director; Jean Pers, Executive Director; Oon Thian Seng, Independent Director; and Chia Fook Eng, Independent Director.