Singapore police investigating KS Energy executives

Top executives from Singapore’s energy services provider KS Energy have been questioned by a police department which deals with false trading and market rigging transactions. 

In a statement on Saturday, April 8 the company’s board informed that its Executive Chairman and Chief Executive Officer of the company, Kris Taenar Wiluan and Executive Director, Richard James Wiluan have been interviewed by the Commercial Affairs Department of the Singapore Police Force (CAD) in its investigations into a potential contravention of the provisions, in particular Section 197, of the Securities and Futures Act, Cap. 289 by both of them.

According to Singapore’s government, this section of the act deals with false trading and market rigging transactions.

In the Saturday statement, the company’s board said that Kris Wiluan was released after his interview with CAD and posted bail while Richard Wiluan was released after his interview without requiring bail.

Both have informed the board that they have and will continue to cooperate fully in the investigations, including granting access to all their electronic data, IT equipment and data storage devices from January 2015, the statement further said.

The company has not been approached by the CAD regarding its investigations and the CAD has not revealed any details to the board.

The board also stated that Kris Wiluan and Richard Wiluan will keep it updated on the progress of the investigations. In the meantime, it’s business as usual for the company.

At the end of 2016, the company posted a net loss of $126.3 million with the group’s and company’s current liabilities exceeding current assets by $88.2 million and $99.5 million, respectively.

In related news, the company’s subsidiary KS Drilling recently secured a jack-up contract offshore Vietnam valued at approximately $11.1 million.

With a geographic reach which spans across South East Asia, China, Indo-China, the Middle East, the Mediterranean, Africa, and the North Sea, KS Energy has a workforce of more than 1,000 employees.

Offshore Energy Today Staff

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