MODEC : Certain employees of MODEC subsidiary charged for bribery and corruption
November 11, 2022 at 07:42 am EST
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Tokyo, Nov. 11, 2022
We have been notified that certain employees of our subsidiary, MODEC Offshore Production Systems (Singapore) Pte. Ltd., have been charged in the Singapore courts for offences relating to bribery and corruption.
As the matter is before the Singapore courts, we are not in a position to make any further comments on the matter to avoid interfering with the judicial process. We will continue to actively cooperate with the Singapore authorities. We will make further announcements promptly if and when we are aware of any material developments and are permitted to make such announcements.
MODEC takes a zero-tolerance approach towards bribery and corruption. The allegations were made in a whistleblower's report submitted via our internal reporting system and were internally investigated by us with the assistance of external counsel.
Following our internal investigations, a report was made to the Corrupt Practices Investigation Bureau ("CPIB") of Singapore. We have been fully cooperating with the investigations, have followed the progress of the matter, and have made preparations to manage the outcome and implications.
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MODEC Inc. published this content on 11 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2022 12:41:03 UTC.
MODEC, INC. is a Japan-based company engaged in design, construction, installation and sales of floating offshore oil and gas production facilities, including floating production, storage and offloading system (FPSO), floating storage and offloading system (FSO) and tension leg platform (TLP), to oil developers. It is also engaged in leasing of its products, provision of operation services, as well as provision of chartered leasing and operation services. It also provides after-sale services, encompassing provision of parts for the Company's facilities and engineering support services.
MODEC, INC. 
