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Nikkei Markets

SINGAPORE PRESS: News Headlines On Friday, December 29

By Singapore Newsroom
Nikkei Markets
SINGAPORE (Dec 29) -- Heres a roundup of local news:

*Ex-Keppel lawyer cooperated with US in bribery probe: Documents

A former lawyer at Keppel Corp's oil rig building business secretly pleaded guilty and cooperated with US authorities before the Singapore-based company agreed to pay US$422 million (S$566 million) to settle charges that it bribed Brazilian officials, according to court documents. Jeffery Chow, a former senior member of Keppel Offshore & Marine's legal department, cut a deal to help prosecutors in their probe of Keppel and other former executives, according to the documents unsealed on Tuesday in federal court in Brooklyn. Chow, 59, pleaded guilty on Aug 29 to conspiring to violate the Foreign Corrupt Practices Act as part of his deal to cooperate. He admitted to drafting contracts that were used to make bribe payments, according to court records. - Reuters

*Keppel acts against employees involved in unit's Brazil bribery case

Keppel has taken disciplinary action against the employees involved in its rig-building unit's bribery scandal in Brazil, including the meting out of financial penalties. The group has also "separated" with all the executives defined as "relevant individuals" in the statement of facts released earlier by the authorities behind the graft probe. - The Business Times

*No Signboard reports 1.3% fall in FY17 earnings to $7.7 mil on higher expenses

No Signboard reported a 1.3% fall in full-year earnings to $7.7 million in FY17 ended Sept from $7.8 million a year ago in FY16 on higher expenses. The seafood restaurant operator had requested for a three-month extension from Singapore Exchange to report its FY17 results due to its listing on Nov 30. - The Edge Markets

*Family of Datapulse's co-founder file requisition notice to oust directors

The family of former Datapulse Technology chairman and co-founder Ng Khim Guan is seeking to replace four directors on the company's board and re-evaluate the firm's diversification strategy. On Thursday the digital media storage maker said that it has received a requisition notice to convene an extraordinary general meeting from Uniseraya Holdings and Ng Bie Tjin - which have a combined stake of about 16 per cent in the company. Ms Ng Bie Tjin is the daughter of Datapulse's co-founder Ng. She was previously finance director of the company from 1994 till 2014, and is currently an independent non-executive director of Aspial Corporation and SunMoon Food Company. She is also a director of Uniseraya Holdings. - The Straits Times

*Singapore Court Dismisses Dispute Over $43 Million in Bitcoin

The Singapore International Commercial Court ruled today to dismiss a lawsuit where the plaintiff attempted to reclaim 3,092 bitcoin from a cryptocurrency exchange, document shows. The case, first filed in April this year by the U.K.-based market maker B2C2 against the Singapore cryptocurrency exchange Quoine, has become notable due to the large amount of bitcoin involved. The 3,092 bitcoin at stake worth $3.7 million at the time but spiked to $43 million currently, data from CoinDesk's Bitcoin Price Index shows. - CoinDesk

*New study finds clear divide among social classes in Singapore

The sharpest social divisions in Singapore may now be based on class, instead of race or religion, a study released on Thursday suggests. The Institute of Policy Studies' Study On Social Capital In Singapore shows that on average, Singaporeans who live in public housing have fewer than one friend who lives in private housing. People who study in elite schools also tend to be less close to those in non-elite schools, and vice versa. - The Straits Times
- By Singapore Newsroom; sgeditorial@nikkeinewsrise.com; +65 6331 6250
- Edited by Glen Nicol Perkinson
- Send Feedback to feedback@nikkeinewsrise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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