PTT starts probing Rolls-Royce alleged bribery

BANGKOK, Jan 21 (TNA) -- PTT Public Public Company Limited, a Thai state-owned SET-listed oil and gas company, has started investigating on alleged bribery case by Rollys-Royce and plans to inform its board of directors next week, said Tevin Vongvanich, President and Chief Executive Officer of PTT. Mr Tevin said PTT has established an investigating committee, comprising of senior executives of the firm, who have never been involved in procurement dealings of Rollys-Royce engine before so that the investigation would be carried out in good governance and transparency. The investigation committee is now compiling documents and find out those responsible for procuring equipment between 2000 – 2013 and plans to invite representatives of Siemens Co, Ltd which has bought Rolls-Royce in late 2014 while the committee would also inquire on documents which are related to those submitted to the US Justice Department, said Mr Tevin. He said initial report would be submitted to the company’s committee within next week and those found guilty would be “dealt with rules and (the country’s) law,” said Mr Tevin. Thailand is one of the seven countries named by the United Kingdom’s Serious Fraud Office (SFO), which found conspiracy to corrupt or failure to prevent bribery by Rolls-Royce. Meanwhile, Somporn Vongvuthipornchai, President and Chief Executive Officer of PTT Exploration and Production Public Company Limited, said his company has also set up a special committee to probe on procurement of Rollys-Royce engines during the above-mentioned period. Result of the finding would be informed to the company’s board within 30 days, said Mr Somporn. Media reports say Rolls-Royce paid more than 36 million US dollars between 1991 and 2005 to agents to help it secure three separate contracts Trent aero engines to Thai Airways International. The SFO also revealed 12 counts of conspiracy to corrupt or failure to prevent bribery in six other countries -- Indonesia, India, Russia, Nigeria, China and Malaysia. The British company agrees to pay 671 million pounds in penalties to settle nearly 25 years of corruption allegation to the SFO, 141 million pounds to the US Justice Department and another 21.5 million pounds to Brazilian regulators. (TNA)