Indranee Rajah on Temasek’s investments in Sembmarine and CPIB's investigation into Seatrium

Temasek Holdings’ decision to participate in Sembcorp Marine’s (Sembmarine) two rights issues in 2020 and 2021 was made after doing its due diligence into the investment, said Minister in the Prime Minister’s Office Indranee Rajah. She said this due diligence took into account Sembmarine’s public disclosures that had already been made. “Based on the available facts and disclosures at that time, Temasek made an independent commercial decision to inject capital into the company,” she said. She highlighted this in reply to MPs’ questions in Parliament on Monday (Jul 3) on the Corrupt Practices Investigation Bureau’s (CPIB) investigation into Seatrium and individuals from the company, and whether the decision by Temasek Holdings to inject capital into then-Sembcorp Marine took into account the alleged corruption offences that occurred in Brazil. Ms Indranee said as the investigations are ongoing, it is not appropriate to provide further details at this juncture. She said CPIB will be interviewing various individuals of interest and reviewing all documentary and other records to which it can gain access. She said CPIB takes this matter seriously and will investigate the case thoroughly and seek to complete the investigations expeditiously.