ST Engineering Executive Arrested In Singapore

Singapore Technologies Engineering Ltd. (S63.SG) said Patrick Lee, the chief financial officer of one of its U.S. units, was arrested by Singapore's Corrupt Practices Investigation Bureau on Sept. 8.

Lee--who is CFO for Vision Technologies Systems, which is the holding company for the group's U.S. aerospace, electronics, land systems and marine interests--was arrested as part of an investigation believed to involve transactions relating to former and current employees of its ST Marine unit, ST Engineering said in a statement to the Singapore Exchange late Monday.

Lee wasn't charged in court and was released on bail. He was granted permission to leave Singapore and returned to the U.S. Sept. 10 to resume his management responsibilities.

ST Engineering said Lee was previously ST Marine's financial controller.

"We are aware that two current and one former employee of ST Marine have also been arrested by the CPIB and released on bail," ST Engineering said.

"These employees do not hold key management appointments in the ST Engineering group."

ST Engineering has commissioned its own internal inquiry into the matter and said it is fully cooperating with the CPIB.

-By Sam Holmes, Dow Jones Newswires; [phone]; [e-mail]