Indian MD of shipping company found guilty in Singapore corruption case, 5 years jail possible
In Singapore, a 51-year-old Indian citizen (Indian citizen) He was found guilty of corruption while serving as the managing director of a division of an international shipping company here on Thursday. Ananthakrishnan Nanda, managing director of Sinokem Shipping, Singapore’s Department of Axing Ship Management Singapore, pleaded guilty under the Corruption, Drug Trafficking and Other Serious Offenses (Forfeiture of Profit) Act.
Nanda met Kunal Chadha, Director and General Manager, Marine Care Singapore, in November 2015. Marine Care Singapore Company provides marine chemicals and equipment for cleaning and maintenance of ships.
Nanda spoke with Chadha in December 2015 about adding Marine Care as a vendor to Aoxing. Aoxing was then considering launching a tank cleaning program to improve cleanliness and efficiency on Sinochem ships. Chadha agreed that after the deal with Oxing and Sinochem, Nanda would get 10 per cent of the proceeds from Oxing and Sinochem to Marine Care. The report stated that the award was given to the accused to further the business interests of Marine Care in Oxing.
Nanda to appear in court in February 2023
The newspaper reported that Nanda now has to appear in court in February 2023 and will be sentenced at that time. Nanda has been charged with seven counts of corruption and each count faces up to five years in prison and a $70,412.63 fine, or both. In addition, he faces up to 10 years in prison and a fine of $3,52,063.15, or both, for each charge under the Corruption, Drug Trafficking and Other Serious Crimes (Forfeiture of Benefits) Act.
Former promoters of Fortis Healthcare Ltd have also been penalized
On the other hand, the Supreme Court has sentenced Malvinder Singh and Shivinder Singh, former promoter of Fortis Healthcare Ltd, to six months in a case related to sale of shares to Malaysian company IHH Healthcare. A bench headed by Chief Justice Uday Umesh Lalit sentenced the former promoters of Fortis Healthcare, who were earlier convicted in the contempt case, to six months in jail. The Supreme Court also ordered a forensic audit of the sale of shares of Fortis Healthcare Ltd. The Chief Justice said that now it is the responsibility of the court to implement the order.