PTT board issues directive on Rolls-Royce bribery probe
PTT’s board of directors has given a directive to the company on its current investigation of the Rolls-Royce bribery scandal in which the UK engineering giant, in its settlement with the US Justice Department, confessed it had made corrupt payments of more than US$11 million (Bt388 million) to PTT and PTT Exploration and Production officials.
President and chief executive officer Tevin Vongvanich said PTT’s board attached importance to adherence to corporate-governance principles, including having a zero-tolerance policy on graft.
The board also asked PTT to seriously cooperate with the National Anti-Corruption Commission (NACC) and provided a guideline on investigation of the Rolls-Royce case, with an emphasis on the issue of whether there had been cronyism, in relation to three points: how the specifications were set, the bidding procedures, and the reference bidding prices.
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