By: 永久浪客/Forever Vagabond
The name of IE Singapore Chairman, Seah Moon Ming, has been found inside the recent Panama Papers, released by the International Consortium of Investigative Journalism (ICIJ) (https://offshoreleaks.icij.org/nodes/117997):
Capture1The papers reveal that Mr Seah is a Director of C5 Solutions Inc, a company incorporated in the British Virgin Islands on 11 Feb 2000. Currently, the company is said to have been deregistered:
Capture-1Interestingly, Mr Seah was using the address of ST Electronics as a proxy to receive correspondence with regard to his corporate affairs with C5 Solutions.He listed his address as – “c/o ST Electronics Ltd No 24 Ang Mo Kio St 65 Singapore 569061”.

The abbreviation “c/o” actually means “care of”. It signifies an intermediary who is responsible for transferring mails between the postal system and the final addressee. For example when the addressee has no standard address, is under a corporate mail system, or is being manually forwarded mail sent to a more accessible location (https://en.wiktionary.org/wiki/c/o).

ICIJ said that it was releasing the new details in “public interest”, in an effort to “find out who’s behind almost 320,000 offshore companies and trusts from the Panama Papers and the offshore leaks investigations.”

In April 2016, Iceland’s prime minister, Sigmundur Davíð Gunnlaugsson, become the first major casualty of the Panama Papers leak. He resigned from his office amid mounting public outrage that his family had sheltered money offshore.

The Ministry of Finance and Monetary Authority of Singapore’s spokesman, commenting on the new Panama Papers leak implicating Singapore based entities and people said it is reviewing the papers released by ICIJ.

“If there is evidence of wrong-doing by any individual or entity in Singapore, we will not hesitate to take firm supervisory and enforcement action,” the spokesman added.

Star-studded resume of Seah Moon Ming

Mr Seah Moon Ming, who was previously the Deputy Chairman of IE Singapore, was promoted to become its Chairman in Jan 2014 (http://news.asiaone.com/news/singapore/ie-singapore-appoints-new-chairman-and-board-members). IE Singapore, a statutory board under MTI, helps to promote the overseas growth of Singapore-based enterprises and international trade.

Mr Seah took over from Mr Sunny Verghese who stepped down in Dec 2013. At the time, Mr Verghese was also the CEO of Olam International, which created news in the market scene from 2012 to 2014. In Nov 2012, Carson Block of Muddy Waters Research accused Olam of “deciding to take huge leverage and invest in illiquid positions”, questioning its accounting practices and accusing its board of an “abject failure of leadership” (http://www.muddywatersresearch.com/research/olam/mw-reaction-olam-frantic-response). Olam called the allegations “baseless rumour-mongering” and sued Block for libel later. In the end, Temasek made a bid to takeover Olam in Mar 2014. Presently, the Chairman of Olam is Kwa Chong Seng, who used to be the deputy chairman of Temasek (http://www.channelnewsasia.com/news/business/singapore/kwa-chong-seng-to-be-next/2046474.html).

Concurrently, Mr Seah is also the CEO of Pavilion Energy Pte Ltd and Pavilion Gas Pte Ltd (http://www.pavilionenergy.com.sg/bod-pavilion-energy.php).

He was Senior Managing Director of Special Projects for Temasek from 1 March to 30 September 2013. Prior to joining Temasek, he was the Deputy CEO & President (Defence) of ST Engineering. He first joined the ST Group in 1994 as General Manager of CET Technologies, a subsidiary of ST Electronics. He was promoted to Managing Director of ST Electronics in July 1997 and served as ST Electronics’ President from December 1997 to August 2009.

So, this means that it was during his tenure as President of ST Electronics that he became a Director of C5 Solutions, the BVI company mentioned inside the Panama Papers. It’s not known if ST Electronics was aware of Mr Seah’s directorship in the BVI company.

In addition to IE Singapore, he also holds chairmanship in:
• Singapore Cooperation Enterprise
• Trusted Board Ltd
• China & North Asia Business Group of Singapore Business Federation.
• Temasek Polytechnic (2006 to 2014)

And he sits on the board of:
• ST Electronics
• Alexandra Health System Pte Ltd
• SIM University

His awards:

• Public Service Star (BBM) conferred by President Tony Tan in 2014
• IES/IEEE Joint Medal of Excellence Award 2008 by IES and IEEE
• Honorary Fellow Award from the ASEAN Federation of Engineering Organisations (AFEO)
• Fellow of the ASEAN Academy of Engineering and Technology (AAET)
• Oil Council’s 2014 APAC Executive of the Year Award
• 2011 NUS Distinguished Engineering Alumni Award
• 2006 Asia Brand Innovation – Ten Most Outstanding Personality Award
• 2007 CMI 6th International Management Action AwardIn January 2008, Mr Seah was conferred the title of Honorary Citizen of Guiyang, China. He was named as one of China’s Top 10 International Chinese Achievers for Financial & Intelligent Persons in 2007 by a consortium of organisations, including the Beijing Normal University and the Chinese editions of Fortune and Time magazines.

Mr Seah holds a Bachelor of Engineering with a major in Electronics Engineering from NUS and a Master of Science (EE) with distinction from Naval Postgraduate School, USA. He also attended the Stanford-NUS Executive Program and the Management Development & Advanced Management Program at Harvard University.