A subsidiary of OKP Holdings has been fined $1 million for its role in a construction accident back in July 2017.
On May 12, the court imposed the fine on Or Kim Peow Contractors (Pte). In addition, two OKP employees, project director Allen Yee Chee Keong and project engineer Wong Kiew Hai, were sentenced to 13 months and 11 months jail respectively.
“With today’s sentencing, we are glad that there is now a closure to the accident,” says group managing director Or Toh Wat.
SEE:OKP Holdings reverses from losses to earnings of $3.3 mil for FY20
“We have since re-calibrated how we work with our subcontractors and other stakeholders,” says Or, adding that the company will “recommit” its responsibility towards workplace safety and health practices.
OKP won a $94.6 million contract that includes building a viaduct linking the Pan Island Expressway at Tampines. Before the construction was completed, the viaduct collapsed. One worker was killed and ten others hurt.
As at Dec 31 2020, OKP’s net construction order book stood at $254.0 million, with projects extending till 2023.
Its net tangible assets per share at end of FY2020 was 39.6 cents, up from 38.7 cents as at end of FY2019. Out of which, cash per share was 25.7 cents.
OKP shares closed May 12 at 19 cents.
