A former Keppel Shipyard executive has been jailed in Singapore for accepting bribes.

Senior procurement officer Neo Kian Siong, 63, banked more than SGD 740,000 ($547,000) from certain suppliers in exchange for revealing prices quoted by competitors, the Straits Times reported.

These suppliers were than able to submit a slightly lower quote to win contracts.

Neo accepted the money between 2007 and 2014.

He received a jail term of a year and nine months.

In February, he pleaded guilty to 26 corruption charges and 28 counts of dealing with the benefits of his ill-gotten gains.

Neo was sacked in 2016.

According to court documents, he received bribes from eight people whose companies dealt with items including piping components and copper-nickel fittings.

He bought shares and insurance policies with the proceeds.

The Corrupt Practices Investigation Bureau seized more than SGD 150,000 from two bank accounts and more than SGD 730,000 from insurance policies.

Keppel Shipyard said: "We have extended our full cooperation to the authorities, and are unable to comment further.

"We take a serious view of any corrupt act and will not tolerate any employee conduct that is illegal. All employees of the Keppel group are required to abide by the Keppel code of conduct, which prohibits, among others, bribery and corruption."