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Singapore firm to pay over 400 million USD fine in bribery probes

Singapore's Keppel Corporation's Offshore & Marine unit (Keppel O&M) has agreed to pay a 422 million USD fine for the US, Brazil and Singapore in bribery probes.
Singapore firm to pay over 400 million USD fine in bribery probes ảnh 1An oil rig of Keppel (Source: todayonline.com)

Hanoi (VNA) - Singapore's Keppel Corporation's Offshore & Marine unit(Keppel O&M) has agreed to pay a 422 million USD fine for the US, Braziland Singapore in bribery probes.

Accordingto US authorities, an US-based affiliate of Keppel, which specialises in oilrigs and shipyards, participated in a bribery network led by a Braziliannational. Companies of the network offered bribes of about 50 million USD forsome Brazilian officials and illegally obtained 350 million USD.

Keppelsaid in a statement in Singapore that the cases stemmed from "improperpayments" made by a former agent of the corporation to Braziliangovernment officials between 2001 and 2014 in relation to various projects withBrazil’s state-owned oil giant Petrobras and Sete Brasil, a supplier of oilrigs.

Keppelsaid it cooperated fully with officials in all three countries and in theinvestigation. Following the settlement, Keppel will continue its operations inthe US and Brazil and the incident will not affect its operation in thosemarkets and other countries.-VNA 

VNA
#Singapore#Keppel Corporation#bribery probes#oil rigs#bribery network#Brazil#US#government officials#vietnamplus#Vietnam News Agency
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