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REUTERS
December 24, 2017

Keppel unit to pay $422 million

Business

REUTERS
December 24, 2017

NEW YORK: Keppel Corporation Ltd´s offshore rig building business will pay more than $422 million to resolve charges it bribed Brazilian officials, including some at state-run oil company Petrobras, U.S. authorities said on Friday.

Keppel Offshore & Marine Ltd agreed to pay the combined penalty to resolve investigations by authorities in the United States, Brazil and its home country of Singapore, the U.S. Justice Department said.

The company entered into a deferred prosecution agreement while a U.S. subsidiary, Keppel Offshore & Marine USA Inc, pleaded guilty in federal court in Brooklyn to conspiring to violate the U.S. Foreign Corrupt Practices Act.

The Justice Department also revealed that a former member of the company´s legal department secretly pleaded guilty in August in connection with the ongoing investigation.

That person´s identity could not be immediately determined.

Keppel Corporation Chairman Lee Boon Yang said the Singapore-based company regretted the actions that took place in Brazil.

"Integrity is one of Keppel´s core values," he said in a statement.

"We do not and will not tolerate any illegal activity in the conduct of our business.

"Petroleo Brasileiro SA, also known as Petrobras, has been at the center of Brazil´s largest ever corruption scandal amid investigations into political kickback schemes involving contractors.

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