Singapore Corrupt Practices Investigation Bureau Investigates $6.1 Billion Seatrium for Alleged Corruption in Brazil, Name Changed to Seatrium after Merger of Keppel Offshore & Marine and Sembcorp Marine
2nd June 2023 | Hong Kong
Singapore Corrupt Practices Investigation Bureau (CPIB) has launched an investigation into Seatrium (1/6/23: $6.1 billion / S$8.26 billion market capitalization) for alleged corruption related to “Operation Car Wash” in Brazil (Name changed to Seatrium after merger of Keppel Offshore & Marine and Sembcorp Marine, proposed in April 2023). In 2022 December, Keppel Offshore & Marine had paid $65 million to Brazil authorities in a settlement agreement. Singapore Corrupt Practices Investigation Bureau (CPIB): “Acting on information received, the Corrupt Practices Investigation Bureau (CPIB) commenced investigations against Seatrium Limited and individuals from Seatrium Limited on alleged corruption offences that occurred in Brazil. As investigations are ongoing, CPIB will not be able to provide further details at this juncture. Singapore adopts a strict zero-tolerance approach towards corruption. CPIB investigates without fear or favour and will not hesitate to take action against any parties involved in corrupt activities.” See below for Seatrium statement.
” Singapore Corrupt Practices Investigation Bureau Investigates $6.1 Billion Seatrium for Alleged Corruption in Brazil, Name Changed to Seatrium after Merger of Keppel Offshore & Marine and Sembcorp Marine “
Singapore Corrupt Practices Investigation Bureau Investigates $6.1 Billion Seatrium for Alleged Corruption in Brazil
1st June 2023 – Seatrium Limited (the “Company”) refers to its previous announcements on the investigations by the Brazilian authorities in connection with Operation Car Wash, which began in or around early 2015. The Company has previously made numerous announcements concerning this, with the latest being the announcement dated 28 April 2023.
The Company would like to update that on 31 May 2023, the Corrupt Practices Investigation Bureau (“CPIB”) released a statement stating that it has commenced investigations against the Company and individuals from the Company on alleged corrupt offences that occurred in Brazil. The Company believes that this relates to events that occurred prior to 2015 and to the Sembcorp Marine group in existence at that time. Those events predate the merger with Keppel Offshore & Marine which only took place in February 2023.
The Company is unable to comment further at this stage as the investigations are still ongoing.
The Company is cooperating with CPIB in its investigations and will make appropriate announcements in the event of any material developments.
The Company wishes to reiterate it is committed to the highest standards of compliance with anti- corruption laws and does not condone and will not tolerate any improper conduct. The Company has a strict compliance programme and continuously works to ensure that policies and procedures are in place to prevent any violation of any anti-corruption laws applicable to its operations.
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