SINGAPORE, Singapore's Keppel Corporation's Offshore & Marine unit (Keppel O&M) reached a global resolution with criminal authorities in the United States, Brazil and Singapore to pay a 422 million-US dollar fine in bribery probes, according to a statement released here Saturday.
Keppel O&M allegedly bribed the officials of the Brazilian state-run oil company Petrobras and other parties in return for contracts between 2001 and 2014, said the statement jointly issued by the Attorney-General's Chambers (AGC) and the Corrupt Practices Investigation Bureau (CPIB) in Singapore.
Keppel O&M tried to disguise the bribes by paying commissions to intermediaries under legitimate consulting agreements, who then transferred the money to the officials of Petrobras and other parties.
According to the resolution, Keppel O&M would deliver half of the total fines to U.S. authorities, and 25 percent respectively to the Singaporean and Brazilian authorities. It also accepted a conditional warning from the CPIB.
Moreover, investigations are still underway for the individuals involved.
Keppel Chairman Lee Boon Yang said that he was deeply disappointed by the event, adding that the company executives would make sure that such unacceptable behavior will not be repeated in the future.
Source: NAM NEWS NETWORK