In a press release by the Singapore authorities on Saturday (Dec 23), Singapore’s state-owned company Keppel Offshore and Marine (Keppel O&M) was fined S$567 million (US$422 million) for bribery corruption in exchange of several projects in Brazil. The fine will be distributed to three governments in the following shares: Brazil 50%, US 25% and Singapore 25%.
The US Department of Justice uncovered the Singapore corruption where Keppel made a total of S$472 million (US$351.8 million):
“Investigations showed the payments were made between 2001 and 2014 to officials of Brazilian state-run oil company, Petroleo Brasileiro (Petrobras). This was in order to win contracts with Petrobras and/or its related companies. KOM concealed these corrupt payments by paying commissions to an intermediary, under the guise of legitimate consulting agreements, who then made payments for the benefit of officials of Petrobras and other parties.”
According to court papers, a Brazilian agent made several undisclosed bribes representing Keppel to secure engineering projects with Brazil’s state-owned company. Keppel initially denied that they were involved but investigations from the US Department of Justice found that 5 Singaporean Keppel executives were involved.
The 5 Singaporean executives of Keppel have their identities covered up, there is no information provided to the public by Singapore’s Attorney General’s Chambers (AGC) and the Corruption Practices Investigation Bureau (CPIB).