Photo of Keppel Corp from Reuters

In a speculation news by state media Straits Times, six Keppel executives were arrested by the police and are currently out on bail pending investigations. The unconfirmed news carried by Straits Times wrote that the former president and chief executive of Keppel’s wholly-owned subsidiary Keppel Fels Brasil, Tay Kim Hock, was among the arrested. Straits Times did not reveal who the other 5 individuals are.

Straits Times also confirmed that the corporation which engaged in bribery was let off with only a conditional warning by the AGC and CPIB:

“In Singapore, Keppel O&M accepted a conditional warning from the CPIB. This was issued in lieu of prosecution for corruption offences punishable under the Prevention of Corruption Act, and part of the global resolution, said the AGC and the CPIB.”

Last month in Parliament, Senior Minister of State Indranee Rajah defended the conditional warning saying that Singapore cannot be a “global policeman”. In the same month, Law Minister K Shanmugam said that he will start writing new laws to legalise corporate corruptions by allowing them to be granted amnesty if they “meet certain requirements”.

The state-owned offshore and marine company reported in their latest financial report that they lost S$619 million in total (S$570 million in penalty, S$49 million in related administrative costs) after they were caught with bribery corruption in Brazil. For the 4th quarter financial result, Keppel Corp lost S$495 million – seriously jeopardising the profit of Temasek Holdings and the CPF funds in the sovereign wealth fund company. Temasek Holdings did not comment how much losses were incurred from the Keppel S$619 million fine.

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