World Economy

Singapore Firm to Pay $422m in Fines

Singapore Firm to Pay $422m in FinesSingapore Firm to Pay $422m in Fines

Singapore’s Keppel Offshore & Marine has agreed to pay $422 million in fines to the US, Brazil and Singapore to settle bribery cases involving Brazilian contracts, US officials said, AFP reported. The investigation of bribes to Brazil government officials was conducted under a US law allowing authorities to punish American companies or companies active in the country that are guilty of corruption. The Keppel group, which builds oil rigs and operates shipyards, has a US subsidiary found to have been involved in the bribery scheme, which was led by a former Brazilian agent with the knowledge of some Keppel executives, who have been fired. The scheme “resulted in the payment by the defendant companies of over $50 million in bribes to Brazilian officials and in profits for the defendant companies of over $350 million from business corruptly obtained in Brazil,” acting US attorney Bridget Rohde said in a statement. KOM’s cooperation and firing or disciplining of employees involved in misconduct led the justice department to agree to a lower penalty than could have been assessed, the US Department of Justice said.


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