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Keppel to pay $422.2M penalty over Petrobras bribery case


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Keppel to pay $422.2M penalty over Petrobras bribery case

Singapore's Keppel Offshore & Marine Ltd, or KOM, and unit Keppel Offshore & Marine USA Inc. will pay a total penalty of about $422.2 million to authorities to settle charges with the U.S., Brazil and Singapore, over links to Brazil's Petrobras scandal, the U.S. Justice Department said Dec. 22.

Keppel USA pleaded guilty to bribing Brazilian officials, in line with the resolution.

The total includes a criminal penalty of about $105.6 million due to the U.S., with $4.7 million coming from Keppel USA. KOM also settled with Brazil's Federal Public Ministry and Singapore's Attorney General's Chambers, and will pay about $211.1 million to Brazil and up to $105.6 million to Singapore.

Meanwhile, KOM entered into a deferred prosecution agreement with the Justice Department over conspiracy to violate anti-bribery provisions set by the Foreign Corrupt Practices Act. Admissions and court documents found that KOM paid out about $55 million in bribes to Petrobras executives and government officials to help win contracts.

KOM also promised to implement stricter internal checks and to fully cooperate with an ongoing Justice Department investigation.