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Singapore shipyard to pay US$422 million fine to US for bribery in Brazil

Author: Posttime:2017-12-29 08:47:30

SINGAPORE shipyard operator Keppel Offshore & Marine (KOM) and its US subsidiary have been fined US$422 million for bribing Brazilian officials, offences under the US Foreign Corrupt Practices Act (FCPA).

KOM and its American unit, Keppel Offshore & Marine USA, have agreed to pay for bribes paid to Brazilian industry and government officials, reports American Shipper.
According to US Justice Department investigators KOM paid $55 million in bribes to officials at the Brazilian state-owned oil company Petrobras and to Brazil's then-governing party to win 13 contracts with Petrobras and another Brazilian entity.
"In an attempt to conceal their crimes, the defendants used the global financial system - including the United States banking system - to disguise the source and disbursement of the bribe payments by passing funds through a series of shell companies," said a/US Attorney Bridget Rohde.
KOM USA pleaded guilty and was sentenced by the court on a one-count criminal information charging the company with conspiracy to violate the FCPA's anti-bribery provisions. 
KOM settled with the Ministerio Publico Federal (MPF) in Brazil and the Attorney General's Chambers (AGC) in Singapore. The United States will credit the amount the company pays to Brazil and Singapore under their respective agreements, with Brazil receiving $211,108,490, equal to 50 per cent of the total criminal penalty, and Singapore receiving up to $105,554,245, equal to 25 per cent of the total criminal penalty.
source:www.seatrade-maritime.com
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