Keppel Offshore and Marine (KOM) has finally fully resolved the case related to corrupt payments made by its agent to officials of Brazilian state-run oil company Petrobras and Brazilian politicians between 2001 and 2014.
In 2017, the company reached a global resolution with authorities in the US, Brazil and Singapore, through which it was ordered to pay a fine of $422.2m to the three countries.
However, the Brazilian Attorney-General’s Office (AGU) and Comptroller General of the Union (CGU) – mandated like Brazil’s Public Prosecutor’s Office, the authority involved in the global resolution, to enforce certain anti-corruption laws – negotiated separately with Keppel. The company this week reached an agreement with the AGU and CGU to pay an extra $65m and conclude the long case.
Keppel signed a leniency agreement with the Brazilian government, which it said resulted from its “full cooperation with AGU’s and CGU’s investigations, which the two authorities recognised, along with KOM’s extensive remediation efforts and significant compliance enhancements.”
According to The Edge Singapore, Keppel also committed to continuing cooperation with AGU and CGU, and to ongoing compliance enhancements.
