As part of a global resolution reached in 2017 with authorities in the US, Brazil and Singapore in relation to corrupt payments made to officials of Brazilian state-run oil company Petrobras and Brazilian politicians between 2001 and 2014, Keppel Offshore & Marine (Keppel O&M) received a conditional warning from the Corrupt Practices Investigation Bureau (CPIB), an agency responsible for the investigation and prevention of corruption in Singapore.
The conditional warning came with a provision requiring the company to pay $52.7m within 90 days of the date of the conditional warning and another $52.7m within three years of the date of the warning.
The CPIB has this week extended the deadline by six months for Keppel O&M to pay the second $52.7m. The company now has until June 22, 2022 to make that payment. This is in addition to a previous one-year extension that gave Keppel to December 22 this year to complete the payment. Keppel requested the extension given that discussions with Brazilian authorities are ongoing.
Under the terms of the global resolution, Keppel O&M was ordered to pay a total criminal fine of $422.2m to the US, Brazil and Singapore. The conditional warning payments are part of that total criminal fine.
