Samsung Heavy cops $75m Petrobras bribery fine

Samsung Heavy cops $75m Petrobras bribery fine

South Korean shipyard Samsung Heavy Industries has agreed to pay $75m in penalties to avoid prosecution in the United States over its scheme to pay millions of dollars in bribes to Brazilian officials to win a drillship contract from Petrobras, the US Department of Justice has said.

The company has admitted to paying $20m in commission to a Brazilian intermediary between 2007 and 2013, with much of this cash going towards bribes at Brazilian state-owned oil firm, Petrobras.

Helping refill its coffers, Samsung Heavy today revealed an unspecified owner has signed up for $1.5bn worth of the yard’s sought after LNG carriers.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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1 Comment

  1. Avatar
    J Bulman
    November 25, 2019 at 7:21 pm

    Singing. Now your going to believe me.