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BFF-04
SINGAPORE-US-BRAZIL-CORRUPTION-FINES
Singapore firm to pay $422 million in corruption fines
WASHINGTON, Dec 23, 2017 (BSS/AFP) – Keppel Offshore & Marine Ltd. has
agreed to pay $422 million in fines to the US, Brazil and Singapore for
corruption, the US Department of Justice announced on Friday.
KOM operates shipyards around the world and has a US subsidy. The
investigation was conducted under a US law allowing authorities to punish
American companies or companies active in the country that are guilty of
corruption.
The firm’s “corruption scheme… resulted in the payment by the defendant
companies of over $50 million in bribes to Brazilian officials and in profits
for the defendant companies of over $350 million from business corruptly
obtained in Brazil,” acting US attorney Bridget Rohde said in a statement.
KOM and its US subsidiary “have agreed to pay a combined total penalty of
more than $422 million to resolve charges with authorities in the United
States, Brazil and Singapore,” the statement said.
It will pay $105.5 million to the US, $211.1 million to Brazil and $105.5
million to Singapore.
KOM’s cooperation and firing or disciplining of employees involved in
misconduct led the Justice Department to agree to a lower penalty than could
have been assessed, it said.
BSS/AFP/MRI/0852 hrs