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GLC is a bunch of crooks

winnipegjets

Alfrescian (Inf)
Asset
Singapore Yards Alleged to Be Part of Brazil Bribe Scandal

Singaporean shipbuilders Keppel Fels Ltd. and Jurong Shipyard Pte. are sinking deeper into a graft scandal that has transfixed Brazil and buffeted local oil industry suppliers.

Keppel Fels and Jurong, a unit of Sembcorp Marine Ltd., were among a group of companies that allegedly paid bribes through intermediaries to win contracts to build 21 deep-water drilling vessels for about $800 million each, according to testimony released Friday by a Brazilian court. The contracts were awarded by Sete Brasil, a company set up by a group of Brazilian banks and Petrobras to build deep-water rigs and then lease them to the state-controlled oil producer.

Asked for comment, Sembcorp Marine referred to a February statement saying the company didn’t make any illegal payments and that its policies and contracts prohibit bribery and unethical behavior.

In an e-mailed response to Bloomberg News, Keppel Fels said it wanted to “strongly refute” allegations that it paid bribes. The company said its code of conduct forbids bribery and corruption and requires employees to comply with the law wherever they operate.

The unfolding scandal threatens to derail Brazil’s plans to develop a domestic industry to compete with established offshore vessel suppliers in China, South Korea and Norway as Petrobras invests billions of dollars in a bid to double output from giant oil fields deep in the Atlantic. Sete has faced loan delays from Brazil’s development bank during the investigation.

The allegations were made by Pedro Barusco, a former Petrobras and Sete director who has agreed to give up about $97 million he says he earned from bribes, including payments from shipyards to win work with Sete.

Shipyard payments were cited by police and a court overseeing the case when it issued the warrant to arrest Marcelo Odebrecht, the chief executive officer of engineering and construction group Odebrecht SA. Odebrecht has denied wrongdoing and a judge has yet to accept formal charges.

A consortium in which Kawasaki Heavy Industries Ltd. is a participant also was cited in the testimonies used by the judge. Kawasaki partnered with companies including Odebrecht in Estaleiro Enseada do Paraguacu, another shipyard that won contracts with Sete. The chief executive officers of Kawaski Heavy’s partners have been detained and questioned as part of the police investigations.

Kawasaki is collecting information on the issue, the company said in an e-mailed response to Bloomberg, adding that it’s surprised Odebrecht executives were detained.

Under the alleged scheme, which would have spanned more than a decade, political parties helped promote favored candidates to positions of influence inside the oil producer, formally known as Petroleo Brasileiro SA. These executives then allegedly charged bribes for contracts, with part of the proceeds allegedly being used to finance political campaigns.

Barusco said he collected bribes at Petrobras from 1997 until 2010 and continued the practice when he moved to Sete. He left Sete in 2013.
 

Dark Knight

Alfrescian (Inf)
Asset
Is all our GLCs really so capable of competing globally?
Why is it that these GLCs can secure projects in other countries why our local SMEs find it so hard?
Think again.
 

winnipegjets

Alfrescian (Inf)
Asset
Is all our GLCs really so capable of competing globally?
Why is it that these GLCs can secure projects in other countries why our local SMEs find it so hard?
Think again.

Our SMEs are chinaman companies ...to grow, they need to be taken over by GLC. Sinkapore is no entrepreneur paradise. The hands of the government are everywhere.
 

TracyTan866

Alfrescian (Inf)
Asset
Singapore Yards Alleged to Be Part of Brazil Bribe Scandal

Singaporean shipbuilders Keppel Fels Ltd. and Jurong Shipyard Pte. are sinking deeper into a graft scandal that has transfixed Brazil and buffeted local oil industry suppliers.

Keppel Fels and Jurong, a unit of Sembcorp Marine Ltd., were among a group of companies that allegedly paid bribes through intermediaries to win contracts to build 21 deep-water drilling vessels for about $800 million each, according to testimony released Friday by a Brazilian court. The contracts were awarded by Sete Brasil, a company set up by a group of Brazilian banks and Petrobras to build deep-water rigs and then lease them to the state-controlled oil producer.

Asked for comment, Sembcorp Marine referred to a February statement saying the company didn’t make any illegal payments and that its policies and contracts prohibit bribery and unethical behavior.

In an e-mailed response to Bloomberg News, Keppel Fels said it wanted to “strongly refute” allegations that it paid bribes. The company said its code of conduct forbids bribery and corruption and requires employees to comply with the law wherever they operate.

The unfolding scandal threatens to derail Brazil’s plans to develop a domestic industry to compete with established offshore vessel suppliers in China, South Korea and Norway as Petrobras invests billions of dollars in a bid to double output from giant oil fields deep in the Atlantic. Sete has faced loan delays from Brazil’s development bank during the investigation.

The allegations were made by Pedro Barusco, a former Petrobras and Sete director who has agreed to give up about $97 million he says he earned from bribes, including payments from shipyards to win work with Sete.

Shipyard payments were cited by police and a court overseeing the case when it issued the warrant to arrest Marcelo Odebrecht, the chief executive officer of engineering and construction group Odebrecht SA. Odebrecht has denied wrongdoing and a judge has yet to accept formal charges.

A consortium in which Kawasaki Heavy Industries Ltd. is a participant also was cited in the testimonies used by the judge. Kawasaki partnered with companies including Odebrecht in Estaleiro Enseada do Paraguacu, another shipyard that won contracts with Sete. The chief executive officers of Kawaski Heavy’s partners have been detained and questioned as part of the police investigations.

Kawasaki is collecting information on the issue, the company said in an e-mailed response to Bloomberg, adding that it’s surprised Odebrecht executives were detained.

Under the alleged scheme, which would have spanned more than a decade, political parties helped promote favored candidates to positions of influence inside the oil producer, formally known as Petroleo Brasileiro SA. These executives then allegedly charged bribes for contracts, with part of the proceeds allegedly being used to finance political campaigns.

Barusco said he collected bribes at Petrobras from 1997 until 2010 and continued the practice when he moved to Sete. He left Sete in 2013.

Do you believe SG was corruption free as claimed by the PAP?
 

congo9

Alfrescian
Loyal
Sometimes, i can feel for singkie.

Paying under table money is a norm in order for you to grow your business.
 

dancingshoes

Alfrescian
Loyal
keppel fel and jurong shipyard involved in bribery

[SINGAPORE] Singaporean shipbuilders Keppel Fels Ltd and Jurong Shipyard Pte are sinking deeper into a graft scandal that has transfixed Brazil and buffeted local oil industry suppliers.

Keppel Fels and Jurong, a unit of Sembcorp Marine Ltd, were among a group of companies that allegedly paid bribes through intermediaries to win contracts to build 21 deep-water drilling vessels for about US$800 million each, according to testimony released Friday by a Brazilian court. The contracts were awarded by Sete Brasil, a company set up by a group of Brazilian banks and Petrobras to build deep-water rigs and then lease them to the state-controlled oil producer.

Asked for comment, Sembcorp Marine referred to a February statement saying the company didn't make any illegal payments and that its policies and contracts prohibit bribery and unethical behavior.

In an e-mailed response to Bloomberg News, Keppel Fels said it wanted to "strongly refute" allegations that it paid bribes. The company said its code of conduct forbids bribery and corruption and requires employees to comply with the law wherever they operate.


The unfolding scandal threatens to derail Brazil's plans to develop a domestic industry to compete with established offshore vessel suppliers in China, South Korea and Norway as Petrobras invests billions of dollars in a bid to double output from giant oil fields deep in the Atlantic. Sete has faced loan delays from Brazil's development bank during the investigation.

The allegations were made by Pedro Barusco, a former Petrobras and Sete director who has agreed to give up about US$97 million he says he earned from bribes, including payments from shipyards to win work with Sete.

Shipyard payments were cited by police and a court overseeing the case when it issued the warrant to arrest Marcelo Odebrecht, the chief executive officer of engineering and construction group Odebrecht SA. Odebrecht has denied wrongdoing and a judge has yet to accept formal charges.

A consortium in which Kawasaki Heavy Industries Ltd is a participant also was cited in the testimonies used by the judge. Kawasaki partnered with companies including Odebrecht in Estaleiro Enseada do Paraguacu, another shipyard that won contracts with Sete. The chief executive officers of Kawaski Heavy's partners have been detained and questioned as part of the police investigations.

Kawasaki is collecting information on the issue, the company said in an e-mailed response to Bloomberg, adding that it's surprised Odebrecht executives were detained.

Under the alleged scheme, which would have spanned more than a decade, political parties helped promote favored candidates to positions of influence inside the oil producer, formally known as Petroleo Brasileiro SA. These executives then allegedly charged bribes for contracts, with part of the proceeds allegedly being used to finance political campaigns.

Mr Barusco said he collected bribes at Petrobras from 1997 until 2010 and continued the practice when he moved to Sete. He left Sete in 2013.

BLOOMBERG

http://www.businesstimes.com.sg/com...ds-alleged-to-be-part-of-brazil-bribe-scandal
 

laksaboy

Alfrescian (Inf)
Asset
Is all our GLCs really so capable of competing globally?
Why is it that these GLCs can secure projects in other countries why our local SMEs find it so hard?
Think again.

PAP govt has perfected the science and art of extracting money from Sinkies, which in turn is funneled into the GLCs.

SMEs can only hope to kiss ass and get a little PAP patronage, so it is easier to do business. :wink:
 

laksaboy

Alfrescian (Inf)
Asset
Just by merits.

I had once spoke with a business-minded Indon Chinese guy. He told me that in Indonesia, bribes are just a way to speed up the process of doing things, especially when dealing with bureaucrats. You can choose not to bribe, but if so you should be mentally prepared for inconveniences and delays.

For them, there's no shame and no stigma to give a little money, grease some palms to get things done.
 

gingerlyn

Alfrescian (Inf)
Asset
That is why Singapore government PAP is very worried of Pakatan Rakyat.
Once Pakatan Rakyat take over from Barisan Najib, they will expose all the dirty deals between PAP and Najib
 

laksaboy

Alfrescian (Inf)
Asset
That is why Singapore government PAP is very worried of Pakatan Rakyat.
Once Pakatan Rakyat take over from Barisan Najib, they will expose all the dirty deals between PAP and Najib

Indeed. And there're some gongkias here who think that bashing UMNO and 'Mudland' will by comparison make us appreciate PAP and Singapore more. :rolleyes:

Politicians either serve the people, or they serve selfish business interests. There is no left vs right, Muslim vs non-Muslim, Malay vs Chinese. If the heart has been corrupted by greed, there's no point splitting hairs about it. :wink:
 

Dark Knight

Alfrescian (Inf)
Asset
PAP govt has perfected the science and art of extracting money from Sinkies, which in turn is funneled into the GLCs.

SMEs can only hope to kiss ass and get a little PAP patronage, so it is easier to do business. :wink:

That "Bread Cannot Talk" chap is one good typical example.
He always bend forward to all those MIWs so that he can get his new outlet setup in China and Thailand easily.
Plus all the prime location for expensive food court will eventually all go under his belt.
 

syed putra

Alfrescian
Loyal
All shipyards and major manufacturers allocate some money for brokers fee. You can name this anyway you like. Agency fee also can
 

virus

Alfrescian
Loyal
Sometimes, i can feel for singkie.

Paying under table money is a norm in order for you to grow your business.

According to $8 cow the boss of the corrupted organisation in ancient china would hv 3generation terminated. So why did foreign law minister and all the desmonds diam diam?
 

winnipegjets

Alfrescian (Inf)
Asset
I had once spoke with a business-minded Indon Chinese guy. He told me that in Indonesia, bribes are just a way to speed up the process of doing things, especially when dealing with bureaucrats. You can choose not to bribe, but if so you should be mentally prepared for inconveniences and delays.

For them, there's no shame and no stigma to give a little money, grease some palms to get things done.

If my company is hq in America, I wouldn't do it even just to move things along in the bureaucracy. But if it based anywhere else, I would pay to get things moving.

But to grease to win a contract is a different matter. All these additional 'cost' will have to be factored in and some compromise may have to be made in the execution of the project just to compensate for the kopi money. Maybe Keppel will compromise on the quality, to make up for the additional cost.
 

dr.wailing

Alfrescian
Loyal
All are hypocrite. If no "networking", "guanxi", how to clinch deal ?

Old Fart was once the guest interviewee at the 3rd (??) Singapore-China Business Forum. He was asked whether it was possible to not give bribes when cultivating guanxi. His sardonic laughter said it all.
 
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