For a gahmen that wholeheartedly condemns corruption....their own franchises & businesses are clearly corrupted.
All the arrogant bullshit about paying themselves above board to fight this rubbish within obviously does not apply to the rest?
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Corrupt GLC owned by Corrupt Temasek fined $422 million
- Thread starter Papsmearer
- Start date
For a gahmen that wholeheartedly condemns corruption....their own franchises & businesses are clearly corrupted.
All the arrogant bullshit about paying themselves above board to fight this rubbish within obviously does not apply to the rest?
Look at the way they went after the Aljunied Town Council. Cabinet Ministers, Ministers of state continuously attacking it over contracts given etc, While close to 20 over senior management staff of a major GLC involved in a long running corruption over 13 years. Just a conditional warning. The main man involved still keeping his PBM.
Most people just take it as the usual corruption found in some sectors and cannot tell the difference why this is a major concern. Look at how the press is handling it.
No comment from the Auditors on how they missed the million in bribes paid thru the books. If independent auditors do not comment, how can the system have any integrity.
Most people just take it as the usual corruption found in some sectors and cannot tell the difference why this is a major concern. Look at how the press is handling it.
No comment from the Auditors on how they missed the million in bribes paid thru the books. If independent auditors do not comment, how can the system have any integrity.
They have thrown Keppel O&M's former legal manager Jeffery Chow under the bus because he is a US citizen. It is time he disclose who are the persons who directed him to draft the contracts and who are the signatories on those contracts.
Ex-Keppel lawyer cooperated with U.S. in bribery probe-documents
Nate Raymond
https://lta.reuters.com/article/marketsNews/idLTAL1N1OR0KR?src=ilaw
3 MIN. DE LECTURA
Dec 27 (Reuters) - A former lawyer at Keppel Corp Ltd’s oil rig building business secretly pleaded guilty and cooperated with U.S. authorities before the Singapore-based company agreed to pay $422 million to settle charges it bribed Brazilian officials, according to court documents.
Jeffery Chow, a former senior member of Keppel Offshore & Marine Ltd’s legal department, cut a deal to help prosecutors in their probe of Keppel and other former executives, according to the documents unsealed on Tuesday in federal court in Brooklyn.
Chow, 59, pleaded guilty on Aug. 29 to conspiring to violate the Foreign Corrupt Practices Act as part of his deal to cooperate. He admitted to drafting contracts that were used to make bribe payments, according to court records.
“I am deeply sorry for my conduct,” Chow, 59, said during his plea hearing, according to a transcript. Chow is scheduled to be sentenced on May 2.
Court records state that Chow, a U.S. citizen, has a residence in Singapore and worked for Keppel for over 25 years. His U.S. lawyer did not respond to a request for comment on Wednesday.
Chow’s case was made public after the U.S. Justice Department announced on Friday that Keppel Offshore & Marine agreed to pay $422 million to resolve investigations by authorities in the United States, Brazil and Singapore.
The case centered on Brazil’s state-run oil company Petrobras, also known as Petroleo Brasileiro SA, at the center of a massive corruption investigation that has implicated dozens of Brazilian politicians.
The U.S. Justice Department said from 2001 to 2014 Keppel paid $55 million in bribes to officials at Petrobras and the governing political party at the time, the Workers Party of Brazil.
The bribes were paid to win 13 contracts with Petrobras and Sete Brasil Participacoes SA, a Brazilian company that commissioned a fleet of rigs for Petrobras’ use, according to charging documents.
In the transcript of his Aug. 29 plea, Chow said he drafted contracts with a Keppel agent in Brazil who he realized was being overpaid by millions of dollars so he could bribe Brazilian officials.
“I should have refused to draft the contract that we used for paying bribes and I should have resigned from Keppel,” he said.
In total, Keppel Offshore & Marine earned $351.8 million through the bribery scheme, according to court papers.
In its deal with the Justice Department, Keppel Offshore & Marine entered into a deferred prosecution while a U.S. subsidiary pleaded guilty to conspiring to violate the Foreign Corrupt Practices Act. (Reporting by Nate Raymond in Boston; Editing by Jeffrey Benkoe)
Ex-Keppel lawyer cooperated with U.S. in bribery probe-documents
Nate Raymond
https://lta.reuters.com/article/marketsNews/idLTAL1N1OR0KR?src=ilaw
3 MIN. DE LECTURA
Dec 27 (Reuters) - A former lawyer at Keppel Corp Ltd’s oil rig building business secretly pleaded guilty and cooperated with U.S. authorities before the Singapore-based company agreed to pay $422 million to settle charges it bribed Brazilian officials, according to court documents.
Jeffery Chow, a former senior member of Keppel Offshore & Marine Ltd’s legal department, cut a deal to help prosecutors in their probe of Keppel and other former executives, according to the documents unsealed on Tuesday in federal court in Brooklyn.
Chow, 59, pleaded guilty on Aug. 29 to conspiring to violate the Foreign Corrupt Practices Act as part of his deal to cooperate. He admitted to drafting contracts that were used to make bribe payments, according to court records.
“I am deeply sorry for my conduct,” Chow, 59, said during his plea hearing, according to a transcript. Chow is scheduled to be sentenced on May 2.
Court records state that Chow, a U.S. citizen, has a residence in Singapore and worked for Keppel for over 25 years. His U.S. lawyer did not respond to a request for comment on Wednesday.
Chow’s case was made public after the U.S. Justice Department announced on Friday that Keppel Offshore & Marine agreed to pay $422 million to resolve investigations by authorities in the United States, Brazil and Singapore.
The case centered on Brazil’s state-run oil company Petrobras, also known as Petroleo Brasileiro SA, at the center of a massive corruption investigation that has implicated dozens of Brazilian politicians.
The U.S. Justice Department said from 2001 to 2014 Keppel paid $55 million in bribes to officials at Petrobras and the governing political party at the time, the Workers Party of Brazil.
The bribes were paid to win 13 contracts with Petrobras and Sete Brasil Participacoes SA, a Brazilian company that commissioned a fleet of rigs for Petrobras’ use, according to charging documents.
In the transcript of his Aug. 29 plea, Chow said he drafted contracts with a Keppel agent in Brazil who he realized was being overpaid by millions of dollars so he could bribe Brazilian officials.
“I should have refused to draft the contract that we used for paying bribes and I should have resigned from Keppel,” he said.
In total, Keppel Offshore & Marine earned $351.8 million through the bribery scheme, according to court papers.
In its deal with the Justice Department, Keppel Offshore & Marine entered into a deferred prosecution while a U.S. subsidiary pleaded guilty to conspiring to violate the Foreign Corrupt Practices Act. (Reporting by Nate Raymond in Boston; Editing by Jeffrey Benkoe)
In the end, get one or two scapegoat to take all the shit, the rest all sweep under the carpet.
US courts have jurisdiction because it was the US joint venture subsidiary of Keppel that did the corrupting.
Keppel will conduct anti corruption training for its serfs. I hope henceforth, no more corruption by lowly serfs to tarnish the good name of us sinkies and PAP.
Keppel Offshore & Marine is set to impose US$8.9 million (S$11.9 million) in financial sanctions on 12 former or current employees as part of its disciplinary actions arising from the Brazil bribery case.
According to the plea agreement signed by Keppel Offshore & Marine USA Inc (KOM), its parent company Keppel O&M is acting against 17 former or current employees pertaining to the misconduct.
Demotions and/or written warnings were to be issued as agreed to seven employees who failed to detect the misconduct and/or failed to take appropriate steps to mitigate corruption and compliance risks. Seven employees involved in the misconduct have left the firm.
The parent company has also agreed to conduct anti-graft and compliance training for six employees. It has enhanced and will continue to beef up its compliance efforts and internal controls.
There were no further details that could identify unambiguously the affected staff.
These and other measures, and its full cooperation with the United States Department of Justice (DOJ) and Attorney's Office in the investigations earned KOM a 25 per cent discount off the bottom of the applicable fine range.
http://www.straitstimes.com/business/keppel-om-to-impose-119m-in-penalties-on-errant-staff
Keppel Offshore & Marine is set to impose US$8.9 million (S$11.9 million) in financial sanctions on 12 former or current employees as part of its disciplinary actions arising from the Brazil bribery case.
According to the plea agreement signed by Keppel Offshore & Marine USA Inc (KOM), its parent company Keppel O&M is acting against 17 former or current employees pertaining to the misconduct.
Demotions and/or written warnings were to be issued as agreed to seven employees who failed to detect the misconduct and/or failed to take appropriate steps to mitigate corruption and compliance risks. Seven employees involved in the misconduct have left the firm.
The parent company has also agreed to conduct anti-graft and compliance training for six employees. It has enhanced and will continue to beef up its compliance efforts and internal controls.
There were no further details that could identify unambiguously the affected staff.
These and other measures, and its full cooperation with the United States Department of Justice (DOJ) and Attorney's Office in the investigations earned KOM a 25 per cent discount off the bottom of the applicable fine range.
http://www.straitstimes.com/business/keppel-om-to-impose-119m-in-penalties-on-errant-staff
