Corrupt GLC owned by Corrupt Temasek fined $422 million

[Papsmearer]

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.

 

[eatshitndie]

Keppel unit to pay $422 million to resolve Petrobras bribery probes
Reuters 4 hours ago

By Nate Raymond

(Reuters) - Keppel Corporation Ltd's (KPLM.SI) offshore rig building business will pay more than $422 million to resolve charges it bribed Brazilian officials, including some at state-run oil company Petrobras (PETR4.SA), U.S. authorities said on Friday.

Keppel Offshore & Marine Ltd agreed to pay the combined penalty to resolve investigations by authorities in the United States, Brazil and its home country of Singapore, the U.S. Justice Department said.

The company entered into a deferred prosecution agreement while a U.S. subsidiary, Keppel Offshore & Marine USA Inc, pleaded guilty in federal court in Brooklyn to conspiring to violate the U.S. Foreign Corrupt Practices Act.

The Justice Department also revealed that a former member of the company's legal department secretly pleaded guilty in August in connection with the ongoing investigation. That person's identity could not be immediately determined.

Keppel Corporation Chairman Lee Boon Yang said the Singapore-based company regretted the actions that took place in Brazil.

"Integrity is one of Keppel's core values," he said in a statement. "We do not and will not tolerate any illegal activity in the conduct of our business."

Petroleo Brasileiro SA, also known as Petrobras, has been at the centre of Brazil's largest ever corruption scandal amid investigations into political kickback schemes involving contractors.

The Justice Department said that from 2001 to 2014, Keppel Offshore & Marine engaged in a scheme to pay $55 million in bribes to officials at Petrobras and the then-governing political party in Brazil, the Workers Party of Brazil.

The bribes were paid to win 13 contracts with Petrobras and Sete Brasil Participacoes SA, a privately-held Brazilian company that commissioned a large fleet of rigs for Petrobras' use, according to charging documents.

Keppel concealed the bribes by making payments to a consultant, who in turn facilitated the bribes by transferring money to bank accounts controlled by or for the benefit of the Brazilian officials, the charging papers said.

In total, the company earned $351.8 million through the bribery scheme, according to court papers.

The Justice Department said Keppel Offshore & Marine had agreed to pay about $422.2 million, of which the United States would receive almost $105.6 million.

The Justice Department said Brazil will receive more than $211 million and Singapore will receive up to $105.6 million.

Keppel said Keppel Offshore & Marine has accepted a conditional warning from Singapore's Corrupt Practices Investigation Bureau and that a subsidiary reached a leniency agreement with Brazilian prosecutors.

(Reporting by Nate Raymond in Boston; Editing by Tom Brown)

 

[Papsmearer]

why no mention from shit times? no press release from stomachsick Holdings? Or CPIB or MOF? wow. just deafening silence once again.

 

[Narong Wongwan]

555 this is GLC standard.
Blow own trumpet what biggest rig builder in the world.
All profits go to pay fine.
So Lee boon Yang to resign in shame?

 

[halsey02]

555 this is GLC standard.
Blow own trumpet what biggest rig builder in the world.
All profits go to pay fine.
So Lee boon Yang to resign in shame?

Lee Boon Yang is another VOLUNTEER? he was a Vet right? not Vietnam VET, but animal VET!

 

[bobby]

How come no manager or directors names mentioned....the bribes were offered by robots?

 

[Narong Wongwan]

How come no manager or directors names mentioned....the bribes were offered by robots?

CPIB gave conditional warning already.
Case closed. Kakilang got privileges.
Anyway pap get to pocket back 100 million of the fine.
So let’s move on.

 

[halsey02]

How come no manager or directors names mentioned....the bribes were offered by robots?

No one committed harakiri??

 

[Narong Wongwan]

Lee Boon Yang is another VOLUNTEER? he was a Vet right? not Vietnam VET, but animal VET!

Hahaha still a Doctor mah.
At least a half legit one better than some of his peers get Dr from degree mill

 

[JohnTan]

Can short Keppel's stock next week?

 

[pointshoar]

Can short Keppel's stock next week?

Depends what Temasick does. If they buy then you sell. Sure to win.

 

[borom]

ownself fine ownself -case closed.

 

[Papsmearer]

CPIB gave conditional warning already.
Case closed. Kakilang got privileges.
Anyway pap get to pocket back 100 million of the fine.
So let’s move on.

But the rest of the USD$322 million going into Trump's pocket and the Brazilian's pockets. This is essentially tax payer's money as Stomachsick is the largest shareholder. Like that we can give other govts free money? We are so rich ah?

 

[JohnTan]

But the rest of the USD$322 million going into Trump's pocket and the Brazilian's pockets. This is essentially tax payer's money as Stomachsick is the largest shareholder. Like that we can give other govts free money? We are so rich ah?

It's a travesty that none of the $322 million had gone into John Tan's pockets.

 

[Reddog]

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.

pap standard.

 

[Hangover]

CPIB gave conditional warning already.
Case closed. Kakilang got privileges.
Anyway pap get to pocket back 100 million of the fine.
So let’s move on.

gave such a huge bribe in excess of $50million, concealed in the accounts of a publicly-traded company............
Cannot be the work of a corrupted clerk right?
no approving authority needs to be jailed?

 

[Narong Wongwan]

gave such a huge bribe in excess of $50million, concealed in the accounts of a publicly-traded company............
Cannot be the work of a corrupted clerk right?
no approving authority needs to be jailed?

Keppel conveniently claimed all the staff responsible are no longer with the company.
Note they never say kena sack hor.....probably let go with golden parachute to protect the higher ups.

 

[halsey02]

Hahaha still a Doctor mah.
At least a half legit one better than some of his peers get Dr from degree mill

Actually shook his hands, when eating in one of his constituency hawker's centre & he was canvassing for election. Was a bit confused then, if I should head to the toilet & wash my hands or keep the aroma on my palms, for one of the 'gods' touched it... ha ha ha ha

 

[halsey02]

It's a travesty that none of the $322 million had gone into John Tan's pockets.

There is a saying, if one, mention it....one, has, licked some loot!....there is another saying, if you don't open your mouth....no one will know if you are.....

 

[bobby]

In a country where the PM is categorically anti-corruption...this can be let go with a "conditional warning" from CPIB?

I think CPIB needs to be CPIBed too.....