Seatrium Reaches $183 Million Settlement in Brazil’s Operation Car Wash Probe

Singapore-based Seatrium Limited, formerly known as Sembcorp Marine, has signed a leniency agreement with Brazilian authorities and a deferred prosecution agreement (DPA) with Singapore authorities in connection with the sprawling Operation Car Wash corruption investigation.

Operation Car Wash, which began in 2014, exposed a massive corruption scheme involving Brazil’s state oil company Petrobras, where executives awarded inflated contracts in exchange for kickbacks that were channeled to politicians and political parties.

Under the Brazilian settlement signed Wednesday, Seatrium will pay BRL 728.9 million (approximately US$110 million) to resolve investigations by the Public Prosecutor’s Office (MPF). The company expects to sign an equivalent agreement with Brazil’s Attorney-General’s Office and Comptroller General in the coming days.

Simultaneously, Seatrium finalized a DPA with Singapore authorities requiring a US$110 million penalty, though up to US$53 million of the Brazilian payment can be credited against this amount. This effectively reduces the Singapore payment to US$57 million.

In a positive development for the company, Singapore’s Monetary Authority (MAS) and Commercial Affairs Department (CAD) have concluded their joint investigation into potential securities and financial crimes violations, with no action to be taken against Seatrium or its officers.

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