Singapore Arrests Former Keppel Execs in Brazil Bribery Probe

A view of a Keppel Corporation shipyard in Singapore January 19, 2016. Singapore’s Keppel Corporation Ltd KPLM.SI said on Thursday its fourth-quarter net profit fell 44 percent and its 2015 profit dropped to a five-year low as plunging oil prices hit demand for offshore rigs. Picture taken January 19, 2016. REUTERS/Edgar Su 

Reuters

SINGAPORE, Feb 2 (Reuters) – Several former executives of Keppel Corp have been arrested by Singaporean authorities in a probe related to charges its rig-building unit bribed Brazilian officials, Singapore’s Straits Times newspaper reported on Friday.

Keppel Offshore & Marine in December agreed to pay $422 million to resolve investigations into the matter by authorities in the United States, Brazil and Singapore.

But Singapore’s Attorney-General’s Chambers (AGC) and the Corrupt Practices Investigation Bureau (CPIB) said at the time that investigations regarding the individuals involved were ongoing.

The Straits Times said more than six people were currently out on bail connected with case.

A CPIB spokesman said he was “unable to comment as investigations against the individuals involved are still ongoing”. The AGC declined to comment.

A spokesman for Keppel Offshore & Marine said: “We are unable to comment on any investigations by the authorities.”

Keppel Offshore & Marine has taken disciplinary action against 17 current and former employees in relation to the bribery charges, court documents showed. (Reporting by John Geddie; Editing by Richard Pullin)

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