SINGAPORE (THE BUSINESS TIMES) – The Corrupt Practices Investigation Bureau (CPIB) has prolonged the deadline for Keppel Offshore & Marine (Keppel O&M) to pay the steadiness sum of US$52.7 million (S$72 million) below its conditional warning by six months to June 22, 2022.
That is provided that discussions with specified Brazilian authorities stay ongoing, stated Keppel Corp in a bourse submitting on Tuesday (Dec 14).
The brand new deadline comes after a earlier 12-month extension to Dec 22, 2021, of the three-year interval because the firm accepted a conditional warning from the CPIB in 2017.
Keppel O&M was concerned in a corruption scandal that happened between 2001 and 2014, with bribes totalling as much as US$55 million.
Investigative proceedings by the Lawyer-Normal’s Chambers (AGC) and CPIB revealed that between 2001 and 2014, Keppel O&M had made corrupt funds to officers of Brazilian state-run oil firm Petrobras and different events.
Keppel O&M in 2017 reached a world decision with the authorities in the US, Brazil and Singapore.
As a part of the decision, Keppel O&M can pay fines amounting to US$422.2 million, to be allotted amongst the US, Brazil, and Singapore.
The corporate had then accepted a conditional warning from the CPIB. It had dedicated to pay US$52.7 million inside 90 days from the date of the conditional warning, and an additional US$52.7 million inside three years from the date of the warning, much less any penalties paid to Brazilian authorities throughout this era.
Shares of Keppel Corp ended flat on Tuesday at $5.18.
