A year after Singapore initiated an investigation into the pre-2015 corruption case involving Sembcorp Marine and Keppel Offshore & Marine, Seatrium confirmed that further requests for information have been made. The company, formed through the merger of the two shipyard companies, settled in Brazil over decade-old activities and agreed to a fine in Singapore in February 2024.
In a stock exchange filing dated June 15, Seatrium disclosed that the Monetary Authority of Singapore and the Commercial Affairs Department are conducting a joint investigation into potential offenses committed by the company and/or its officers. The MAS and the CAD have requested additional information from Seatrium, which has pledged full cooperation with Singapore authorities.
The corruption investigation, known as “Operation Car Wash,” originated from contracts awarded to Sembcorp Marine’s Brazilian subsidiary in 2012. Allegations of bribery and corruption surfaced in Brazil, leading to legal actions against company executives. Despite settlements and fines in Brazil, Seatrium faces prosecution in Singapore for alleged corruption offenses related to bribery in Brazil. Former executives of the company have also been charged in connection with the case.
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