The perception that the shipping industry is rife with corruption is not entirely accurate, as corruption exists in various industries reflecting the larger social environment. Efforts like the Maritime Anti-corruption Network in India are crucial in addressing corrupt practices and ensuring business integrity to achieve economic growth goals and improve business rankings.
The Maritime Anti-Corruption Network (MACN) is leading the charge in promoting ethical business practices and transparency in the maritime industry. By tackling corruption through innovative initiatives and technology, MACN is creating a more honest and efficient sector. However, challenges like weak enforcement and manual processes still hinder progress towards a corruption-free industry.
A year after Singapore launched an investigation into pre-2015 corruption involving Sembcorp Marine and Keppel Offshore & Marine, Seatrium confirmed additional information requests. The company settled in Brazil over decade-old activities and agreed to a fine in Singapore in February 2024. MAS and CAD are now investigating potential offenses, with Seatrium pledging full cooperation. Former executives also face charges.
Singapore-based Seatrium has settled bribery charges in Brazil related to offshore engineering contracts. Investigations into predecessor companies Sembcorp Marine and Keppel Offshore & Marine have also been renewed. The case is part of the larger “Operacao Lava Jato” scandal in Brazil. Seatrium will pay approximately US$135 million and comply with post-closing obligations.
