The CBI has charged Tata Consulting Engineers and the multinational firm Boskalis Smit with corruption linked to Rs 800 crore irregularities at Mumbai’s Jawaharlal Nehru Port. Allegations include collusion with port officials to favor firms in dredging contracts, raising significant concerns about corporate governance in India’s infrastructure sector.
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.
