DOJ DEATH KNELL SOUNDS FOR NAJIB & 1MDB: U.S. FINES SINGAPORE BLUE CHIP KEPPEL RM1.7 BILLION FOR CORRUPTION

KEPPEL Offshore & Marine Ltd has agreed to pay US$422 million (RM1.73 billion) in fines to the US, Brazil and Singapore for corruption, the US Department of Justice announced yesterday.

KOM operates shipyards around the world and has a US subsidy. The investigation was conducted under a US law allowing authorities to punish American companies or companies active in the country that are guilty of corruption.

The firm’s “corruption scheme… resulted in the payment by the defendant companies of over US$50 million in bribes to Brazilian officials and in profits for the defendant companies of over US$350 million from business corruptly obtained in Brazil,” acting US attorney Bridget Rohde said in a statement.

KOM and its US subsidiary “have agreed to pay a combined total penalty of more than US$422 million to resolve charges with authorities in the United States, Brazil and Singapore,” the statement said.

It will pay US$105.5 million to the US, US$211.1 million to Brazil and US$105.5 million to Singapore.

KOM’s cooperation and firing or disciplining of employees involved in misconduct led the Justice Department to agree to a lower penalty than could have been assessed, it said.

– AFP

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