Crime
Singapore authorities investigate Seatrium for possible offences tied to Brazilian corruption case
Singapore authorities are investigating Seatrium for potential offences under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, linked to Brazil’s Operation Car Wash.
Singapore authorities are investigating Seatrium for potential offences linked to a high-profile corruption case in Brazil, known as Operation Car Wash.
Seatrium, formed in 2023 following the merger of Sembcorp Marine and Keppel Offshore & Marine (KOM), revealed the investigation in a Singapore Exchange filing on Saturday (15 June).
The Monetary Authority of Singapore (MAS) and the police’s Commercial Affairs Department (CAD) have requested further information from Seatrium as part of their investigation.
The alleged offences are under the Securities and Futures Act 2001, the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, and their previous versions.
Seatrium, in which Temasek holds a 37.9% share, assured its full cooperation with the authorities, stating, “The company will continue to monitor the situation and make appropriate announcements in the event of any material developments.”
Earlier in March, the Attorney-General’s Chambers (AGC) and the Corrupt Practices Investigation Bureau (CPIB) announced that the public prosecutor was in discussions with Seatrium regarding a deferred prosecution agreement (DPA) related to alleged corruption offences in Brazil.
Under the proposed DPA, Seatrium would be required to pay a financial penalty of US$110 million, with US$53 million potentially offsetting the settlement payment to Brazilian authorities of R$670,699,731.73 (approximately US$125.1 million).
The DPA, a settlement mechanism where prosecution defers criminal charges in exchange for corporate compliance with various conditions, including admission of wrongdoing, financial penalties, and corporate reform, remains subject to AGC’s agreement and approval by the High Court. Seatrium has stated it will announce once the DPA is executed and approved by the court.
Seatrium continues to cooperate fully with ongoing investigations and maintains its commitment to transparency and legal compliance amidst these serious allegations.
Operation Car Wash, which started in 2014 as a money-laundering probe into a car wash in Brasilia, evolved into a significant investigation revealing the largest corruption scheme in Brazil’s history.
The probe exposed illicit kickbacks from corporate executives to influential politicians in exchange for contracts with the state-operated oil giant, Petrobras which include bribe payments to officials of the Brazilian state-owned corporation Petróleo Brasileiro S.A. (Petrobras) concerning rigs-building contracts awarded to KOM.
Stern warnings were issued by CPIB last January to six former senior executives of KOM after nearly five years of investigation in consultation with AGC. These offences relate to to KOM.
Additionally, in March, two former employees of the now-defunct Sembcorp Marine and a subsidiary were charged with bribing Brazilian officials to advance their companies’ interests.
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Hey Why CPIB so serious now???
This one all State Secret Ok.
Just because LW, take over—-they want to show they are NinCha is it???
Justifying their take home pay????
Hello—-State Secret Don’t Play Play ok.
On a serious note. Can All The Fucktards Leave CPIB.
Kim Jong Un want to appoint some people. Ok
When Parliament was the platform to discredit others but offered immense support to CPIB’s half past 6 Keppel Bribery Corruption investigations, this spells of itself like a corruption within a corruption.
Parliament is NOT in the business AND SHOULD NOT be mis used as a platform to much like exonerate the CPIB fully in its less than desired outcomes investigations into high levels corruptions.
Many SGpns don’t sit up to express anger it’s bcz they possibly don’t believe PAP would be strictly HONEST to Singaporeans in State Affairs.
Arrh………
The Rats and Cockroach story .
The Rats go into hiding .
The Cockroach can step to death .
Take the fine example of the Keppel Bribery Corruption which was so very successfully prosecuted by the United States’ 🇺🇸 No Holds Barred Dept of Justice ⚖ to the extent Keppel Corpn SG via it’s owners, Temasek’s approval certainly likely, sheepishly paid up fines of 100s of 1000s of Dollars to admit guilt and accept conclusion – NO CONTEST – one likely can predict easily outcomes of this.
Let’s All Go and Sleep… 😴 😴 😴
After investigations will it become Operation Whitewash.?
The atas atas persons must save face..
A slap on the wrist or a stern warning ..hahaha.
I not elucated .
I thought this case is Close .
wikipedia org/wiki/Operation_Car_Wash
One of Singapore’s prominent government-linked companies, Keppel Corporation, is
also implicated in the Petrobras’ corruption scandals.[105] Information of involvement is confirmed in the plea bargain Keppel Corporation reached with US DOJ. Keppel and US DOJ however failed to release the name of all people involved in this corruption scandal. Details is available on the US DOJ site here.
GE is coming. Operation Wayang had started. Trying to show us that there is no room for corruption. Using all sort of wayang methods like merging companies, changing entity name, authorities probe, etc to try and wash clean the wrong doing. As long as using EXPIRED Pappy laundry detergent, nothing will change. Pappy 1G = No Nonsense Culture, Pappy 2G = No Result Culture (Promise without delivering), Pappy 3G = No Blame Culture, Now with Pappy 4G, it will evolve into No Brain Culture. The country is nearing the point of no return if they continue to lead. VTO. VTO.… Read more »
Wonder if any smart wise Sheep can notice the OBVIOUS – this PAP Administration is FACING a X Road. They CANNOT DECIDE left right or straightforward way to go to Drive SG.
Looking more like at an intersection, THEY MAKE a U Turn and BRING SG the same way as them.
Singaporeans ARE TREATED like even worst than shit by this BUNCH of PAP dung.
Don’t know if one uses Ho Ching’s ‘trademark’ can encounter legal problems or not :
WAYANG. WAYANG. WAYANG.
Change the name and tried to give it a new image but it didn’t work as the bottom is filthy. If this is to end, the identify of the person the six KOM executives reported to, should be revealed and all charged by the AGC. Using public funds to pay for fines without taking action against the perpetrators is not in Public interest. Even banks are required by banking laws to take legal proceedings against a defaulter of loans to declare them bankrupt. This protects the commercial community from further abuse. So why is the legal procedures in State owned… Read more »
Look back at those sitting at the top, not just the six charged, they’re pretty prominent names but surprisingly, nothing much was done other than re-education for the six and others and warning for such serious and large money corruption cases. Are the six made to “sacrifice” in order to protect those higher up? And when KOM was awarded huge contracts before the case because public, were all those top executives enjoying huge bonuses of over 20 months and huge salaries increases with untold benefits due to all those corruptions but they were let off like best friend. Shareholders were… Read more »