Singapore firm to pay $422 million in corruption fines
Keppel Offshore & Marine Ltd. has agreed to pay $422 million in fines to the US, Brazil and Singapore for corruption, the US Department of Justice announced on Friday.
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 $50 million in bribes to Brazilian officials and in profits for the defendant companies of over $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 $422 million to resolve charges with authorities in the United States, Brazil and Singapore,” the statement said.
It will pay $105.5 million to the US, $211.1 million to Brazil and $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.