SINGAPORE (Jan 8): It was a blue Christmas for Keppel Corp. On Dec 23, 2017, the company said its offshore and marine arm had reached a global resolution with authorities in the US, Brazil and Singapore in relation to corrupt payments made by a former agent that will see it pay fines of more than US$422.2 million ($561.1 million).

 “The resolutions with Keppel Offshore & Marine and its US subsidiary are the result of a multinational effort to investigate and prosecute a corruption scheme that 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,” said Acting US Attorney Bridget Rohde of the Eastern District of New York, in a statement.

 According to the US Department of Justice (DOJ), beginning from at least 2001 and continuing to at least 2014, Keppel Offshore & Marine conspired to violate the Foreign Corrupt Practices Act by paying about US$55 million in bribes to officials at the Brazilian state-owned oil company Petrobras and to the then-governing political party in Brazil, in order to win 13 contracts with Petrobras and another entity.

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