(Dec 23): Keppel Offshore & Marine, the world’s biggest builder of oil rigs, agreed to pay US$422 million ($567 million) to end a US bribery probe into illegal payments to officials at Petroleo Brasileiro SA, Brazil’s state-owned oil company, and to the then-governing political party.

See: Keppel O&M fined US$422 mil as part of resolution over bribes for contracts by ex-agent Skornicki

Keppel units paid about US$55 million to win 13 contracts with Petrobras and another company, US prosecutors said in a press release after an American subsidiary pleaded guilty in federal court in Brooklyn, New York. The payments were part of outsize commissions to an intermediary and disguised as consulting agreements, according to prosecutors.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook