Singapore firm Keppel Offshore to pay $422 mn in corruption fines
23 December 2017
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The President may want to ask questions as Keppel shares form part of the reserves.
Te chairman of the firm's parent Keppel Corp said, "Global companies such as Keppel have both a legal and moral duty to operate fully within international laws and regulations.
"Any perception that illegal payments can be condoned, if they are made by agents, is wrong and will not be tolerated.".
Keppel Offshore Marine under Keppel Corp. Keppel Corp under Temasek. More than $400m expense as bribe to secure contracts and CEOs of KOM, KPLM.SI & TH don't need to sign off the monies? And now they claim ignorance? I find it hard to believe.
Please name the talents in the company who bribed. Be transparent.
Thought we are taught not to do anything illegal?
Who is going to pay corruption? Of course Singaporeans... and they insisted there is no corruption in Singapore. $422M? No one is taking responsibilities? Same as SMRT? As usual, this is how Singapore leadership has declined.
what happens to the internal and external auditors? Why didn't they spot the abnormal payments from 2011 to 2014? Looks like a lot of cover-ups until DOJ's investigations and cannot hide further. Ha Ha Ha caught with the pants down.
KOM fired the involved employees. The bribes involved $50m. Which grandfather employees can authorise the payment and transaction of $50m? For such a huge sum, i bet the entire top management team is aware and has given the green light to it. Is Temasek Holdings one of the biggest share holders? This is a ultimate disgrace.
US$55mn bribes paid between 2011 and 2014 + US$422mn fines in 2017 = US$477mn. How can ex-PAP Minister and Keppel Chairman Lee Boon Yang and the entire board NOT know when the bribes came up to US$55mn? Keppel shareholders lost nearly half a billion U.S. Dollars (how much legal fees incurred to date?) which could have been their dividend pay-out. No doubt, Keppel will follow SMRT example and fire a few more Vice Presidents and underlings whilst the Board and Top Mgmt continue to sit pretty as fat cats.
QUOTE from FCPA Professor posting dated 23 Dec 2017: In or about and between 2011 and 2014, KOM, together with others, including executives of KOM USA, knowingly and willfully conspired to pay, and paid, bribes in connection with thirteen projects in Brazil tendered by Petrobras and Sete Brasil. These bribes amounted to approximately $55 million paid corruptly for the benefit of foreign officials, including Brazilian Official 1 and Brazilian Official 2, and the Workers’ Party to secure improper advantages and to influence those foreign officials and the Workers’ Party to obtain and retain business in Brazil. KOM and its related entities, including KOM USA, earned profits totaling approximately $351.8 million from business in Brazil obtained through the bribery scheme - END QUOTE.
Shareholders should not let the company foot the bills. Ask the persons who committed the crime to pay..
Senior mgmt and the board did not know? So does ignorance absolve them? Does the board deserve and senior mgmt still deserve their salaries or should there be a claw back if all income and bonuses for those years? If they were ignorant - was the system and process at fault 😂- who is ultimately responsible for overseeing the processes - mgmt. in this case senior mgmt failed! But unlike in other countries, this is still a Board filled with important people ....haha ... that cannot be embarrassed or taken down ... we are in a sad state Singapore!
Everything is sinking under this stale and bad leadership. Our transport, our shipping, our telco. Its all cracking up and sinking. We need a change.
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