Singapore’s Seatrium to pay $110 million over Brazil bribes
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 28 2024
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Source: Yahoo Finance
- Seatrium Ltd. Deferred Prosecution Deal: Seatrium Ltd. is expected to pay $110 million in a deferred prosecution deal with Singapore authorities to resolve the Operation Car Wash bribery probe in Brazil.
- Payment Breakdown: Seatrium will pay $57 million to Singapore and $53 million to Brazilian authorities, credited against the penalty.
- Financial Provision: Seatrium has set aside S$76.5 million ($56.8 million) in 2023 for this purpose.
- Background on Seatrium: Formed in 2023 after a merger between Sembcorp Marine and Keppel Offshore & Marine Ltd, Seatrium settled a probe with Brazilian authorities last month for S$182.4 million.
- Legal Charges: Two former Sembcorp Marine executives, including CEO Wong Weng Sun, were charged for allegedly bribing Brazilian officials to advance the company's interests in Brazil.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
