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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Should l Buy ?
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.
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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.
