Business

Keppel O&M to impose $12m in sanctions on 12 current, ex-workers

12 former or current employees penalised for misconduct in Brazil graft case

Keppel Offshore & Marine is set to impose US$8.9 million (S$12 million) in financial sanctions on 12 former or current employees as part of its disciplinary actions over the Brazil bribery case.

According to the plea agreement signed by Keppel Offshore & Marine USA (KOM), its parent company Keppel O&M is acting against 17 former or current employees pertaining to the misconduct.

Demotions and/or written warnings were to be issued as agreed to seven employees who failed to detect the misconduct and/or failed to take appropriate steps to mitigate corruption and compliance risks.

Seven employees involved in the misconduct have left the company.

The parent company has also agreed to conduct anti-graft and compliance training for six employees.

It has enhanced and will continue to beef up its compliance efforts and internal controls.

These and other measures, and its full cooperation with the US Department of Justice and Attorney's Office earned KOM a 25 per cent discount off the bottom of the applicable fine range.

Keppel O&M is set to pay US$422 million (S$564 million) in fines as a global resolution to corrupt payments made by a former Keppel agent in Brazil.

That set a new record as a settlement sum for a cross-border corruption probe involving a Singapore-based O&M entity.

Three Workers' Party MPs have filed questions on the case for the Parliament sitting on Jan 8. - ADDITIONAL REPORTING BY YUEN SIN

BUSINESS & FINANCE