Singapore's Keppel Corporation's Offshore & Marine unit (Keppel O&M) has agreed to pay a 422 million USD fine for the US, Brazil and Singapore in bribery probes.

An oil rig of Keppel (Source: todayonline.com)

According to US authorities, an US-based affiliate of Keppel, which specialises in oil rigs and shipyards, participated in a bribery network led by a Brazilian national. Companies of the network offered bribes of about 50 million USD for some Brazilian officials and illegally obtained 350 million USD.

Keppel said in a statement in Singapore that the cases stemmed from "improper payments" made by a former agent of the corporation to Brazilian government officials between 2001 and 2014 in relation to various projects with Brazil’s state-owned oil giant Petrobras and Sete Brasil, a supplier of oil rigs.

Keppel said it cooperated fully with officials in all three countries and in the investigation. Following the settlement, Keppel will continue its operations in the US and Brazil and the incident will not affect its operation in those markets and other countries.

(Source: VNA)