Singaporean shipyard operator Keppel Offshore & Marine Ltd. (KOM) and its U.S. subsidiary, Keppel Offshore & Marine USA, have recently been charged with illegal bribery with Brazilian industry and government officials. According to investigators, from 2001 to 2014, KOM conspired to violate the U.S. Foreign Corrupt Practices Act (FCPA) by paying about US $55 million in bribes to officials at the Brazilian state-owned oil company Petrobras in order to win 13 contracts. It was also found that KOM used the global financial system, including the United States banking system, to disguise the source and disbursement of bribe payments.

Both companies have been penalized and agreed to pay more than $422 million to resolve the charges resulted from the crime.

Source: americanshipper.com