- Keppel Offshore & Marine (KOM) and its US based subsidiary to pay $422mn penalty.
- KOM is a Singapore-based company that repairs ships, owns the KOM US subsidiary.
- Charges arise from 10 year scheme to pay millions in bribes to pay Brazilian officials.
- KOM violated FCPA paying bribes of $55mn to Brazilian state oil company Petrobras.
- Also, then-governing political party, to win 13 Petrobras contracts and another entity.
- KOM Paid and hid bribe payments by paying outsized commissions to an intermediary.
- Defendant pleaded guilty today in Eastern District NY in connection with the resolution.
- Also, a guilty plea by former senior member of KOM’s legal department was unsealed.
- Total fine $422mn, also criminal penalty $105mn, including KOM UD $4.7k criminal fine.