Several former executives of Keppel Corp have been arrested by Singaporean authorities as part of the investigation into allegations its rig-building unit bribed Brazilian officials.
Keppel Offshore and Marine, the world’s biggest oil rig maker, agreed to pay $422M last December to resolve investigations into the matter by authorities in the United States, Brazil and Singapore.
But authorities in Singapore said at the time that investigations regarding the individuals involved were ongoing. Neither the Singaporean authorities nor Keppel were prepared to comment on the arrests.
The company has taken disciplinary action against 17 current and former employees in relation to the bribery, according to court documents.
Having paid a huge fine, been discredited and seen its former senior figures arrested, Keppel must now be aware of the dangers of bribery. Surely now the company must look to prevent any repeat incidents.
Read our article: THE HUGE COSTS OF BRIBERY