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23-06-2015, 09:39 AM
The scandal will continue to impact both the Keppel Corp and SembMarine for a long while. I reckon the down-trend of the share price will continue...
(not vested on both)
Singapore shipbuilders alleged to be part of Brazil bribe scheme
Singapore shipbuilders alleged to be part of Brazil bribe scheme
By Bloomberg / Bloomberg | June 23, 2015 : 7:29 AM MYT
RIO DE JANEIRO (June 23): Singaporean shipbuilders Keppel Fels and Jurong are sinking deeper into a graft scandal that has transfixed Brazil and buffeted local oil industry suppliers.
Keppel Fels and Jurong, a unit of Sembcorp Marine ( Financial Dashboard), were allegedly among a group of companies that paid bribes through intermediaries to win contracts for building 21 deep-water drilling vessels that cost about US$800 million ($1.1 billion) each, according to testimony released Friday by a Brazilian court.
The contracts were awarded by Sete Brasil, a company set up by a group of Brazilian banks and Petrobras to build deep-water rigs and then lease them to the state-controlled oil producer.
Keppel and Sembcorp -- which refuted participation in the scheme in February, when testimony to police identifying them was released -- didn’t respond to e-mails and phone calls seeking comment for this story.
The unfolding Petrobras scandal threatens to derail Brazil’s plans to develop a domestic industry to compete with established offshore vessel suppliers in China, South Korea and Norway as Petrobras invests billions in a bid to double output from giant fields deep in the Atlantic.
Sete has faced loan delays from Brazil’s development bank during the investigation.
The allegations were made by Pedro Barusco, a former Petrobras and Sete director who has agreed to return to authorities about US$97 million that he says he earned from bribes, including payments from shipyards to win work with Sete.
...
http://www.theedgemarkets.com/sg/article...ibe-scheme
(not vested on both)
Singapore shipbuilders alleged to be part of Brazil bribe scheme
Singapore shipbuilders alleged to be part of Brazil bribe scheme
By Bloomberg / Bloomberg | June 23, 2015 : 7:29 AM MYT
RIO DE JANEIRO (June 23): Singaporean shipbuilders Keppel Fels and Jurong are sinking deeper into a graft scandal that has transfixed Brazil and buffeted local oil industry suppliers.
Keppel Fels and Jurong, a unit of Sembcorp Marine ( Financial Dashboard), were allegedly among a group of companies that paid bribes through intermediaries to win contracts for building 21 deep-water drilling vessels that cost about US$800 million ($1.1 billion) each, according to testimony released Friday by a Brazilian court.
The contracts were awarded by Sete Brasil, a company set up by a group of Brazilian banks and Petrobras to build deep-water rigs and then lease them to the state-controlled oil producer.
Keppel and Sembcorp -- which refuted participation in the scheme in February, when testimony to police identifying them was released -- didn’t respond to e-mails and phone calls seeking comment for this story.
The unfolding Petrobras scandal threatens to derail Brazil’s plans to develop a domestic industry to compete with established offshore vessel suppliers in China, South Korea and Norway as Petrobras invests billions in a bid to double output from giant fields deep in the Atlantic.
Sete has faced loan delays from Brazil’s development bank during the investigation.
The allegations were made by Pedro Barusco, a former Petrobras and Sete director who has agreed to return to authorities about US$97 million that he says he earned from bribes, including payments from shipyards to win work with Sete.
...
http://www.theedgemarkets.com/sg/article...ibe-scheme
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