Friday, January 5, 2018
Volume:
34
Issue:
1
Abstract:
On December 22, 2017, Keppel Offshore & Marine Ltd. (KOM), a company based in Singapore that operates shipyards and repairs and upgrades shipping vessels, and its wholly owned U.S. subsidiary, Keppel Offshore & Marine USA Inc. (KOM USA), agreed to resolve criminal charges and pay a combined total penalty of more than $422 million to resolve charges with law enforcement authorities in the United States, Brazil and Singapore. The case arises out of a scheme dating back ten years to pay millions of dollars in bribes to officials in Brazil. KOM is the largest builder of oil rigs in the world.