2 executives linked to former Sembcorp Marine charged with corruption; allegedly paid about S$59m in bribes in Brazil

TodayOnline03-28

SINGAPORE — Two senior executives from offshore and marine company Seatrium and its subsidiary were charged in court on Thursday (March 28) with corruption offences involving the alleged payment of ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2422016549?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-03-28 10:12","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2422016549","market":"sg","top_or_hot":-1,"title":"2 executives linked to former Sembcorp Marine charged with corruption; allegedly paid about S$59m in bribes in Brazil","media":"TodayOnline","content":"<div>\n<p>SINGAPORE — Two senior executives from offshore and marine company Seatrium and its subsidiary were charged in court on Thursday (March 28) with corruption offences involving the alleged payment of ...</p>\n\n<a href=\"https://www.todayonline.com/singapore/2-executives-linked-former-sembcorp-marine-charged-corruption-allegedly-paid-about-s59m-bribes-brazil-2392436\">Source Link</a>\n\n</div>\n","source":"today_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2 executives linked to former Sembcorp Marine charged with corruption; allegedly paid about S$59m in bribes in Brazil</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2 executives linked to former Sembcorp Marine charged with corruption; allegedly paid about S$59m in bribes in Brazil\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-28 10:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.todayonline.com/singapore/2-executives-linked-former-sembcorp-marine-charged-corruption-allegedly-paid-about-s59m-bribes-brazil-2392436><strong>TodayOnline</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SINGAPORE — Two senior executives from offshore and marine company Seatrium and its subsidiary were charged in court on Thursday (March 28) with corruption offences involving the alleged payment of ...</p>\n\n<a href=\"https://www.todayonline.com/singapore/2-executives-linked-former-sembcorp-marine-charged-corruption-allegedly-paid-about-s59m-bribes-brazil-2392436\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK6504","symbol_name":"工业制品概念","start_time":0,"source_url":"https://www.todayonline.com/singapore/2-executives-linked-former-sembcorp-marine-charged-corruption-allegedly-paid-about-s59m-bribes-brazil-2392436","article_id":"2422016549","we_media_id":null,"thumbnails":[],"rights":{"source":"today_stock","url":"https://www.todayonline.com/singapore/2-executives-linked-former-sembcorp-marine-charged-corruption-allegedly-paid-about-s59m-bribes-brazil-2392436","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2422016549","pubTimestamp":1711591925,"sourceInfo":{"source_id":"today_stock","name":"Today"},"weMediaInfo":null,"summary":"SINGAPORE — Two senior executives from offshore and marine company Seatrium and its subsidiary were charged in court on Thursday  with corruption offences involving the allegedpayment of some S$59 millionin bribes in Brazil.One of the two was also charged with obstruction of justice.Seatrium was formed in 2023 after a merger between Keppel Offshore and Marine and marine and offshore engineering company Sembcorp Marine.Wong, 62, was president, executive director, and chief executive officer of Sembcorp Marine, as well as the managing director of Jurong Shipyard, a Seatrium subsidiary.Gratification of not more than US$1,905,345 in total to one or more officers of Brazilian petroleum company Petroleo Brasileiro on four occasions between 2010 and 2012 as a reward to advance the business interests of Jurong Shipyard in Brazil. Gratification of not more than US$1,169,590.64 to one or more Brazilian politicians in 2010 as an inducement to advance the business interests of Jurong Shipyard in B","collect":0,"end_time":0,"defaultTopTitle":"todayonline.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK6504":"工业制品概念","SG9999013478.USD":"利安新加坡股息基金","SG9999002604.SGD":"LionGlobal Singapore/Malaysia SGD","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","U96.SI":"胜科工业","BK6065":"建筑机械与重型卡车","SG9999013486.USD":"LIONGLOBAL SINGAPORE DIVIDEND EQUITY (USD) INC A","SG9999014492.USD":"NIKKO AM ASEAN EQUITY \"A\" (USD) ACC","SG9999014484.SGD":"Nikko AM ASEAN Equity Fund A SGD","SG9999002414.USD":"LIONGLOBAL SINGAPORE TRUST (USD) ACC","LU0532188223.SGD":"JPMorgan Funds - ASEAN Equity A (acc) SGD","SG9999003826.SGD":"日兴资管新加坡股息基金 SGD","SGXZ27511609.SGD":"NIKKO AM SINGAPORE DIVIDEND EQUITY \"SGD\" (SGD) ACC","SGXZ58947870.SGD":"LIONGLOBAL SINGAPORE DIVIDEND EQUITY (SGDHDG) INC","SG9999002406.SGD":"利安新加坡信托基金","SG9999002620.SGD":"LionGlobal South East Asia SGD","SG9999004360.SGD":"Nikko AM Shenton Thrift Fund SGD","S51.SI":"海庭","SG9999013460.SGD":"LionGlobal Singapore Dividend Equity Fund SGD"},"translate_title":"2名与前胜科海事公司有关联的高管被控腐败；据称在巴西行贿5900万新元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"U96.SI":1,"S51.SI":1},"content_text":"SINGAPORE — Two senior executives from offshore and marine company Seatrium and its subsidiary were charged in court on Thursday (March 28) with corruption offences involving the alleged payment of some S$59 million in bribes in Brazil. \nOne of the two was also charged with obstruction of justice. \nThe pair, Wong Weng Sun and Lee Fook Kang, each face five charges of conspiring to corruptly give gratifications to Guilherme Esteves de Jesus — a former consultant with Seatrium — to advance the business interests of the company’s subsidiaries in the South American country.\nSeatrium was formed in 2023 after a merger between Keppel Offshore and Marine and marine and offshore engineering company Sembcorp Marine.  \nWong, 62, was president, executive director, and chief executive officer of Sembcorp Marine, as well as the managing director of Jurong Shipyard, a Seatrium subsidiary. \nLee, 75, was senior general manager of Jurong Shipyard. Both are Singaporean.\nCORRUPTION OFFENCES\nIn a press release on Thursday, the Attorney-General’s Chambers (AGC) and Corrupt Practices Investigation Bureau (CPIB) said that most of Wong and Lee’s charges were related to corruptly giving gratifications to de Jesus for the benefit of persons in Brazil, as inducements or rewards to advance the business interests of the company’s subsidiaries there. \nWong and Lee were said to have given de Jesus:  \nGratification of not more than US$2 million (S$2.7 million) in total on two occasions in 2009 to one or more Brazilian officials as an inducement to advance the business interests of Jurong Shipyard in Brazil \nGratification of not more than US$1,905,345 in total to one or more officers of Brazilian petroleum company Petroleo Brasileiro on four occasions between 2010 and 2012 as a reward to advance the business interests of Jurong Shipyard in Brazil\nGratification of not more than US$1,169,590.64 to one or more Brazilian politicians in 2010 as an inducement to advance the business interests of Jurong Shipyard in Brazil\nGratification of not more than US$300,000 to one or more Brazilian officials in 2010 as a reward to advance the business interests of Estaleiro Jurong Aracruz (EJA), a Seatrium subsidiary\nIn 2010, the pair also allegedly conspired to give de Jesus monetary rewards totalling up to 2.5 per cent of the contract sums associated with contracts relating to drilling rig units\nFor this last charge, these contracts were intended to be awarded by oil-rig supplier Sete Brasil Participacoes to EJA as a reward for assisting the subsidiary with winning these contracts. Between 2012 and 2014, gratifications not exceeding a total of about S$52.4 million — paid in three tranches in US dollars, euros, and Brazilian reals each — were allegedly given to de Jesus corruptly.\nBesides corruption charges, Wong has also been charged with obstruction of justice. \nIn 2014, he was said to have instructed two employees to remove an email sent by de Jesus, which contained evidence of bribes that de Jesus had given or intended to give others. \nAfter being found guilty in 2020 by the Brazilian court of corruption, money laundering and participation in a criminal organisation, de Jesus was sentenced to 19 years and four months in jail. \nDe Jesus’ prosecution was connected to Operation Car Wash, launched in Brazil in 2014. It was the country’s biggest anti-graft crackdown, resulting in its former president Luiz Inacio Lula da Silva being jailed.\nDEFERRED PROSECUTION AGREEMENT BEING WORKED OUT\nAccording to the AGC and CPIB, that the Public Prosecutor is now in discussions with Seatrium concerning a deferred prosecution agreement (DPA) regarding the alleged corruption offences that occurred in Brazil. \nUnder a DPA, the Public Prosecutor can agree to dismiss a company's charges if it agrees to certain conditions.\nIn this case, Seatrium will be required to pay a financial penalty of US$110 million.\nCPIB said a portion of this amount would be used to offset several settlement payments Seatrium had reached with Brazilian authorities — the Brazilian Attorney-General’s Office, Comptroller General of the Union, and Public Prosecutor’s Office in Brazil.\n“The contents and terms of the DPA remain to be worked out and agreed upon by the Public Prosecutor and the company. \n“The DPA will also have to be approved by the General Division of the High Court, before it comes into force,” the press release stated.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422016549"}