SINGAPORE: Seatrium has agreed to pay US$110 million as part of a deferred prosecution agreement (DPA) over corruption offences in Brazil, the Attorney-General’s Chambers (AGC) said on Wednesday (Jul 30).
A DPA is a settlement where the prosecution agrees to defer criminal charges against a corporate offender in exchange for the corporation's agreement to comply with various conditions.
AGC said the public prosecutor and Seatrium entered into the agreement on Wednesday.
The public prosecutor will apply to the High Court to approve the deferred prosecution agreement.
It will come into force only when the High Court approves it after determining that it is in the interests of justice and that its terms are fair, reasonable and proportionate, said AGC.
Under the terms of the deferred prosecution agreement, Seatrium will be required to pay to the public prosecutor a financial penalty of US$110 million.
“Of this amount, up to US$53 million may be used to offset any fines or criminal penalties paid to the authorities in Brazil, arising from the same or substantially the same facts as those underlying the alleged offences,” said AGC.
Seatrium will also be required to review and make further improvements to its ethics and compliance programme to reduce the risk of a recurrence of any similar conduct.
If it fails to comply with the terms of the deferred prosecution agreement as approved by the High Court, the public prosecutor may apply to terminate the agreement.
In the event of a termination, the public prosecutor may initiate criminal proceedings against the company in respect of the alleged offences, AGC said.
Seatrium was formed in 2023 following the merger of Singapore's two main offshore and marine companies - Sembcorp Marine and Keppel Offshore & Marine (KOM).
In March 2024, AGC and the Corrupt Practices Investigation Bureau (CPIB) said the public prosecutor was in discussions with Seatrium on a deferred prosecution agreement about alleged corruption offences in Brazil.
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A DPA is a settlement where the prosecution agrees to defer criminal charges against a corporate offender in exchange for the corporation's agreement to comply with various conditions.
AGC said the public prosecutor and Seatrium entered into the agreement on Wednesday.
The public prosecutor will apply to the High Court to approve the deferred prosecution agreement.
It will come into force only when the High Court approves it after determining that it is in the interests of justice and that its terms are fair, reasonable and proportionate, said AGC.
Under the terms of the deferred prosecution agreement, Seatrium will be required to pay to the public prosecutor a financial penalty of US$110 million.
“Of this amount, up to US$53 million may be used to offset any fines or criminal penalties paid to the authorities in Brazil, arising from the same or substantially the same facts as those underlying the alleged offences,” said AGC.
Seatrium will also be required to review and make further improvements to its ethics and compliance programme to reduce the risk of a recurrence of any similar conduct.
If it fails to comply with the terms of the deferred prosecution agreement as approved by the High Court, the public prosecutor may apply to terminate the agreement.
In the event of a termination, the public prosecutor may initiate criminal proceedings against the company in respect of the alleged offences, AGC said.
Seatrium was formed in 2023 following the merger of Singapore's two main offshore and marine companies - Sembcorp Marine and Keppel Offshore & Marine (KOM).
In March 2024, AGC and the Corrupt Practices Investigation Bureau (CPIB) said the public prosecutor was in discussions with Seatrium on a deferred prosecution agreement about alleged corruption offences in Brazil.
Continue reading...