Singapore kicks off Seatrium probe over corruption allegations

The company believed the investigation related to events before 2015.

The Corrupt Practices Investigation Bureau (CPIB) began the investigation against Seatrium and several individuals involved in alleged large-scale corruption in Brazil.

In an SGX filing, Seatrium linked the investigation to the "events that occurred before 2015 and to the group in existence at that time."

"Those events predate the merger with Keppel Offshore and Sembcorp Marine, which only took place in February 2023," the filing stated.

Seatrium said they would not comment further as the investigations are still ongoing. They added that they would cooperate with CPIB and announce any developments.

"The company wishes to reiterate it is committed to the highest standards of compliance with anti-corruption laws and does not condone and will not tolerate any improper conduct. The company has a strict compliance programme and continuously works to ensure that policies and procedures are in place to prevent any violation of any anti-corruption laws applicable to its operations," Seatrium said.

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