Seatrium Plummets 3% as Keppel Initiates $53 Million Arbitration Claim

Stock Track

Aug 27

Shares of Seatrium Ltd (5E2.SI) plummeted 3% in early trading on Wednesday, following news that Keppel Corporation has initiated arbitration proceedings against the company for a S$68.4 million (US$53.33 million) claim related to Brazil's corruption crackdown, Operation Car Wash.

The dispute stems from provisions made by Seatrium in 2022, amounting to S$82.4 million, to indemnify Keppel against claims related to the Brazilian corruption investigation. However, Seatrium maintains that the obligation to pay Keppel expired in February of this year, and no binding agreements were signed with Brazilian authorities before that date.

This legal challenge comes at a time when Seatrium is already facing financial pressures. Earlier this year, the company agreed to pay 728.9 million Brazilian real (approximately US$134.45 million) to Brazilian authorities as part of leniency agreements related to Operation Car Wash. The additional claim from Keppel could further strain Seatrium's finances, contributing to investor concerns and the subsequent stock price decline.

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However, Seatrium maintains that the obligation to pay Keppel expired in February of this year, and no binding agreements were signed with Brazilian authorities before that date.</p>\n\n<p>This legal challenge comes at a time when Seatrium is already facing financial pressures. Earlier this year, the company agreed to pay 728.9 million Brazilian real (approximately US$134.45 million) to Brazilian authorities as part of leniency agreements related to Operation Car Wash. 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