For Jibran: Keppel Takes Legal Action Against Seatrium Over Operation Car Wash Investigation in Brazil
MT Newswires
Aug 26
Keppel (SGX:BN4) has issued a notice to Seatrium (SGX:5E2) to commence arbitration proceedings in respect of an amount of SG$68.4 million in connection with Operation Car Wash investigation in Brazil, according to a Tuesday filing with the Singapore Exchange.
This comes after Seatrium signed leniency agreements with the Brazilian Attorney-General's Office, Comptroller General of the Union and the Public Prosecutor's Office in Brazil, in relation to the said investigations.
Under the agreements, Seatrium was required to pay a final settlement of 728.9 billion Brazilian reals.
Meanwhile, Keppel's indemnity claim against Seatrium was around SG$68.4 million, payable by the latter upon signing of the final leniency agreements.
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