Keppel Updates on Investigations into its Petrobras/Sete Brasil Contracts

Keppel Corporation Ltd. referred Tuesday to its earlier announcement on Feb. 9, 2015 in relation to allegations made by Pedro Jose Barusco in Brazil that illegal payments were made by Zwi Skornicki in connection with contracts entered into between certain Keppel entities with Petrobras and/or Sete Brasil.

Keppel had since put the agency relationship with Skornicki on hold pending determination by the relevant authorities into the allegations made on the matter.

Keppel reiterates its zero-tolerance stance against any form of illegal activity, including bribery and corruption, involving its employees or associates, and will take all necessary steps to eradicate such conduct if discovered.

According to recent media reports, Zwi Skornicki was arrested in Brazil on Feb. 22, 2016.

We are unable to comment further in view of the ongoing investigations in Brazil.

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