SBM Offshore: Judge Confirms Settlement

SBM Offshore N.V revealed Wednesday that a judge has confirmed an out of court settlement involving the company’s CEO Bruno Chabas and Supervisory Board member Sietze Hepkema, following allegations of corruption made against the pair by the Brazilian Public Prosecutor’s Office.

It was announced Jan. 25 that Chabas and Hepkema had decided to accept the Public Prosecutor's proposal for an out-of-court settlement, on a no admission of guilt basis, after allegations made against them Dec. 17, 2015. The settlement was still subject to confirmation by the judge handling the case.

As a result of the settlement, Chabas and Hepkema will have to pay 250.000 Brazilian Reals (approximately US$60,000) each. SBM has already stated that it will pay the settlement.

Commenting on the matter, SBM said in a company statement in January:

“The company emphasizes that this settlement does not involve an admission of guilt and remains of the opinion that the accusations are without merit”. However, SBM Offshore also believes that accepting the settlement offers a pragmatic opportunity to expeditiously resolve this matter that avoids long and costly legal proceedings and allows the company’s management team to concentrate on the business.”



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