Keppel Refutes Allegations it Pays Bribes to Win Contracts from Petrobras

Singapore's Keppel Corp. Ltd. issued a statement Wednesday denying allegations made by a former third-party commercial representative for the firm in Brazil that company executives, including the CEO of its subsidiary Keppel Offshore & Marine (Keppel O&M), had authorized the payment of bribes to secure contracts from state-owned Petroleo Brasileiro SA (Petobras).

Zwi Sknonicki told a judge that five leading executives authorized him to bribe public officials in exchange for Petrobras contracts that often exceeded $1 billion, according to a report by Bloomberg published Wednesday. The allegations were made by Sknonicki in criminal proceedings brought against him in Brazil.

"Keppel refers to the Bloomberg article dated Aug. 3 reporting allegations made by Mr Zwi Skornicki in criminal proceedings brought against him in Brazil. Keppel strongly denies the allegations reportedly made that Keppel executives authorized Mr Skornicki to pay bribes on its behalf," Keppel said in the press release.

It added that "none of the individuals named in the article, including the current CEO of Keppel Offshore and Marine Mr Chow Yew Yuen, have ever authorized Mr Skornicki to make any payments as bribes."



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