Felicia Tan Mon, Jun 13, 2022
Keppel Corporation has received another three-month extension from the Corrupt Practices Investigation Bureau (CPIB) to pay the latter the sum of US$52.8 million ($73.2 million).
The payment was supposed to be made within a three-year period till June 22.
The payment of the balance has now been extended to Sept 22 instead.
Discussions with the Brazilian authorities still remain ongoing.
The sum was first determined under the deferred prosecution agreement (DPA) that Keppel Offshore & Marine (Keppel O&M) entered into with the US Department of Justice on Dec 22, 2017.
The DPA was part of Keppel O&M’s global resolution with criminal authorities in the US, Brazil and Singapore in relation to the corrupt payments made by Keppel O&M’s former agent in Brazil.
Shares in Keppel Corp closed at $6.90 on June 10.