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Singapore Law Watch
a day ago
- Business
- Singapore Law Watch
Seatrium to pay $168m to Brazilian authorities, $73m to Singapore authorities to settle corruption case
Seatrium to pay $168m to Brazilian authorities, $73m to Singapore authorities to settle corruption case Source: Straits Times Article Date: 31 Jul 2025 Author: Sue-Ann Tan The deferred prosecution agreement, signed on July 30 with the Singapore authorities, is subject to approval by the Singapore High Court. Singapore-listed Seatrium will pay financial penalties to the Brazilian and Singapore authorities totalling $241.7 million to settle a long-drawn corruption probe in Brazil. The offshore and marine company, which was then Sembcorp Marine, became implicated in Operation Car Wash, a major corruption scandal in Brazil, which involved allegations of paying bribes to secure contracts. It made the announcement on July 30, a day before the company is due to release its earnings for the first half of the 2025 financial year. In a filing to the Singapore Exchange on July 30, Seatrium said it has signed a leniency agreement with Brazil's public prosecutor's office and will sign an equivalent agreement with other authorities, under both of which it will pay a final settlement of around $168.4 million. It was also required to pay a penalty of US$110 million (S$141.5 million) to the Singapore authorities, under a deferred prosecution agreement entered with the Attorney-General's Chambers (AGC) in Singapore. However, the AGC has agreed for up to a maximum of US$53 million of the payment to the Brazilian authorities to be credited against the financial penalty here. As such, the amount payable by Seatrium under the deferred prosecution agreement will be US$57 million (S$73.3 million). The deferred prosecution agreement, signed on July 30 with the Singapore authorities, is subject to approval by the Singapore High Court. With this announcement, Seatrium said that the Monetary Authority of Singapore and the Singapore police's Commercial Affairs Department have concluded their joint investigations into potential offences. 'No action will be taken against the company and/or its officers,' Seatrium said. The AGC in a separate announcement on July 30 said that Seatrium will be required to review and make further improvements to its ethics and compliance programme to reduce the risk of a recurrence of any similar conduct. If Seatrium subsequently fails to comply with the terms of the deferred prosecution agreement as approved by the High Court, the public prosecutor may apply to the High Court to terminate the agreement. In that event, the public prosecutor may initiate criminal proceedings against Seatrium in respect of the alleged offences. Seatrium shares rose 0.84 per cent, or two cents, to $2.40 at the close on July 30, after the announcements. This is after the company lifted a trading halt around 11.20am that it had called for before the market opened earlier. The company said in its July 30 statement that it has made provisions in its financial statements for the in-principle settlement payment and financial penalty. 'Following the finalised agreements with the Brazilian and Singapore authorities, the company has reversed a provision of $14 million in its financial statements for the financial period ended June 30 to take into account the finalised settlement payment and financial penalty, current exchange rates and other expenses,' it added. 'There is therefore no material impact on the net earnings and net tangible asset per share of the group for the financial year ending Dec 31.' Seatrium added that it is 'keen to move forward' and to ride on the energy market tailwinds to create transformative offshore energy solutions globally and ultimately deliver long-term sustainable growth. 'The company wishes to emphasise that it remains committed to the highest standards of corporate governance and business integrity, including zero tolerance for fraud, bribery and corruption,' it said. It added that it has put robust policies and procedures in place to instil the highest standards of discipline, ethics and compliance across its global operations. Morningstar analyst Lee Chok Wai, who is also director of equity research, said the outlook for the offshore industry remains positive. 'We expect a gradual margin recovery for Seatrium as it learns from previous project cost overruns and focuses on series-build projects to improve cost-efficiencies,' he said. He added that the long-term prospects for Seatrium are still looking bright. The analyst's fair value estimate for the stock stands at $2.92, which still indicates an attractive upside for the shares, he said. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
The Star
a day ago
- The Star
Investigations into footballer's acid attack can resume if new leads emerge
KUALA LUMPUR: Investigations into the case of a footballer subjected to an acid attack in May last year can still proceed if new leads are found, the Dewan Rakyat was told. Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said stated this, citing the criminal nature of the case. 'Unlike a civil case, it is not subject to a certain time frame. If there are new leads in the future, investigations and further review towards the case can still be carried out,' she said in a written reply on Thursday (July 31). According to Azalina, feedback from the Attorney-General's Chambers indicated that an investigation paper was opened by the police into the acid attack in Kota Damansara, Selangor. 'The AGC reviewed the information and documents received but found that there are no statements that warrant further action,' she added. She was responding to a question from Afnan Hamimi Taib Azamudden (Perikatan-Alor Setar), who asked for justification regarding the AGC's decision to classify the acid attack case involving national footballer Muhammad Faisal Halim as requiring 'no further action'. On May 5 last year, the 27-year-old 2023 Asian Cup top scorer was the victim of an acid attack at a shopping mall in Kota Damansara, leaving him with fourth-degree burns on multiple parts of his body. After the case was classified as 'no further action', Muhammad Faisal, through his lawyers, expressed deep disappointment over the closure of the investigation into the acid attack.
Malay Mail
a day ago
- Malay Mail
Azalina: NFA classification doesn't mean game over for Faisal Halim acid attack case
KUALA LUMPUR, July 31 — The investigation into the acid attack on national footballer Mohamad Faisal Abdul Halim could be reopened should new evidence emerge, according to Datuk Seri Azalina Othman Said In a written parliamentary reply, the minister in the Prime Minister's Department (Law and Institutional Reform) said the Attorney General's Chambers (AGC) has confirmed this despite classifying the case as needing 'no further action' (NFA). She explained that while police had opened an investigation paper into the incident, the AGC found insufficient evidence at present to proceed with prosecution after reviewing all submissions. 'Criminal cases, unlike civil cases, are not subject to any limitation period. Therefore, should new developments arise in the future, further investigation and review of this case may still be carried out,' Azalina's reply stated. On May 5 last year, the 27-year-old Faisal was the victim of an acid attack by an unidentified individual at a shopping mall in Petaling Jaya. He suffered fourth-degree burns on several parts of his body and was placed in the intensive care unit (ICU) for 10 days. Responding to the NFA decision, Faisal expressed disappointment but said he was leaving the matter entirely in the hands of the authorities to decide whether to pursue the case further.
Business Times
2 days ago
- Business
- Business Times
Seatrium to pay over S$240 million to Brazilian, Singapore authorities over corruption offences
[SINGAPORE] Seatrium is putting a long-running corruption case behind it with the payment of financial penalties of more than S$240 million to the authorities in Brazil and Singapore. On Wednesday (Jul 30), the company announced that it signed a leniency agreement with Brazilian prosecutors in relation to Operation Car Wash – the name given to a major corruption probe in Brazil that had initially focused on companies bribing politicians for contracts . Seatrium's subsidiary, Estaleiro Jurong Aracruz, a shipyard in Brazil, came under investigation in 2023 for its past conduct linked to the probe. The unit's former president was charged by the Brazilian authorities for money laundering and corruption, linked to contracts that subsidiaries of Sembcorp Marine – Seatrium's former incarnation – entered into in 2012. Seatrium will make a final settlement payment of around S$168.4 million under the leniency agreement with Brazil. Additionally, it is required to pay a financial penalty of US$110 million under a deferred prosecution agreement (DPA) it signed on Wednesday with the Singapore authorities. However, because the Singapore Attorney-General's Chambers (AGC) has agreed that a maximum of US$53 million of Seatrium's payments to the Brazilian authorities may be credited against this penalty, the company will pay the Singapore authorities a sum of US$57 million – around S$73.3 million – under the DPA, which is subject to approval of the Singapore High Court. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'The DPA will come into force only when the High Court approves it, after determining that it is in the interests of justice and that its terms are fair, reasonable and proportionate,' a Wednesday statement by the AGC said. Under the DPA, Seatrium must also review and improve its ethics and compliance programme 'to reduce the risk of a recurrence of any similar conduct', the AGC statement said. It added: 'If the company subsequently fails to comply with the terms of the DPA as approved by the High Court, the public prosecutor may apply to the High Court to terminate the DPA. In the event the DPA is terminated, the public prosecutor may initiate criminal proceedings against the company in respect of the alleged offences.' This news came a day ahead of Seatrium's announcement of its first-half earnings on Jul 31. The company said that there will be no material impact to its net earnings and net tangible asset per share for the financial year ending Dec 31, 2025. This is because it had previously made provisions in its financial statements for the in-principle settlement payment and financial penalty. The group called for a trading halt on Wednesday morning, before the announcement. The counter fell to S$2.29 after the announcement, 3.8 per cent or S$0.09 below Tuesday's closing price, with some 9.2 million shares having changed hands as at 11.41 am. The counter recovered to S$2.38 by 3 pm, unchanged from the day before. The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) have informed Seatrium that their joint investigation into its potential offences has concluded, the company said. The authorities said no action will be taken against Seatrium or its employees. On Wednesday, Citi assigned Seatrium a 'buy' call and a target price of S$2.65. The bank said: 'Although the share price had recovered from the lows during the initial MAS and CAD investigation announcement, we believe the conclusion of the investigation will lift the remaining overhang on Seatrium. The next milestone (or hurdle) to future value creation may come with improving margins and financials in its results. 'We apply a target multiple of 1.2 times on FY2026 (estimates), as we believe the market will look into its long-term prospects as new higher-margin contracts should raise returns further and push return on equity higher.' Seatrium said it is 'keen to move forward' and to ride on energy-market tailwinds. It added that it has zero tolerance for fraud, bribery and corruption. In February, Seatrium posted its first full-year profit since its 2023 reconstitution. It swung into the black with a S$156.8 million net profit in FY2024, a turnaround from the S$2 billion loss in FY2023.
Straits Times
2 days ago
- Business
- Straits Times
Seatrium to pay $168m to Brazilian authorities, $73m to Singapore authorities to settle corruption case
Sign up now: Get ST's newsletters delivered to your inbox With this announcement, Seatrium said that Singapore authorities have concluded their joint investigations into potential offences. SINGAPORE - Offshore and marine specialist Seatrium said it has signed a leniency agreement with the authorities in Brazil in relation to a long-running corruption probe, known as Operation Car Wash. It made the announcement on July 30, a day before the company is due to release its earnings for the first half of the 2025 financial year. Under the terms of the leniency agreements with Brazil's public prosecutor's office and other authorities, Seatrium will pay a final settlement of around $168.4 million. It was also required to pay a penalty of US$110 million (S$141.7 million) to Singapore authorities, under a deferred prosecution agreement (DPA) entered with the Attorney-General's Chambers (AGC) in Singapore. However, the AGC has agreed for up to a maximum of US$53 million of the payment to the Brazilian authorities to be credited against the financial penalty here. As such, the amount payable by Seatrium under the DPA will be US$57 million (S$73.3 million). The DPA, signed on July 30 with Singapore authorities, is subject to approval by the Singapore High Court. With this announcement, Seatrium said that the Monetary Authority of Singapore (MAS) and the Singapore police's Commercial Affairs Department (CAD) have concluded their joint investigations into potential offences. 'No action will be taken against the company and/or its officers,' Seatrium said. Seatrium shares fell 1.3 per cent, or three cents, to $2.35 as at the midday trading break on July 30, after the announcement. This is after the company lifted a trading halt around 11.20am that it had called for before the market opened earlier. Seatrium, which was then Sembcorp Marine, became implicated in Operation Car Wash, a major corruption scandal in Brazil, which involved allegations of paying bribes to secure contracts. The company said in its July 30 statement that it has made provisions in its financial statements for the in-principle settlement payment and financial penalty. 'Following the finalised agreements with the Brazilian and Singapore authorities, the company has reversed a provision of $14 million in its financial statements for the financial period ended June 30 to take into account the finalised settlement payment and financial penalty, current exchange rates and other expenses,' it said. 'There is therefore no material impact on the net earnings and net tangible asset per share of the group for the financial year ending Dec 31.' Seatrium added that it is 'keen to move forward' and to ride on the energy market tailwinds to create transformative offshore energy solutions globally and ultimately deliver long-term sustainable growth. 'The company wishes to emphasise that it remains committed to the highest standards of corporate governance and business integrity, including zero-tolerance for fraud, bribery and corruption,' it said. It added that it has put robust policies and procedures in place to instill the highest standards of discipline, ethics, and compliance across its global operations.
