Singapore's CPIB Launches Corruption Investigation Into Seatrium

Seatrium is based in Singapore. File Image / Pixabay

Singapore's Corrupt Practices Investigation Bureau (CPIB) has launched a corruption investigation into Seatrium, the company formed by the merger of Sembcorp Marine and Keppel Offshore & Marine.

The investigation is over 'alleged corruption offences that occurred in Brazil', the CPIB said in a statement on its website on Wednesday.

"As investigations are ongoing, CPIB will not be able to provide further details at this juncture," the organisation said in the statement.

"Singapore adopts a strict zero-tolerance approach towards corruption.

"CPIB investigates without fear or favour and will not hesitate to take action against any parties involved in corrupt activities."

The company believes the investigation is in relation to the longstanding 'Operation Car Wash' corruption investigations in Brazil, it said in a press release on Thursday.

"The company believes that this relates to events that occurred prior to 2015 and to the Sembcorp Marine group in existence at that time," Seatrium said in the statement.

"Those events predate the merger with Keppel Offshore & Marine which only took place in February 2023.

"The company is unable to comment further at this stage as the investigations are still ongoing.

"The company is cooperating with CPIB in its investigations and will make appropriate announcements in the event of any material developments.

"The company wishes to reiterate it is committed to the highest standards of compliance with anticorruption laws and does not condone and will not tolerate any improper conduct.

"The company has a strict compliance programme and continuously works to ensure that policies and procedures are in place to prevent any violation of any anti-corruption laws applicable to its operations."