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Tuesday, 26 December 2017

Keppel O&M to pay US$422m in fines after reaching global resolution on corruption probe

Keppel added that the financial penalty is an extraordinary item and its impact is one-off.

For illustration purposes, had the fines been imposed on Dec 31, 2016, based on the latest audited financial statements for the financial year ended 2016, the net tangible asset per share as at Dec 31, 2016 would have decreased from S$6.34 to S$6.03. Had the fines been imposed on Jan 1, 2016, the earnings per share for the 2016 fiscal year would have dropped from 43.2 cents to 11.7 cents.


Hmm .. walau. Bad news but white candle!

Where goes wrong?

Bought from sellers/Sold to buyers = 4,625,100/4,251,300 = 109%

Shortists tio squeezed???







8 comments:

  1. Big Boys are supporting the price since morning.

    Tug of war between Sellers and Buyers.

    ReplyDelete
  2. Chow's case was made public after the US Justice Department announced on Friday that Keppel Offshore & Marine agreed to pay US$422 million to resolve investigations by authorities in the United States, Brazil and Singapore.

    The case centred on Brazil's state-run oil company Petrobras, also known as Petroleo Brasileiro SA, at the centre of a massive corruption investigation that has implicated dozens of Brazilian politicians.

    The US Justice Department said from 2001 to 2014 Keppel paid US$55 million in bribes to officials at Petrobras and the governing political party at the time, the Workers Party of Brazil.

    The bribes were paid to win 13 contracts with Petrobras and Sete Brasil Participacoes SA, a Brazilian company that commissioned a fleet of rigs for Petrobras' use, according to charging documents.

    In the transcript of his Aug 29 plea, Chow said he drafted contracts with a Keppel agent in Brazil who he realised was being overpaid by millions of dollars so he could bribe Brazilian officials.

    "I should have refused to draft the contract that we used for paying bribes and I should have resigned from Keppel," he said.

    In total, Keppel Offshore & Marine earned US$351.8 million through the bribery scheme, according to court papers.

    In its deal with the Justice Department, Keppel Offshore & Marine entered into a deferred prosecution while a US subsidiary pleaded guilty to conspiring to violate the Foreign Corrupt Practices Act.

    ReplyDelete
  3. Fine of 422 - 352 = 70m

    Old and recent new subscribers co-pay or claw back $70m.

    ReplyDelete
  4. This is what it means "man proposes, God disposes".

    U think U know everything about KeppelCorp or any BLUE CHIP?

    U work there?

    Own by the G some more?

    Still think u can bank everything on a company BLUE CHIP or not?

    ReplyDelete
  5. If no change of Govt; this Game of "corruption" will be played for longer time!

    ReplyDelete
    Replies
    1. In those days; it was normal to put some money in your passport. Ooo Forgot the passport got money! LOL

      Delete
    2. Still very applicable in our next-door country leh.

      Especially for on the spot traffic offence settlement.

      It helps a lot if U can speak a bit of Malay.

      Delete

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