BRAZIL CONTRACTS KICKBACK

SINGAPORE : Singapore's Keppel Offshore & Marine Ltd [KOM] has agreed to pay US$422 million in fines to the  United States, Brazil and Singapore to settle bribery cases involving Brazilian contracts, said the US officials on Friday.

The investigation of bribes to Brazil government officials was conducted under a US law allowing authorities to punish American companies or companies active in the country that are guilty of corruption.

The Keppel group, which builds oil rigs and operates shipyards, has a US subsidiary which was found to have been involved in the bribery scheme, led by former Brazilian agent, with the knowledge of Keppel executives who have been fired.

''The scheme resulted in the payment by the defendant companies of more than US$50 million in bribes to Brazilian officials and in profits for the defendant companies of over US$350 million from business corruptly obtained in Brazil,'' said acting US attorney Bridget Rohide.

KOM's cooperation and firing or disciplining of employees involved in misconduct led the Justice Department to agree to a lower penalty than could have been assessed, said the US Department of Justice.