US-based investment firm files suit against Keppel, SembMarine for Brazil bribery scandal

The bidding process was rigged from the start, says EIG Management.

Keppel Corporation and Sembcorp Marine were among the defendants of a lawsuit filed by US-based investment firm EIG Management in relation to the bribery scandal at Brazil’s national oil company Petrobras.

Citing a report from Upstream, OCBC Investment Research noted that EIG has amended proceedings which were commenced against Petrobas earlier this year to include Keppel, SembMarine, and Odebrecht.

EIG alleged that the companies conspired to fraudulently induce funds managed by EIG to invest over US$221m to purchase equity in the now-bankrupt Sete Brasil. The lawsuit also claimed that the contract bidding process for the rigs “was rigged from the start”, and alleged that the yards agreed to pay bribes and kickbacks.

“This lawsuit is likely to be closely monitored as there are also other investment firms, like EIG, that invested in Sete Brasil,” OCBC Investment Research said.

Also Read

Sembcorp wins 150MW wind-solar hybrid power project in India

Mooreast subsidiary, NTOU sign MoU for marine energy research

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit