Fine until pants drop

Unless you have been living under a rock, you would have heard about the Keppel Offshore and Marine’s involvement in an international corruption scandal over 13 years.

Long story short, Keppel paid bribes – under the guise of commissions – to two Brazilian companies, Petrobas and Sete Brasil, in order to win 13 contracts over the period of 2001 to 2014. Then now kanna caught liao, Keppel was fined with a whopping sum of US$422million, which seems to be the highest so far involving a Singapore-listed entity.

This is best put in Mr Low’s words: Sue Fine until pants drop. Hahaha.

In yesterday’s Parliament sitting, Senior Minister of State Indranee Rajah also pointed out that Keppel paid a heavy price for this corruption scandal, with the US$422 million fine being eight times the amount it paid in bribes. This is part of a global resolution with the authorities in the US, Brazil and Singapore.

Indranee also said that the fine will be paid by Keppel, and not from the Singapore Budget. Good – don’t make Singaporeans pay for Keppel’s mistakes.

Keppel was also issued a condition warning from CPIB and AGC. They considered that Keppel was cooperative with the investigations and volunteered its internal findings to AGC and CPIB and also took extensive remedial measures.

So we a bit blur when SDP said Keppel is let off lightly and nothing is happening to anyone involved. But the case is not closed yet leh.

Indranee also said in parliament that investigations are still ongoing on the people related. 

So don’t think this case will just be closed like that leh. So is Dr Chee saying this because Singaporeans are very concerned about this, so he also need to come out with something to score point? Like how the SDP tried to play activists for the Sungei Road flea market close down?

Anyway, no choice lah, Singapore companies need to buck up in order to get business deals lor – like have unique selling points, have better value-addedness as compared to their competitors.  Cannot take the easy way out by throwing bribes – because karma will eventually come back and bite your ass, like how Keppel was bitten.

And since the Keppel investigations involve three different countries and is complex (so many people and money involved). of course this will take time lah. So fast jump the gun for what?

Nobody has said the case is closed.