Seatrium Paying Over $240M to Brazil, Singapore Authorities in Corruption Settlement

Singapore-listed offshore and marine company Seatrium, formerly Sembcorp Marine, has agreed to pay over S$240 million in financial penalties to Brazilian and Singaporean authorities to settle corruption charges related to Brazil's Operation Car Wash investigation. Under a leniency agreement with Brazilian prosecutors, Seatrium will pay approximately S$168.4 million, while a Deferred Prosecution Agreement (DPA) with Singapore's Attorney-General’s Chambers requires an additional US$110 million payment, with up to US$53 million credited from the Brazilian settlement. The DPA, subject to Singapore High Court approval, also mandates that Seatrium enhance its ethics and compliance programs to prevent future misconduct. If Seatrium fails to comply with the DPA terms, the public prosecutor may seek to terminate the agreement, potentially leading to criminal prosecution. Singapore's Monetary Authority and Commercial Affairs Department have concluded their investigations with no further action against Seatrium or its officers. The company emphasized its commitment to corporate governance and zero tolerance for fraud, bribery, and corruption following the settlement announcements.