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Keppel denies charges in Petrobras-related lawsuit

Singapore Business Review

The allegations are “baseless”, says Keppel.

Keppel Corporation has denied allegations in a lawsuit filed by US-based investment firm EIG Management.

The lawsuit has been filed against Petrobras and included several shipyards, including Keppel and Sembcorp. EIG Management alleged that Petrobras and the shipyards conspired to make investors pour funds into Sete Brasil.

“It is alleged that the defendants participated in an unlawful conspiracy further to which EIG were induced to invest over US$221 million in Sete Brasil Participacoes SA. Keppel denies these baseless allegations and will vigorously defend the action,” Keppel said in a statement to the SGX.

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