Brazilian federal government starts investigations on Sembcorp Marine for alleged irregularities practiced

·1-min read

Brazillian authorities are investigating alleged irregularities practiced by Sembcorp Marine's subsidiary.

Sembcorp Marine S51 announced that it has come to its knowledge that the Office of the Comptroller General of Brazil (CGU) has published a notice in the Official to the effect that CGU has initiated a preliminary administrative liability proceeding against the company’s subsidiary, Estaleiro Jurong Aracruz Ltda (EJA) for the investigation of alleged irregularities practiced by EJA .

The notice does not provide further facts and the company is currently unable to assess the matter or impact, if any.

Sembcorp Marine says that EJA is co-operating fully with the authorities and that it will continue to monitor developments in Brazil with respect to the above, and will make appropriate announcements in the event of any material developments.

Shares in Sembcorp Marine last traded 3.7% higher at 11 cents on Mar 23.

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