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Keppel Corp receives further six-month extension of credit period from CPIB

Khairani Afifi Noordin
·1-min read

The payment of the balance has now been extended to March 22, 2023.

Keppel Corp has received a further six-month extension from the Corrupt Practices Investigations Bureau (CPIB) to pay the latter the sum of US$52.8 million.

The extension was granted as the company still has ongoing discussions with Brazilian authorities.

The payment of the balance was previously extended to Sept 22. It has now been extended to March 22, 2023.

The sum was first determined under the deferred prosecution agreement (DPA) that Keppel Offshore & Marine (Keppel O&M) entered into with the US Department of Justice on Dec 22, 2017.

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The DPA was part of Keppel O&M’s global resolution with criminal authorities in the US, Brazil and Singapore in relation to the corrupt payments made by Keppel O&M’s former agent in Brazil.

Shares in Keppel closed at an unchanged $7.40 on Sept 9.

 

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