Seatrium in the dark over which individuals are being investigated for alleged graft



Singapore’s offshore and marine contractor Seatrium does not know which of its officials or former officials are under investigation by the nation’s Corrupt Practices Investigation Board (CPIB) for alleged corruption in its Brazilian operations dating back years to when it was Sembcorp Marine.

The CPIB last week confirmed it had launched investigations into Seatrium (formerly Sembcorp Marine) and individuals from the offshore and marine player regarding alleged corruption offences that occurred in Brazil.

In response to queries posed by SGX-ST (the Singapore Stock Exchange), Seatrium said the CPIB has not provided the company with the identity of the individuals who are being investigated for alleged corruption offences.

“As far as the company is aware, investigations are ongoing and no formal charges have been made against any of the key executives of the company,” Seatrium said on 1 June.

SGX-ST had also asked the contractor whether the individuals involved are executive officers and, if so, to identify them and their roles in the company. SGX-ST noted that to remain compliant, an issuer must — on a continuing basis — be considerate of the character and integrity of its directors and management.

On Thursday, Seatrium said it believes the CPIB’s investigation relates to events that happened before 2015 and to Sembcorp Marine, as it was at that time.

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However, the contractor referenced the bureau’s statement: “As investigations are ongoing, CPIB will not be able to provide further details at this juncture.”

Seatrium added that its board is committed to ensuring the highest ethical standards of behaviour in the company.

“The company will continue to actively assist the CPIB in its ongoing investigation and will keep shareholders updated as and when there are any material developments on this matter,” Seatrium said.