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Singapore: CPIB begins probe into Seatrium for alleged corruption in Brazil

Seatrium, firm formed by Sembcorp Marine and Keppel O&M merger, ‘believes investigations relates to events that occurred prior to 2015 and to Sembcorp Marine group in existence at that time.’

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Marine engineering firm Seatrium, formed by the merger of Sembcorp Marine and Keppel Offshore and Marine (KOM) earlier this year, is off to a rough start after being slapped with investigations by Singapore authorities. 

Seatrium on Thursday (1 June) said the Corrupt Practices Investigation Bureau (CPIB) on 31 May released a statement stating that it has commenced investigations against the company and individuals from the company on alleged corrupt offences that occurred in Brazil. 

“The company believes that this relates to events that occurred prior to 2015 and to the Sembcorp Marine group in existence at that time,” it said in a company announcement.  

“Those events predate the merger with Keppel Offshore & Marine which only took place in February 2023.”

Seatrium added it is unable to comment further at this stage as the investigations are still ongoing.

“The company is cooperating with CPIB in its investigations and will make appropriate announcements in the event of any material developments,” it said. 

“The company wishes to reiterate it is committed to the highest standards of compliance with anti-corruption laws and does not condone and will not tolerate any improper conduct. The company has a strict compliance programme and continuously works to ensure that policies and procedures are in place to prevent any violation of any anti-corruption laws applicable to its operations.”

Before publishing the announcement, Seatrium requested for a trading halt in a filing at 7.35am on 1 1 June due to the pending release of the announcement and then requested for the lifting of the halt at 9.59am on 1 June. 

On 3 April, Semcorp Marine proposed a name change from Sembcorp Marine to Seatrium Limited  following completion of the combination of the businesses of the company and Keppel Offshore & Marine Ltd on 28 February 2023, and will adopt a new branding for the enlarged entity.

When queried by Channel News Asia (CNA) if the alleged offences were linked to a bribery case involving former KOM employees and Brazilian oil major Petrobas, CPIB said it was unable to divulge further details as the investigations were still ongoing.

On 16 January, Manifold Times reported CPIB issued stern warnings on 11 January 2023 to six individuals who were formerly senior management staff of KOM. 

The stern warnings were issued to the six individuals in lieu of prosecution for offences punishable under the Prevention of Corruption Act (PCA).

At the time, CPIB said it had completed its investigations of the case and in consultation with the Attorney-General’s Chambers (AGC).

The offences relate to bribe payments to officials of Brazilian state-owned corporation Petróleo Brasileiro S.A. (Petrobras), pertaining to rigs-building contracts which Petrobras and/or its related companies had awarded to KOM. Under the global resolution led by the Department of Justice of the United States of America and involving Brazil and Singapore, a conditional warning in lieu of prosecution was issued to KOM for offences punishable under the PCA. KOM has paid a total fine of USD 422 million and fulfilled all obligations under the conditional warning.

CPIB conducted investigations into the six individuals who had allegedly conspired with each other to give bribe payments totalling about USD 55 million to foreign consultants involved in KOM’s business interests in Brazil. These consultants then used these monies to pay bribes to Petrobras officials.

Related: Singapore issues stern warnings to six former Keppel O&M staff for bribery
Related: Singapore-based firm Sembcorp Marine proposes name change to Seatrium
Related: Keppel Corporation and Sembcorp Marine merger concludes at USD 3.34 billion

 

Photo credit: Pepi Stojanovski from Unsplash
Published: 1 June, 2023

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Winding up

Singapore: Liquidators arrange creditors meeting for Otto Marine Limited

Meeting will be held from 3pm on 24 July at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095, according to Government Gazette notice.

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A meeting for creditors of Otto Marine Limited, which is in liquidation, has been scheduled to take place on 24 July, according to a Government Gazette notice on Thursday (11 July). 

The meeting will be held from 3pm at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095

The agenda of the meeting will be as follows:

  • To update on the liquidation administration;
  • To approve the Liquidators’ fees and disbursements;
  • To approve the declaration of preferential dividend(s) pursuant to Section
  • 328(1)(b) to 328(1)(f) of the Companies Act, Cap. 50;
  • To consider and if thought fit, to appoint a committee of inspection; and
  • Any other business.

The details of the liquidators are as follows: 

Chee Yoh Chuang
Lin Yueh Hung
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

 

Photo credit: steve pb from Pixabay
Published: 12 July, 2024

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LNG Bunkering

Titan completes first STS LNG bunkering operation in Cuxhaven

Port of Cuxhaven in Germany had previously only seen LNG operations conducted via truck and currently only permits LNG bunkering at one berth, says Titan.

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Titan completes first STS LNG bunkering operation in Cuxhaven

LNG bunker fuel supplier Titan on Thursday (11 July) said it completed the first-ever LNG bunkering operation by ship in the port of Cuxhaven.

Titan’s bunker vessel Optimus successfully delivered LNG to dredger Vox Ariane operated by its long-term client Van Oord. 

“Our ship-to-ship bunkering in Cuxhaven represents a pioneering step in the region's LNG infrastructure development, as the port had previously only seen LNG operations conducted via truck and currently only permits LNG bunkering at one berth,” it said in a social media post. 

“LNG infrastructure development is part of a broader trend, with more ports across Germany adopting LNG operations to support shipping’s clean fuels transition.”

Titan added the improved LNG bunkering capabilities in Cuxhaven, a Niedersachsen Ports GmbH & Co. KG port, also opened up the pathway to maritime decarbonisation via liquified biomethane (LBM) and then renewable e-methane going forward.

 

Photo credit: Titan
Published: 12 July, 2024

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LNG Bunkering

UECC “Auto Achieve” receives first LNG bunker fuel delivery by barge in home country

Firm said it received the first ever supply of LNG by barge to their multi-fuel LNG battery hybrid car carrier in the Port of Drammen, Norway.

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UECC “Auto Achieve” receives first LNG bunker fuel delivery by barge in home country

Norwegian roll-on/roll-off shipping line United European Car Carriers (UECC) on Wednesday (10 July) said it received the first ever supply of LNG by barge to their multi-fuel LNG battery hybrid car carrier Auto Achieve in the Port of Drammen on 4 July.

The firm said this was the first time UECC received LNG by barge to any of their vessels in their home country Norway. 

“We also believe that it was the first time LNG was delivered by barge to any vessel in Drammen, and most likely the entire Oslofjord,” UECC said in a social media post.

The LNG was supplied by the Molgas Energy Holding vessel Pioneer Knutsen, owned by Knutsen Group OAS.

“UECC is very pleased to see the expansion of the LNG barge network in Norway,” it said. 

 

Photo credit: UECC
Published: 12 July, 2024

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