Thu, Dec 21, 2017
Singapore Gets Serious in Fight Against Bribery and Corruption
Conducting joint investigations and joint enforcement actions with foreign authorities may become a new norm.
On December 22, 2017, Keppel Offshore & Marine (KOM) and its wholly owned US-based subsidiary signed agreements with US authorities that resulted in the payment of approximately US$422 million of penalties for violations of the US Foreign Corrupt Practices Act (FCPA). This is the seventh-largest FCPA settlement ever and the first of its kind for a major Singaporean company.
This case sent shockwaves through Singapore, as KOM is partly owned by the Singapore government. What lessons does it hold for Singaporean companies?
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