Seatrium agrees to pay $148.5m in DPA over Brazil offences

The DPA stems from alleged corrupt practices involving the company’s business operations in Brazil, the statement said.

Seatrium Limited, formerly known as Sembcorp Marine Limited, has agreed to pay a financial penalty of $148.5m (US$110m) under a Deferred Prosecution Agreement (DPA) with the Singapore Public Prosecutor over corruption offences that occurred in Brazil.

According to a statement released by the Attorney-General’s Chambers (AGC), the DPA stems from alleged corrupt practices involving the company’s business operations in Brazil.

The agreement, however, will only take effect once it is approved by the General Division of the High Court. The court must determine that the DPA is in the interests of justice and that its terms are fair, reasonable, and proportionate.

Under the terms of the DPA, Seatrium will not only pay the financial penalty but must also enhance its internal ethics and compliance programme to prevent similar conduct in the future.

The AGC noted that up to $71.55m (US$53m) of the penalty may be used to offset any fines or criminal penalties imposed by Brazilian authorities in relation to the same or substantially similar facts.

Should Seatrium fail to meet the conditions set out in the agreement, the Public Prosecutor retains the right to terminate the DPA and initiate criminal proceedings against the company for the alleged offences.

The AGC’s Strategic Communications Department emphasized that the DPA represents a legal mechanism to ensure accountability while allowing the company to reform and avoid prosecution, provided it fulfills all obligations under the agreement.