Largest oil rig builder to pay $422 million for Petrobras corruption

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The world’s largest builder of offshore oil rigs will pay $422 million in penalties after entering a guilty plea for bribery charges connected with the Petroleo Brasileiro (Petrobras) scandal. The company made illicit payments to both Petrobras officials and government representatives for years.

According to an article in Bloomberg, titled “Keppel Offshore to Pay $422 Million to End Bribery Probe” (2017), Keppel Offshore’s bribery scheme lasted for more than a decade. The payments ran afoul of the Foreign Corrupt Practices Act (FCPA), resulting in the investigation.

The Bloomberg article includes a contrite statement from the company, in part:

"We regret and are deeply disappointed by the actions that we now know to have taken place at the group’s offshore and marine business in Brazil from around 2001 to 2014," Keppel Corp. Chairman Lee Boon Yang said in an earlier statement. "Any perception that illegal payments can be condoned, if they are made by agents, is wrong and will not be tolerated."

The action comes as a part of a multimillion dollar bribery scandal that rocked Petrobras in 2015, leading to investor lawsuit and disgraced government officials. Corruption, bribery and fraud are serious issues in Brazil, along with many other countries around the world that are rushing enact new laws and tools to fight them, while enhancing efforts to enforce rules that are already on the books. Along with the FCPA, the UK Bribery Act and other regulations aim to criminalize corruption across international borders and stem the impact of such illicit acts.

For CRI Certification, helping clients navigate the complicated waters of compliance and changing laws is one of our highest priorities – along with helping them stay protected from fraud and corruption. That’s why our CRI Certification program offers cutting edge training and resources for companies to be proactive in their anti-corruption measures.

ISO 37001:2016 Anti-Bribery Management System Certification

CRI Certification is a provider of the ISO 37001:2016 Anti-Bribery Management System Certification, which confers many benefits including the following:

  • Certification adds a distinct level of credibility to the organization's management systems and must be completed by a qualified, independent third-party.
  • Ensures that the organization is implementing a viable antibribery management program utilizing widely accepted controls and systems.
  • Provides assurance to management, investors, business associates, personnel and other stakeholders that the organization is actively pursuing internationally recognized and accepted processes to prevent bribery and corruption.
  • Protects the organization, its assets, shareholders and directors from the effects of bribery.
  • Provides acceptable evidence to prosecutors or courts that the organization has taken reasonable steps to prevent bribery and corruption.

Don’t wait for bribery and corruption to affect your business. Contact CRI Certification today and learn how CRI Certification – and ISO 37001:2016 Certification – can help your organisation be proactive and protected from risk.