25 February 2018
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Keppel says it has not been served court papers over latest civil action by EIG

Business Times
12 Feb 2018
Marissa Lee

Keppel Corp said on Sunday that it has not been served with court papers relating to a new civil action brought against Keppel Offshore & Marine by certain funds managed by EIG Global Energy Partners in the United States.

Keppel's statement came in response to an article published on the Law360 website on Feb 8, titled "EIG hits Keppel with US$660m RICO suit over Brazil bribery". The article referred to a lawsuit filed by the EIG funds in a district court in New York against Keppel Offshore & Marine under the Racketeer Influenced and Corrupt Organizations Act (RICO).

The lawsuit concerns Keppel O&M's role in a Brazilian bribery scheme, for which the Keppel unit recently reached a US$422 million global settlement with US prosecutors.

In its statement to the Singapore Exchange, Keppel said it believes that "the reported cause of action is without merit", and that it would "vigorously defend itself if and when the relevant papers are served".

In 2016, funds managed by EIG Management Co commenced a civil action against Keppel O&M, Sembcorp Marine, Jurong Shipyard and other firms for allegedly participating in an unlawful conspiracy further to which EIG was induced to invest over US$221 million in Sete Brasil Participacoes SA. Last year, the US district court for the District of Columbia ruled in favour of Keppel O&M and dismissed the action.

Source: Business Times © Singapore Press Holdings Ltd. Permission required for reproduction.