Brazil suspends proceedings on unit belonging to Seatrium, formerly Sembmarine

PRELIMINARY administrative proceedings against a Brazilian subsidiary of Seatrium, formerly Sembcorp Marine, have been suspended.

In an announcement on Friday (Apr 28), Seatrium said that it has been informed by the Comptroller General of the Union that proceedings against Estaleiro Jurong Aracruz (EJA) have been suspended. The proceedings were related to “alleged irregularities” at EJA.

Seatrium clarified that the proceedings were related to past conduct linked to an ongoing probe into money laundering and graft activities in connection with Operation Car Wash. The nationwide criminal investigation by the Federal Police of Brazil was first launched in 2014 as a money laundering investigation, eventually expanding to cover allegations of corruption, including at Petrobras.

Seatrium said that it will continue to cooperate and work with the Brazilian authorities.

Shares of Seatrium closed up 2.5 per cent or S$0.003 to S$0.124 on Friday.