Hot stock: Keppel Corp down after announcing "suspicious" Skornicki deals

RIGBUILDER and property conglomerate Keppel Corporation traded lower after it said on Monday morning that its Brazilian agent, Zwi Skornicki, may have entered into "suspicious" transactions.

The update followed internal investigations. Mr Skornicki was alleged to have bribed public officials in exchange for contracts from state-owned oil company Petrobras, with the knowledge and authorisation of key Keppel executives. Keppel was building rigs for Petrobras supplier Sete Brasil.

By 10.22am, Keppel was trading at S$5.25, down 14 cents or 2.6 per cent.

The counter eventually closed nine cents lower at S$5.30, with some seven million shares changing hands.

More: Keppel says Zwi Skornicki transactions "may be suspicious"