Keppel Corp denies EIG allegations

KEPPEL Corporation on Thursday said that it denies all allegations raised in a lawsuit filed by US investment company, EIG Management.

"Keppel denies these baseless allegations and will vigorously defend the action," the listed conglomerate said in an SGX announcement.

EIG Management and eight of its managed funds have added several companies, including Keppel Corp and Keppel Offshore & Marine, as defendants to an action that the US investment company commenced against Petrobras in the US District Court of Columbia.

EIG alleged that the defendants participated in an unlawful conspiracy in which EIG was induced to invest over US$221 million in Petrobras' rig owning unit, Sete Brasil.

Sete Brasil's shareholders, in a majority vote last month, approved the proposed bankruptcy filing of the distressed rig owning unit.