Keppel O&M served with amended complaint in EIG lawsuit

KEPPEL Offshore and Marine (KOM) has been served with an amended complaint in the lawsuit launched against the firm by EIG Management Company LLC.

The complaint now includes an additional cause of action against KOM for allegedly aiding and abetting the fraud committed by Petrobras and Sete Brasil against EIG.

EIG is seeking to recover US$221 million in purported investment losses as well as punitive damages, said Keppel Corporation in an exchange filing on Wednesday evening.

"The company is of the view that the additional cause of action is similarly without merit and the company will continue to vigorously defend itself," said Keppel Corp.

EIG and some of its managed funds had in February filed the suit against KOM pursuant to the Racketeer Influenced and Corrupt Organisations Act (RICO).

The civil suit concerns KOM's role in a Brazilian bribery scheme connected to a failed drill ship venture, for which the firm in December last year had reached a US$422 million settlement with the prosecutors in the US.