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"
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Genting Singapore propels convincing Singapore market rebound; STI up 1.1%
Asia: Markets rise as traders consider US rate outlook
China reiterates need for steady yuan amid fragile confidence
Singapore shares climb at Thursday’s open; STI up 0.3%
Stocks to watch: CDL, DFI Retail Group, Cordlife, First Resources
US: Wall Street slips as dour earnings, chip stocks weigh