Seatrium on Thursday said investigations by the Corrupt Practices Investigation Bureau (CPIB) into the company, formerly known as Sembcorp Marine, relate to events that occurred prior to 2015 and predate the merger this year with Keppel Offshore & Marine (Keppel O&M).
Seatrium, which was so named in April after the February 2023 merger, disclosed this in a Singapore Exchange filing before the market opened. It called for a trading halt earlier in the morning.
"The company is unable to comment further at this stage as the investigations are still ongoing," Seatrium said in the filing. It added that it is cooperating with CPIB in its investigations and will make appropriate announcements in the event of any material developments.
Seatrium was responding to CPIB'S announcement on Wednesday evening that "acting on information received", the agency had begun investigations into the offshore and marine engineering company, as well as unnamed individuals in it, on alleged corruption offences in Brazil.
Seatrium shares fell on the news, retreating as much 3.3 per cent to 11.9 cents after trading in the counter resumed at 10.30am, before paring losses to end 1.6 per cent down at 12.1 cents.
The counter was the most heavily traded stock, with 458.19 million shares changing hands, compared with its average three-month volume of 8.66 million shares.
This story is from the June 02, 2023 edition of The Straits Times.
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This story is from the June 02, 2023 edition of The Straits Times.
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