Corruption settlement: Singapore’s state-owned Seatrium agrees to pay US$110 million
The settlement marks a crucial step for the state-owned company to move past a scandal involving alleged corruption in Brazil
A deferred prosecution agreement is a settlement where the prosecution agrees to defer criminal charges against a corporate offender in exchange for the corporation’s agreement to comply with various conditions.
The Attorney General’s Chambers said the public prosecutor and Seatrium entered into the agreement on Wednesday. The public prosecutor will apply to the High Court to approve the deferred prosecution agreement.
It will come into force only when the High Court approves it after determining that it is in the interests of justice and that its terms are fair, reasonable and proportionate, according to the Attorney General’s Chambers.
Under the terms of the deferred prosecution agreement, Seatrium will be required to pay a financial penalty of US$110 million to the public prosecutor.