Keppel Offshore & Marine (KOM), a subsidiary of Singapore’s Keppel Company, is being sued by the eight funds managed by EIG Administration Firm, with a declare of just about $820m over the lack of an funding. The civil motion by EIG Funds is being heard within the US District Court docket, Southern District of New York.
In Might 2020, the courtroom dismissed the plaintiffs’ RICO (Racketeer Influenced and Corrupt Organizations Act) conspiracy declare, leaving the plaintiffs to say damages based mostly on their remaining declare for aiding and abetting fraud.
Following completion of factual depositions, in late September 2021, the plaintiffs and KOM every served a movement for abstract judgment, in search of judgment on the remaining declare, which the plaintiffs have quantified at roughly $820m in mixture, together with $442.2m in punitive damages and $156.5m as pre-judgment curiosity.
Every get together’s briefs are attributable to be filed with the courtroom on November 2, 2021. A listening to date for the abstract judgment motions has not but been scheduled.
KOM’s US counsel believes it has “superb defences” to the declare, Keppel stated in an replace to the Singapore Change on October 25.
The claims relate to KOM’s allegedly aiding and abetting a fraud dedicated by Petroleo Brasileiro (Petrobras) and Sete Brasil Participacoes towards EIG.
In December 2017, KOM and its US subsidiary reached a $422m settlement with US prosecutors referring to the bribery of officers at Petrobras and Brazilian politicians between 2001 and 2014.
