Keppel Corporation *Official* (SGX: BN4)

Jupiter2017

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http://www.businesstimes.com.sg/com...rt-papers-from-eig-funds-racketeering-lawsuit
Keppel says not yet served court papers from EIG funds' racketeering lawsuit
Sun, Feb 11, 2018 - 3:40 PM Marissa Lee marilee@sph.com.sg

KEPPEL Corp said on Sunday (Feb 11) that it has not yet been served with the court papers relating to a new racketeering lawsuit brought against Keppel Offshore & Marine by certain funds managed by EIG Global Energy Partners in the United States.
Keppel's statement came in response to an article published on the Law360 website on Feb 8, titled "EIG Hits Keppel With US$660m RICO Suit Over Brazil Bribery".
According to the report, the EIG funds had launched a US$660 million (S$876 milliom) racketeering suit in New York federal court against Keppel Offshore & Marine pursuant to the Racketeer Influenced and Corrupt Organizations Act (RICO).
The lawsuit concerns Keppel O&M's role in a Brazilian bribery scheme connected to a failed drill ship venture, for which Keppel recently reached a US$422 million criminal settlement with US prosecutors.
In its statement to the Singapore Exchange, Keppel said it believes that "the reported cause of action is without merit", and that it would "vigorously defend itself if and when the relevant papers are served".
In 2016, funds managed by EIG Management Co commenced a civil action against Keppel Offshore & Marine, Sembcorp Marine, Jurong Shipyard and other firms for allegedly participating in an unlawful conspiracy further to which EIG was induced to invest over US$221 million in Sete Brasil Participacoes SA.
Last year, the US district court for the District of Columbia ruled in favour of the Keppel Offshore & Marine and dismissed the aforesaid action.
 

vaxvms

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shout shout shout till black swan

but when u see 2 1k dow drop in a wk
 

Jupiter2017

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http://www.businesstimes.com.sg/companies-markets/keppel-om-served-with-summons-in-new-eig-lawsuit
Keppel O&M served with summons in new EIG lawsuit
Tue, Feb 13, 2018 - 6:28 PM Tan Hwee Hwee hweetan@sph.com.sg

KEPPEL Corporation's offshore and marine (O&M) unit has been served with a summons in a new lawsuit filed by EIG Global Energy Partners and some of its managed funds in the United States.
The conglomerate maintained in a disclosure about the summons and the lawsuit after Tuesday's trading close that "the reported cause of action is without merit" and that its O&M unit "will vigorously defend itself".
An article published Feb 8 on the Law360 website said that the EIG funds had launched a US$660 million racketeering suit in New York federal court against Keppel O&M (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 Keppel recently reached a US$422 million settlement between KOM and the prosecutors in the US, the article said.
In 2016, Keppel Corp, KOM, Sembcorp Marine and Jurong Shipyard were added as defendants along with other shipyards and entities in the lawsuit filed by EIG and its eight managed funds with a district court in the US.
EIG had alleged in the 2016 lawsuit that it was misled by Petrobras, along with other named yards and entities to invest over US$221 million of equity in Sete Brasil, a rig-building business unit of Petrobras.
Sete Brasil went on to award rig-building contracts valued at about US$10 billion to business units of KOM and SembMarine.
The United States District Court, District of Columbia, subsequently ruled in 2017 in favour of Keppel Corp, KOM, SembMarine and Jurong Shipyard and dismissed the lawsuit filed by the EIG funds.

price link: http://www.shareinvestor.com/fundamental/factsheet.html?counter=BN4.SI
 

Steyr69

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Like damn weak after the run up....losing steam....

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