Comptroller General of Brazil initiated proceedings against Sembcorp Marine’s subsidiary

Comptroller General of Brazil initiated proceedings against Sembcorp Marine’s subsidiary

Sembcorp Marine Ltd has issued an announcement on Singapore Stock Exchange informing its investors that the company has come to its knowledge that the Office of the Comptroller General of Brazil (CGU) has published a notice in the Official Gazette to the effect that CGU has initiated a preliminary administrative liability proceeding against the Company’s subsidiary, Estaleiro Jurong Aracruz Ltda (EJA) for the investigation of alleged irregularities practised by EJA .

The gazette from the Office of CGU did not provide further facts, and the company is currently unable to assess the matter or impact, if any, said Sembcorp Marine in its announcement on Friday (24 Mar).
.

Sembcorp Marine said that EJA is co-operating fully with the authorities.

It stated that it will continue to monitor developments in Brazil, and will make appropriate announcements in the event of any material developments.

EJA is a subsidiary of Jurong Shipyard Pte Ltd, a 100% owned subsidiary of Sembcorp Marine. While Temasek Holdings is a direct shareholder of Sembcorp Marine.

The CGU of Brazil is a high-ranking government official responsible for overseeing the management and transparency of public funds in Brazil. They are tasked with ensuring the effective use of public resources, preventing corruption, and promoting accountability within the government.

The Comptroller General serves as a watchdog for government spending, conducts audits and investigations, and makes recommendations to improve the efficiency and effectiveness of public services.

Editor note: We apologise for the confusion between Sembcorp and Sembcorp Marine in the previous version of this article

Subscribe
Notify of
14 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments