A Singapore based marine and offshore engineering company defended itself against allegations of fraud by a US energy investment company.
Sembcorp Marine, the Singaporean parent of Jurong Shipyard clarified with reporters that US company EIG management has haled it to court over fraud allegations relating to their joint investments in Sete Brasil Participacoes (Sete), but that the accusations were false.
The marine company made this announcement following media reports that Petrobras has already brought matters to the judiciary. Further, it said that it will rigorously defend itself if called to court.
EIG alleged in a $221 million filing with the US District Court of Columbia that Keppel, Sembcorp Marine, Jurong Shipyard, and Odebrecht that the said parties conspired to persuade EIG managed funds to invest in Sete Brasil.
In 2012, Sembcorp subsidiaries entered into contracts with their Sete counterparts to build seven drill ships, but the latter had to ask a court to file for a judicial recovery.
Sembcorp consequently launched arbitration proceedings under the said contracts, for which it made provisions of $329 million in the past financial year.
