[hansamu]

The trading halt comes a day after Sembmarine released a Mar 29 statement that preliminary administrative proceedings against its wholly-owned subsidiary, Estaleiro Jurong Aracruz (EJA), were related to past conduct linked to Brazil’s anti-graft probe known as Operation Car Wash.

This follows the group’s announcement on Mar 24 that EJA was under investigation for “alleged irregularities” in its practices.

[hansamu]

Good or bad news?

[teaserteam]

Unlike the Keppel's case, the car wash operation proceeding was filed in Brazil court which might be less deadly. Technically, SM seems to be bullish, working against the trend for reasons that could be due to contract awards. Watching..