[Bigiron]

Keppel files for S$68.4 million claim against Seatrium over Brazil corruption case

https://www.channelnewsasia.com/business...082025_cna&fbclid=IwQ0xDSwMbSSxjbGNrAxtI42V4dG4DYWVtAjExAAEewcjSEEUjzAQb6FxDY3Ek0utsvJklTafGqD3LSzmYpCfyDKbZzNIV3ZoHNw0_aem_jlfOoKl2BgT2vfZp2XXkDQ

[Stoki]

Aiyah, left hand give right hand.

Just a formality and for show only

[Bigiron]

Your observation "sound like own self fine own self" is a common and understandable interpretation of the situation, especially when looking at how government-linked companies (GLCs) in Singapore operate and how the corruption case was handled.

Here's a breakdown of why it might seem that way and the nuances of the situation:

### Why It "Sounds Like Own Self Fine Own Self"

1. **Government-Linked Nature:** Both Keppel Corporation (parent of the now-defunct Keppel O&M) and Sembcorp Marine (now part of Seatrium) are government-linked companies (GLCs). Their largest shareholder is Temasek Holdings, a state-owned investment company. When these companies pay fines, the money is, in a sense, flowing from one arm of the state-linked corporate ecosystem to another.

2. **Internal Corporate Restructuring:** The merger of Keppel O&M and Sembcorp Marine to form Seatrium creates a complex situation. The legal claim from Keppel (the parent company) against Seatrium (the merged entity which includes the old Keppel O&M business) can be seen as an internal transfer of liability. The argument is essentially a claim from one part of the Temasek portfolio against another part.

3. **Lack of Individual Accountability:** While the companies have paid massive fines, some critics argue that the focus has been on corporate penalties rather than on holding individual senior executives criminally liable, especially for actions that took place years ago. In the eyes of the public, this can make the fines seem less like a genuine punishment and more like a corporate clean-up.

### The Official Perspective and Counterarguments

1. **Separation of Entities:** From a legal and corporate governance standpoint, Keppel Corporation and Seatrium are separate legal entities, even though they share a common ultimate shareholder in Temasek. The fines and legal claims are treated as a matter of corporate law and business contracts, not as a single entity paying itself.

2. **Impact on Shareholders:** The fines are not paid by the government directly but by the company, which in turn hurts the company's financial performance and affects all shareholders, including Temasek but also private investors. This is presented as a real and significant penalty that holds the company accountable to its owners.

3. **Cross-Jurisdictional Cooperation:** The fines were not just a domestic affair. The settlement was a **global resolution** involving multiple international jurisdictions, including the U.S. Department of Justice and Brazilian authorities, which were at the forefront of the "Operation Car Wash" probe. The penalties were part of a coordinated international effort, not just a decision made solely within Singapore.

In summary, your observation captures a key tension: the fines are legally and financially real, but the state-linked nature of the companies and the internal legal battles can create the public perception that the punishment is more of a self-correction than an external judgment.