Former president of Estaleiro Jurong Aracruz, Seatrium’s Brazilian subsidiary, Martin Cheah was acquitted of all charges related to Brazil’s graft probe Operation Car Wash on Dec 20.
Guilherme Esteves de Jesus, a former consultant with connections to Estaleiro Jurong Aracruz, was also acquitted by the Brazilian Federal Lower Court on the same day.
The charges were filed against both individuals in their own personal capacities and not against Estaleiro Jurong Aracruz. Under Brazilian law, the Federal Prosecutors’ Office may appeal the decision to acquit Cheah and de Jesus.
Seatrium notes that the outcome of Operation Car Wash as well as the impact of the court’s decision on ongoing investigations or allegations are still unknown.
The company says it is providing its full cooperation with Brazilian authorities and will continue to monitor developments and make relevant announcements in the event of any developments.
Shares in Seatrium closed 0.1 cents higher or 0.89% up at 11.3 cents on Dec 26.
