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27 January 2020 The on-line newspaper devoted to the world of transports 13:09 GMT+1

September 23, 2010

Jurong Shipyard settle suit

By Jonathan Kwok
The Straits Times

FRENCH bank Societe Generale has agreed to pay the Sembcorp Marine unit Jurong Shipyard US$40 million (S$53 million) in the last chapter of a forex trading scandal involving a former Jurong executive.
The 'full and amicable' settlement, as Jurong Shipyard described yesterday's outcome, ends a saga that began in October 2007. Jurong Shipyard revealed losses of up to US$303 million at the time, allegedly due to unauthorised currency transactions carried out by former finance chief Wee Sing Guan. This led to a series of claims involving the 11 banks involved in the transactions ......
Read more on The Straits Times

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