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GLOBAL ship and oil-rig builder SembCorp Marine said on Thursday unauthorised foreign exchange deals allegedly by its former finance director led to a loss of 208 million US dollars (S$294 million).
It said the loss will be recorded in the group's fourth quarter earnings, to be announced on February 22.
Last October the company said its director of group finance, Mr Wee Sing Guan, had been relieved of his duties after allegedly entering into various unauthorised foreign exchange transactions.
The deals were for the account of one of its wholly-owned subsidiaries, Jurong Shipyard Pte Ltd (JSPL), SembCorp Marine said.
The company said on Thursday it has reached full and final settlement with nine of the eleven banks involved, all strictly on a commercial basis.
'All the commercial settlements were entered into without any admission on the part of JSPL or the banks as to whether the unauthorised transactions were valid or binding on JSPL,' SembCorp Marine said in a press release.
The net position arising from the unauthorised transactions has been reduced to 258.7 million dollars from 303 million dollars, it said.
In the fourth-quarter earnings report, 208 million dollars will be expensed and another 50.7 million will be disclosed as a contingent liability, it said. -- AFP
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