Singapore: Sembcorp Marine subsidiary Jurong Shipyard (pictured) today filed a claim against Societe General (SG) in the High Court of Singapore in the company's latest attempt to iron out issues relating to unauthorised foreign exchange transactions discovered in October 2007.
The claim to recover $198.9m covers $83.5m that Jurong Shipyard states was paid to SG before the "unauthorised transactions" were uncovered, as well as $115.4m paid to SG as part of a pre-condition for closing out of the said transactions with Jurong Shipyard in November 2007. The latter half of the claim was subject to the yard's right to a refund of the monies from SG if the dispute is resolved in Jurong Shipyard's favour.
However, in a statement to the press, Sembcorp Marine said that its subsidiary "remains of the view that the Unauthorised Transactions were not valid and binding on JSPL, and is pursuing its right to claim for a refund of the monies from SG." [03/08/09]
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