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Sembcorp and Societe Generale settle over forex losses

Sembcorp and Societe Generale settle over forex losses

Singapore: Sembcorp Marine has reached full and final settlement with Societe Generale over $199m in foreign exchange hedging losses. As part of the settlement, Societe Generale will make a payment of $40m to Sembcorp unit Jurong Shipyard. The settlement is on the basis that there is no admission of liability by either party the shipyard group said. Last year Sembcorp Marine sued the French bank to recover $198.8m paid to the bank in a foreign exchange hedging losses scandal in October 2007. The legal spat was part of a $303m currency derivatives losses scandal that rocked Jurong Shipyard late in 2007. [23/09/10]

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