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Jurong Shipyard settle suit
(The Straits Times)
September 23, 2010
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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