The Asia Pacific Breweries (APB) executive arrested over an alleged multi-million dollar fraud now faces 18 fresh charges against him.

Chia Teck Leng, who joined the company as a financial manager in 1999, now faces 28 charges of defrauding four foreign banks of S$120m (US$68.5m) after getting S$163m credit from them.

The banks include Sweden's Skandinaviska Enskilda Banken AB (S.SEB), Germany's Bayerische Hypo-und Vereinsbank AG (G.BHV) as well as Japan's Sumitomo Mitsui Banking Corp and Mizuho Corporate Bank.

Chia is accussed of making the withdrawals after tricking the banks into million dollar credit facilities, by persuading them he was operating on behalf of APB's Singapore subsidiary.

Chia is alleged to have used forged documents, including the forged signatures of top executives within APB, to open and operate the unauthorized bank accounts.

APB, which is a joint-venture between the Dutch brewer Heineken NV and Singapore beverage and property conglomerate Fraser & Neave Ltd, has hired PriceWaterhouseCoopers to investigate the case and assess the financial damage to APB.

Chia remains on remand while the case is being investigated by Singapore's white-collar-crime unit.