SINGAPORE: APB hit by two more lawsuits
The Singapore brewer Asia Pacific Breweries Ltd is now being sued by three foreign banks for over US$63m.
Earlier in the week, Bayerische Hypo- und Vereinsbank (HVB) announced its intention to sue Asia Pacific Breweries for US$30m.
HVB filed the claim in an attempt to recover money extended to APBS in March last year through former finance manager Chia Teck Leng, who was sentenced to 42 years in jail earlier this year for swindling several banks of a combined S$117m between 1999 and 2003.
A statement from APB today said that Sweden's Skandinaviska Enskilda Banken AB's (SEB) and Japan's Mizuho Corporate Bank Ltd have also now filed suits for a total US$33m plus interest and costs.
APB has defended its position blaming the banks for a failure of internal control. APB said it blamed the banks for failing to detect and prevent Chia's acts of fraud.
"APBS is confident of its position and will vigorously defend the claims in Court," said APB.
APB is 42.5%-owned by Dutch brewer Heineken and 37.9%-owned by Singapore conglomerate Fraser & Neave.
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