SINGAPORE: APB sued over fraud case

By just-drinks.com editorial team | 25 September 2003

The Asian brewing group, Asia-Pacific Breweries Ltd (APB), has said that it has received claims from German, Swedish and Japanese banks after one of its employees was charged with a US$69m multiple fraud.

Chia Teck Leng, the one-time finance manager of APB's Singapore subsidiary (APBS), was charged with four further offences this week. He was suspended from his job and faces 32 counts of fraudulently attempting to obtain loans from banks on behalf of the brewer's Singapore arm.

"Claims against APBS have been asserted by banks with respect to the unauthorised transactions," APB said in a statement. The company did not disclose the value of the claims but said it would be contesting them. "The company has sought legal advice on these claims and has been advised that legal defences are available to APBS."

APB is 42.5%-owned by Heineken NV, while the Singapore-based beverages and property group, Fraser & Neave, has a 37.9% stake in the brewer.

Sectors: Beer & cider

Companies: Heineken