SINGAPORE: APBS facing lawsuit
Asia Pacific Breweries (Singapore) Pte Ltd (APBS) is being sued by Bayerische HypoVereinsbank AG (HVB). The bank is trying to recover US$30m in loans from the company.
The loans were extended to APBS, a unit of Asia Pacific Breweries Ltd, in March last year through the brewer's former finance manger Chia Teck Liang. Chia was suspended for financial irregularities he had allegedly committed, and was convicted for fraud earlier this year, having racked up gambling debts of over US$1m.
In a statement, HVB managing director Peter Vassiliou said: "APBS is bound by the terms of the HVB Loan Agreement because it was entered into by Chia in his capacity as finance manager acting on behalf of APBS. APBS has dishonoured its contractual obligations to HVB and HVB's recourse is to pursue all necessary legal avenues to recover the loan."
HVB said that APBS had appeared to have failed to detect and prevent numerous acts of fraud committed by Chia for more than four years in his capacity as APBS finance manager.
Sectors: Beer & cider
- What Brexit means for drinks industry? - Analysis
- Is there a future for the global beer brand?
- How soft drinks can win big with adult consumers
- Global director int'l brands, Heineken - Interview
- Non-Scotch Whisky Essentials, Part I
- The UK Referendum - just-drinks Live Blog
- Aldi dealt alcohol sales blow in Australia
- Maxxium eyes US$1.4bn opportunity in UK spirits
- SABMiller confirms price paid for Meantime
- Ex-William Grant CEO Stella David re-joins Bacardi
- Adultifying Soft Drinks; Capitalizing on rising adult demand for non-alcoholic beverages
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends
- Spirits and Wine: Corporate Overview
- Global RTD insights - market forecasts, product innovation and consumer trends
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends