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SINGAPORE: APBS facing lawsuit

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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

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