E-Malt.com News article: Singapore: Swedish SEB appeals against a court ruling in favour of Asia Pacific Breweries

Swedish bank SEB has appealed against a court ruling in Singapore that dismissed its lawsuit against Asia Pacific Breweries, Reuters communicated on September, 29.

Earlier this month SEB and German bank HVB lost a lawsuit aimed at recovering millions of dollars embezzled by a former executive of Singapore' APB, the brewer of Tiger and Heineken beers.

APB said it had instructed its lawyers, Drew & Napier LLC, to vigorously contest the appeal by SEB.

The claims date back to 2004 when Chia Teck Leng, the former finance manager of APB's Singapore unit, was jailed for 42 years for using forged documents to cheat SEB, HVB and two other banks of S$117 million ($81 million) to feed a gambling addiction.


30 September, 2009