Former Semcorp Marine finance director jailed

OCTOBER 29, 2014 —  Sembcorp Marine Ltd. (SMM)’s former finance director Wee Sing Guan has been sentenced to 39 months in jail by a Singapore court after pleaded guilty to nine charges of defrauding the company in unauthorized foreign-exchange trades for the account of subsidiary Jurong Shipyard Pte Ltd that led to his dismissal in 2007 (see earlier story). He was charged with a total of 57 counts.

The losses triggered lawsuits with banks involved in the trades and brought the Jurong Shipyard unit of the company near bankruptcy, according to prosecutors.

According to the Straits Times, "the court heard that when Wee's offenses were discovered in October 2007, the total unrealized loss to 11 banks was about $302.9 million, though this was negotiated down to $294.03 million net, before taxes."

Read the Straits Times story HERE

Want more? Subscribe now!

News from NASDAQ