abce certificate
Friday, 09 January, 2009, 22:10 GMT | more >>

SembCorp to fight BNP demands



By Upstream staff 

Singapore’s SembCorp Marine said today it will oppose demands from BNP Paribas for payment of $50.7 million related to unauthorized transactions made through SembCorp subsidiary Jurong Shipyard in October.

BNP Paribas has served SembCorp a statutory demand for payment of the sum within 21 days from the date of the demand.

The amount demanded is part of the loss of US$303 million from the unauthorized foreign exchange transactions made by former finance director Wee Sing Guan using the account of Jurong Shipyard, announced by SembCorp on 1 November.

SembCorp said the demand is baseless and an abuse of the winding up process.

“The demand was issued despite the fact that BNP Paribas had been informed by Jurong Shipyard that there was (and is) a genuine and serious dispute relating to whether the unauthorised transactions are valid and binding,” SembCorp said in a statement.

Jurong Shipyard has instructed its solicitors to vigorously oppose BNP Paribas’ action and to apply to the High Court for an injunction to restrain BNP Paribas from filing a winding-up application, SembCorp added.


Wednesday, 21 November, 2007, 03:08 GMT  | last updated: Wednesday, 21 November, 2007, 03:46 GMT

e-mail this article to a colleague


to email:  from:
comments: