Rigbuilder Sembcorp Marine said on Monday its subsidiary Jurong Shipyard is taking action against Societe Generale in Singapore's high court to recover $198.9 million.
Rigbuilder Sembcorp Marine said on Monday its subsidiary Jurong Shipyard is taking action against Societe Generale in Singapore's high court to recover $198.9 million. It said in a statement the claims were for $83.5 million paid to the French bank before unauthorised foreign exchange transactions were uncovered in October 2007, and for $115.4 million paid to the bank as part of pre-conditions for closing the unauthorised transactions.
Jurong Shipyard suffered over $300 million of foreign currency trading losses in 2007.
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