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Tuesday, August 04, 2009

Jurong Shipyard files $199m claim against Societe General


Singapore: Sembcorp Marine subsidiary Jurong Shipyard (pictured) today filed a claim against Societe General (SG) in the High Court of Singapore in the company’s latest attempt to iron out issues relating to unauthorised foreign exchange transactions discovered in October 2007.
The claim to recover $198.9m covers $83.5m that Jurong Shipyard states was paid to SG before the “unauthorised  transactions”  were  uncovered, as well as $115.4m  paid  to  SG  as part of a  pre-condition for  closing out of the said transactions with Jurong Shipyard in November 2007. The latter half of the claim was  subject to the yard’s right to a refund of the monies from SG if the dispute is  resolved in Jurong Shipyard’s favour.  
However, in a statement to the press, Sembcorp Marine said that its subsidiary “remains of the view that the Unauthorised Transactions were not valid and  binding on JSPL, and is pursuing its right to claim for a refund of the monies from  SG.”  [03/08/09]