As previously mentioned, Chia Teck Leng, hold the record for the longest prison sentence for commercial crime and for the biggest losses caused by fraud.
The facts show that he approached various foreign banks operating in Singapore, in his capacity as finance manager of major brewer, Asia Pacific Breweries, (APB) for loans totalling $117 million for his employer. He managed to divert the loans into accounts controlled by him.These loans were never approved by the board of directors of APB and the board denied all knowledge of them.
4 of the 5 banks started lawsuits against APB in the Singapore High Court. These were -
Germany's Bayerische Hypo-und Vereinsbank (HVB) and Sweden's Skandinaviska Enskilda Banken (SEB) and Japanese banks Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation.
SEB is seeking US$25 million, a lawyer for the Scandinavian bank said. Mizuho was seeking US$8 million and Sumitomo Mitsui S$10.3 million. HVB, a unit of Unicredit, is claiming US$32 million. It is believed that their claims were based on arguments relating to estoppel, agency and apparent authority.
The Japanese banks discontinued their claims at the start of the trial. The claims by the other banks have not been decided by the court.
The facts show that he approached various foreign banks operating in Singapore, in his capacity as finance manager of major brewer, Asia Pacific Breweries, (APB) for loans totalling $117 million for his employer. He managed to divert the loans into accounts controlled by him.These loans were never approved by the board of directors of APB and the board denied all knowledge of them.
4 of the 5 banks started lawsuits against APB in the Singapore High Court. These were -
Germany's Bayerische Hypo-und Vereinsbank (HVB) and Sweden's Skandinaviska Enskilda Banken (SEB) and Japanese banks Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation.
SEB is seeking US$25 million, a lawyer for the Scandinavian bank said. Mizuho was seeking US$8 million and Sumitomo Mitsui S$10.3 million. HVB, a unit of Unicredit, is claiming US$32 million. It is believed that their claims were based on arguments relating to estoppel, agency and apparent authority.
The Japanese banks discontinued their claims at the start of the trial. The claims by the other banks have not been decided by the court.
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