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Swedbank SEB files appeal against Singapore APB ruling

Source: Reuters - Tue 29th Sep 2009

Sweden's SEB has appealed against a court ruling in Singapore that dismissed the Swedish bank's lawsuit against Asia Pacific Breweries, APB said.

Earlier this month SEB and German bank HVB lost a lawsuit aimed at recovering millions of dollars embezzled by a former executive of Singapore' APB, the brewer of Tiger and Heineken beers.

APB said it had instructed its lawyers, Drew & Napier LLC, to vigorously contest the appeal by SEB.

The claims date back to 2004 when Chia Teck Leng, the former finance manager of APB's Singapore unit, was jailed for 42 years for using forged documents to cheat SEB, HVB and two other banks of S$117 million ($81 million) to feed a gambling addiction.

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