SembCorp Marine estimates losses of US$248m in forex dealing

kramnave SG · 2007-10-24T17:04:31+00:00

Sir, may i ask, who is PM's husband?? Isn't our PM a male.

kramnave SG

SINGAPORE : Sembcorp Marine could see losses of as much as US$248 million in foreign exchange dealings.

The company said it has sacked its Finance Director Wee Sing Guan, who was responsible for the unauthorised trades.

The trades were done on the account of Jurong Shipyard - one of its units.

Sembcorp Marine has appointed Drew & Napier and Ernst & Young to investigate the transactions.

In a statement on Monday, SembCorp Marine said it has received mark-to-market information on the foreign exchange transactions from the various banks.

It estimated that the losses could amount to US$165 million.

This is on top of the US$83 million which Jurong Shipyard had already paid to one of the banks before the unauthorised transactions were discovered.

Sembcorp Marine is the offshore and marine arm of SembCorp Industries.

Both counters were suspended from trading on Monday, ahead of the announcement. - CNA/ms

/gg

4getmenot SG

wow.. another loss for temesek.. Rolling Eyes

de_middle SG

Laughing

Darkness_hacker99 SG

Laughing

the Bear SG

loss or no loss, the Finance fella is going to prison...

this is CBT..

unless SembCorp authorises it, he cannot do such trades because it is not the business of SembCorp...

sheesh... you think after Nick Leeson, people will know better...

4getmenot SG

Indeed, the management shud also bear part of the brunt for their 'honest oversight'.. on the rouge trader..

Seven_Dragon SG

luckily they said temasek $$$ is not citizens' cpf $$$...
so the more they lose, the happy we are...

there's a myth that the man man go which company, the company will definitely make a loss, one good example is chartered semiconductor manufacturing, next will be their temasek...

so happy... pm me if you also feel happy Wink Wink Wink Laughing

ndmmxiaomayi SG

Finance director… he’s going to have free lodging for some time…

macabresg SG

Hmm.. so many losses for Temasek companies these days… They just had a drop in profits of around 25%. I wonder what will be next year’s? Does anyone know if Shin Corp’s losses have been treated as provisions in the balance sheets?

Slipshade SG

Originally posted by Seven_Dragon:
[b]luckily they said temasek $$$ is not citizens' cpf $$$...
so the more they lose, the happy we are...

Happy for what? Wanna guess where Temasek's $$$ comes from? Rolling Eyes

kramnave SG

I think we shouldn’t politicise everything we read.

Lin Yu SG

but they say they not using the cheap source of fund wat Laughing

Slipshade SG

Never believe everything that you read. Laughing

deathbait SG

you guys are crazy

gov gets the money from your taxes
it pays for your schools, your road repairs, your civil servants.

When the gov needs money, it increases taxes.

you guys are crazy to be happy when the gov loses money.

MyPillowTalks SG

does dis mean our tax would get high? Crying or Very sad

usck SG

SO CB so cb leh

mhcampboy SG

wow... lose 248m sia....

tat shows how biiiiig their bank acct is...... Shocked Shocked

I-like-flings(m) SG

hmmm somehow i got a feeling his sentence will be more xiong than the one Leeson got.... and he wont be writing any book after that too... Laughing

AndrewPKYap SG

gambling... gambling... again... Chia Tech Leng was finance director of APB and now, this guy, another finance director...

I think accountants have such boring jobs, they just have to gamble! Laughing

He will of course say that he was trying to "hedge" the company's foreign currencies, just doing his job and it was an honest mistake.

If he is brought before the court, he should boldly ask why the PM husband's can get a big bonus and rise all the way to the top in spite of all the spectacular losses "shim" made and he gets sack.

deathbait SG

i think all companies should close shop, because all trades they make are a gamble on profits.

sometimes, i wonder if you ever raise any insightful points at all, andrew