AsiaFinance and InsuranceOffshore

DBS Bank handed Swiber $146m just weeks before it filed for liquidation

Photo of Sam Chambers Sam ChambersAugust 3, 2016
5 Less than a minute

Singapore’s largest bank, DBS, is facing a storm of criticism after it emerged it gave Swiber Holdings two loans worth a total of $146m in the weeks running up to the offshore firm filing for liquidation. Reuters says Swiber used the money to redeem maturing bonds. In total, DBS has an S$700m ($522m) exposure to Swiber.

Swiber filed for liquidation last Thursday before changing its mind 24 hours later and seeking judicial management instead.

KPMG has been appointed as interim judicial manager.

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Photo of Sam Chambers Sam ChambersAugust 3, 2016
5 Less than a minute
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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