Singapore: Sembcorp Marine has said that its subsidiary Jurong Shipyard has reached an agreement, “made strictly on a commercial basis”, with its former auditors Ernst & Young for what has been described as “a full and final amicable settlement” in respect of the claims relating to unauthorised foreign exchange transactions dating back to 2007.
The terms of the settlement are confidential.
Jurong Shipyard took the auditor to court back in July, 2011 in a long simmering dispute dating back to October, 2007 when it emerged that the then financial director of the yard had lost in the region of US$300m via unauthorised currency bets in the euro and the US dollar. [30/01/13]
